Boost Revenues

You already know what you are great at so, selling more of what you have to offer is the fastest, easiest and low-risk way to grow your brand. However, this may require a larger space, revising pricing strategies and refining your marketing/sales process to acquire new or untapped target markets.

This is a normal next step for businesses who have achieved a level of success with their existing offerings. In a “organic” way, customers are demanding something more or different and are willing to buy if you offered it! Being responsive to your customers’ need will add value to their buying experience and builds brand loyalty.

Its riskier but, could pay big dividends. For most businesses looking to expand, this is an inevitable goal, which will require a chunk of capital investment. Extending your products into new locations or demographic segments requires market research, beta testing and new marketing strategies and operations management system.

Duplicating success of one location and creating multiple outlets with equal or better results require a thorough risk assessment of your ambitions. Most entrepreneurs expand prematurely and end up hurting a once flourishing business. It can be accomplished successfully with the “best of” components of the original location and outlined in master business plan.

Developing a franchise model along with the legal fees can cost upwards of $100,000 to prepare. You will need a hiring and training program, prepare various operation manuals (in multiple languages), a structured organization and systems to service remote locations.

Licensing your brand is less regulated and less risk but, you will have to be willing to surrender some control. Ensure that your “Licensed” business is protected by patents and or, trademarks along with governance over retail, manufacturing, distribution and production rights.

The advantages of a merger or an acquisition is enormous. You complement strengths to forge a union to increase customer base, pool intellectual capital expand offerings. The downside risks include ending up with the wrong partners and not meeting mutual expectations. Needless to say, performing your due diligence and having an iron clad agreements are critical.