Your Start-up's Next Step: How to Grow Your Business

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You've beat the odds: 90% of startups fail according to Forbes, but you've braved the storm and the danger of crashing and burning has passed. But what is next? Here are strategies to take the next step and grow your business.

New Location


One of the most obvious ways to grow your business is to open a new location. Though psychologically simple, this approach carries significant risk. Choose your new location based on demand for your product and if you can't afford the best location for your business it might be better to wait. Take a long hard look at your finances and consumer trends and make an informed decision on whether to proceed.

Diversify

Diversifying can be a great way to expand your reach and make extra income. You could make complementary products or export your existing ones. Don't underestimate the value of you yourself as an entrepreneur: selling yourself by speaking at events or teaching adult education classes could be a great way to raise your profile as well as a good money spinner. Becoming a speaker has many advantages in terms of exposure and revenue generated from that, even if the gigs themselves don't pay well at first. 

Target other markets

Now you have brand recognition for your original product, with a little tweaking consumers may well have faith in you if you expand to other markets. For example, If your current products are aimed at women in their 30s to 50s, you could make an additional range for older women. 

Financing this growth

Unfortunately, a lot of these options require cash flow. Luckily, you wouldn't have got passed the start-up danger stage without some decent financial know how. Once you've run the numbers and think you will come out on top, there are many financial options you can take. Commonly used for funding a new acquisition or a franchise purchase, a business acquisition loan finances your next steps. Although businesses loans can be hard for young companies without significant collateral or credit history, these days it is far from impossible. Being prepared for the tough questions lenders may ask will help you get the money you need. 

While it can be easy to feel at a loss after you graduate from the start-up stage, actually this is where things can start to get really interesting. Taking your business to the next level is a huge opportunity to try new things and experience significant personal growth as well as financial gain. 




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