You have succeeded in founding your business. You have managed not only to survive during the first difficult years, but lay the foundation for some rather promising prospects. And now, you have this sweet anxiety regarding what to do next.
But this next step should be taken carefully. Many successful start–ups have seen their businesses fail because of hasty and poorly prepared efforts for expansion. This article is designed to help you find 10 of the best ways to grow your business and discern what would work better for your company, based on the type of your business, your industry, budget, human resources and available time and energy.
1. Expand to another location. Obviously, this is the most common way of growing one’s business but you should only consider this option if your current business location shows clear signs of stability and operates smoothly.
2. Search for franchise opportunities. Franchising is actually an arrangement where a company, called “the franchiser” grants another business, called “the franchisee”, the right to use its trademark or trade-name, along with certain operation systems and processes, to produce and market a good or service according to certain pre-arranged specifications. The franchisee typically pays a franchise fee plus a percentage of sales revenue in exchange for name recognition, tried and tested products, standard building design and decoration, operating techniques and processes, employee training and constant support in promoting and upgrading of the products or services. Franchising is an excellent way of growing your business and doesn’t require a new business location. It can also help you upgrade almost all the aspects of your business operation.
3. Secure license for your products. Securing a license for your products proves often a successful and economical way of growing one’s business, especially if you have a service or branded product. Licensing reduces risk and doesn’t cost much compared to the expenses of founding a company that will produce and market your brand or product. Your first step towards this direction is to find a company that provides products or services similar to yours.
4. Forge a business alliance. You can also grow and expand your business by joining forces with another of business of the same industry with yours.
5. Opt for diversification. Business diversification is not only a growth medium, but an efficient protection against recessions and local economic crisis, providing your business with several sources of revenue that can compensate for seasonal voids and raise sales and profit margins. Diversification can be achieved by:
o Selling complementary products or services.
o Teaching adult education or several types of classes.
o Importing or exporting your products or the products of another business.
o Becoming a salaried speaker or columnist.
6. Search for additional markets for your products. Obviously you are quite satisfied with your current market, but surely there are others out there that would welcome your services or products. Just think it over and you new prospects will open before you.
7. Try to get a government contract. Undertaking projects for local authorities or, even better, for the government, can prove an excellent growth medium. Find an experienced accountant who has dealt with such cases before and keep an eye for notices of competitions.
8. Merge with or purchase another business. We live in times of radical economic developments and twinkling trade cycles that often present several opportunities of merging with another business or even buying one is a relatively low price. So search for businesses of the same industry with yours and ponder on the dangers as well as the benefits of a possible merge or purchase.
9. Expand overseas. Expanding overseas requires a reliable foreign distributor who will be able to distribute your product and market it in different countries. Select your foreign distributor wisely, as it will a play a key role in the success of your venture.
10. Cooperate with professional Tax experts and lawyers: The aim here is to minimize the company’s tax exposure / liability and maximize profits without creating any uncertainties and/or tax loopholes. A consultation from trustworthy business consulting firm can show you how you can achieve this goal.
11. Make the most of the Internet. Over and over again, in ever growing numbers, people find the product or service they need through the internet. Why not make the most of this excellent medium and establish a powerful and appealing online presence in order to maximize revenue and gain prestige and visibility.
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We will analyze your case and advice you on:
- What company structure suits you best,
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We will take you through a step by step process from A to Z in creating the perfect business in Cyprus.
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If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in the contact form below.
We will take you through a step by step process from A to Z in creating the perfect business structure in Cyprus.
Can’t wait any longer? Become even more successful by working with accountants you can count on and be among the thousands business that already did.