Expand Your Businesses

Posted on 04/06/2014

Prior to starting your business, you more than likely researched it thoroughly with the assistance of books, magazines, the internet and advisors. You probably invested a great deal of time and money to get up to speed with your business objectives. So what is the next step?

Often, expanding your business can be as daunting as starting up, and it can take a lot of planning to grow to the next level. Your expansion possibilities are limited only by the type of business you are in, and the resources available. If you feel it is time to grow, Office Removals Sydney are here to help. Here are some growth ideas.

Expand to a new location

Although by no means the only way of expanding your business, opening another office at a new location is usually the first strategy that springs to mind. It will require a lot of research and number-crunching, but could well be the right move for you, especially if your growth has been steady during the past few years.

Prior to expanding, you will need to evaluate consumer and economic trends related to the staying power of your company. Opening a new location also means you may need to replicate the quality of staff you have in your present location. You will require good heads to get things on a level playing field. Just as you planned your initial operation, you will need to plan again for the new premises, as each location has its own specific requirements. Remember the importance of location and be willing to invest in the right area.

The option to franchise

This could be a suitable path to take if you are considering replicating your business. Franchising guarantees that owners and managers have a vested interest in the project, and are willing to offer their expertise to improve operating systems. It may take some time before you are ready to franchise. It could be that the idea of franchising is often suggested by regular customers of your present business as a viable option, but you will need to feel the time is right. Owning a franchise operation requires strong leadership in order to maintain vision and focus for the expansion of your business.

Consider licensing your product

If you have a unique service or product, this can be a really good idea. You will receive ongoing payment or royalties for use or sale of your goods. It’s also a good way to minimise risk, and will be less expensive than opening a new office location. Begin by researching companies who provide a similar product or services to yours, and investigate if any operate on a licensing basis. The research will give you a good indication if it is a feasible step forward for your company.

Join forces

There may be businesses similar to yours in your local or regional area. Aligning yourself with them can be a means to quickly expand and even develop further products or services. It could be a case of give-and-take, where each ally provides products produced by the other for a percentage of profits, and could ultimately prove a very lucrative proposition. A range of alliances can be formed on-site or via the web, where products can be bought and sold for commission. Being protective of your unique product or service is natural, but forming an alliance can be a fast and inexpensive way to increase revenue.

Diversification and targeting other market avenues takes skill and is often a leap of faith, but there is no doubting that expanding your business is a tantalising proposition. The structural reorganisation may take place in-house or elsewhere, and involve new personnel, equipment and furnishings. There can be a lot to do, therefore Office Removals Sydney take care of all the heavy lifting, providing you with time to plan your business expansion strategy.