How long has it been since you started up your business? Was it months or years? Whichever the case, if so far your business has been doing really well, chances are that as an entrepreneur, you must be wanting to figure out methods to increase the growth rate of it further. Here are some great and effective ways in which you can accomplish this.
If Stable Enough, Expand
You must be very careful in this move though. If you know that your business is doing really well and has enough in funds to expand, opening at another location is a great move. If not, first get help from a reputed startup accelerator program to help you grow your existing branch first. However, if you have decided to expand make a prudent decision because there are many instances where businesses shit down after expansion due to the fact that they cannot cover their costs well enough.
Think About Franchises and Other Investing Opportunities
Why not offer your business as a franchise or even as an opportunity for investment? It is a major step but it is one that will bring you rapid expansion if you are a mature brand in the market. But the timing has to be just right for this too. Expanding locally as well as internationally will be successful only if you know that you have the resources and energy as well as time to put into it.
Look At Licensing Your Product
If you specialize in a particular product or service consider licensing it. It can give you a medium yet fast growth rate for your business. If the move pays off you will be able to receive money upfront from your loyal customers for the continued use of your product or service.
Think Of Having an Ally
If you can think about aligning your business with another business can be a really great way to grow quickly and fast. In this case both businesses can grow and benefit from the shared resources that they now have access to. However there is a flip side to this as well, so it is best to carry out thorough research and know what exactly you wish to accomplish through this ally.
Become Diverse
You can always keep up the level of character in your business by making it diverse. For example you can start selling products and services that are complementary. You can offer adult education classes, you can get involved in writing and you can look into importing or exporting. The advantage in diversifying is that you have few means of income that will fill the gaps when seasonal lows hit one method of revenue.