Honestly, the statistics about the rate at which small businesses fail differ from each source to source. It’s possibly attributable to the various definitions of what constitutes a small business. Nevertheless, no matter the source, the stats are not in the favor of small businesses succeeding. A substantial amount fail within the first two years. The numbers get better as the years progress, but only marginally. Yet there are some small business owners who are lucky enough to wonder not how they will keep their business afloat, but as to how they are going to expand. Here are some tips for those owners.
Open Another Location
It may be expensive, but it’s also the most obvious. Still, be careful before implementing this action. Make sure your bottom line can survive it, and only do it if you’ve shown steady progress over a course of a few years.
Honestly, with the exception of shallow pockets, there’s no reason a business shouldn’t have a website. The amount of online commerce done accelerates year after year. As Bill Gates once said, “There will be only two kinds of businesses: Those with an internet presence and those with no business at all.” And that was back in 2002.
If you’re not adverse to giving up some control in how your business works, this is a feasible option. Make sure you fall in with the right people; Join the International Franchise Association, and they will lead you in the right way.
Expand Your Market
Don’t just multiply what you already have; look into other things your business can do. Be mindful of your target consumer, and do extensive research as to what that consumer may want.
Win a Government Contract
It requires a lot of work, but it is absolutely worth it. The federal government has been the best customer for small business America over the last ten years. The Small Business Association and your Chamber of Commerce will help you target the best contracts.
It’s understandably nerve-racking to expand your business, but the rewards you can reap can be worth it for sure.