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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Growing your business into new territory – Tips for expanding to other locations
A business follows some natural steps, a path of sorts that dictates what the next move should be for the savvy business owner. For larger businesses, growing beyond a certain point makes it clear that said business needs to expand to new locations. However, entrepreneurs that have small businesses on their hands might not feel comfortable or ready to move out to a new location, even if that’s without a shred of doubt the correct move for them to make next. It can be scary to evolve as a business. Starting a new operation means the initial entrepreneur or brainchild behind the venture may need to give up a portion of control, which of course is difficult when you have grown and nurtured your business idea into the successful entity it has become.
To help entrepreneurs get better insight regarding such an important decision, we are providing a series of tips that can provide some much-needed aid.
Keep operating agreements in mind
This might not be a major concern right off the bat for entrepreneurs that are swamped with things to do in the context of occupying a new business location. However, it’s better to keep tabs on operating agreements from the start instead of letting this matter creep up on you later on. Each state you operate in will demand the following of an operating agreement, so make sure that your business holds true to the agreements it’s conditioned by.
Being decisive
A very big mistake is not committing fully to such an expansive move. There are businesses that just like to “test the waters,” without fully investing in the real costs of expanding their operation. This can be highly detrimental from multiple perspectives, such as public opinion regarding your business and setting precedents in a specific area, with a poor quality service or operation. It is imperative that such an initiative of expanding should be met with full commitment both from a motivational standpoint as well as a financial perspective. Entrepreneurs that want to expand their business need to make sure they can support the full costs of such an operation and then go through with it without holding back.
Focus on digital marketing and using the online medium to your advantage
Once you start the expansion process into a new territory, one of the first things you have to think about is making yourself known to the important players in the industry as well as the local market and consumers. This can be a tedious, costly and demanding process and its understandable how it might be daunting for many entrepreneurs. However, modern marketing solutions make this task infinitely easier by allowing business people to use digital marketing. Focusing on the digital market offers a huge opportunity to establish a foothold in any business environment and establish a presence on the local scene. Once there is a consistent online presence, the business can move more towards consolidating that position through physical interaction.
Proving a model
Expanding is an exciting journey, but it needs to be done at the right time. To make sure that your business is prepared and can benefit from a full-scale expansion, the used model has to stand true in at least two locations. The first one is, of course, the original location, most probably your hometown. The second one is one picked by the entrepreneur, but it’s preferable to use the second city with different demographics to provide more depth to your test. Once it is established that the business model stands firm even in a different environment, you can start thinking about expanding.
Recruiting the right team
If you are going to entrust the operations of a portion of your company to someone you need to know that they have the skills, knowledge, drive and motivation to see the task through. You can’t be in 2 places at once and many entrepreneurs suffer ill health or failed relationships from trying to do just that. Before you even comprehend a 2nd operation be sure that you have a trusted partner that can take the helm and work alongside you to grow your enterprise.
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