Grow Your Business (Part 1) by Robert Finkelstein

Grow Your BusinessIf you have a successful business, you survived start up and now you’re looking to grow, I’ve got some great suggestions for you. Which of the following ideas is right for your business is up to you. It probably took a lot of blood, sweat and tears…and money to make the business a success so far. Choose your method of growth wisely, based on your resources, money and time. Do your homework!

Location
Business analysisUsually, the first idea for growth is to open another location. If that’s right for your business, go for it. If you’re an entrepreneur, having multiple locations is a very exciting proposition, but physical expansion takes a lot of research and planning. Before you even consider it, create a business plan. You’ll want to do a thorough analysis of where your business is at and the new one you’re looking to create. I trust that if you’re considering expansion, you’re business has been maintaining a consistent bottom-line profit and you’ve shown steady growth for quite some time. If you haven’t, what are you thinking. Don’t get ahead of yourself. Read my series on improving bottom line profitability. We’ll just assume you’re in good shape. Make sure the market trends, both economic and consumer, support the growth of your business. Know where the financing is coming from and how long the resources will last. You’ll want to make sure that all indications are you’ve got great staying power.

Rodeo DriveWhen it comes to choosing a location, location, location…unless you’re an established name or franchise, you’ll want to give yourself a fighting chance by picking one with great foot traffic. Know what the demographics are in the areas you’re considering. Are there locations available near non-competitive businesses that already have a steady stream of clients? Getting some of the overflow is a nice place to start. Convenience to your home should have nothing to do with your choice. Don’t compromise location because you can’t afford it. Find another one, another area that still shows great promise. Personally, I’d rather drive another 20 minutes a day and spend $10 on gas to do $1000s more in business.

If your business is seasonal, plan ahead so that you’re open in time. But keep one thing in mind: Don’t rush into ANYTHING! The right choices will yield the right results.

If you have any questions or comments,
please write them below or email me at Robert@RobertFinkelstein.com.

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One Response to “Grow Your Business (Part 1) by Robert Finkelstein”

  1. […] the Scenes Life and business tools for a more successful you. « Grow Your Business (Part 1) Recommended Reading – Updated […]

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