Over the last couple of years, you’ve invested massively in your startup business. You put in late nights, weekends and a good deal of your own money. Now your startup is thriving, with a steady stream of customers wanting to do business with you.
That’s great! But you don’t want to be stuck in the startup zone forever. How do you take your business to the next level? Here are some fad-free tricks and tips for getting your business to grow.
New entrepreneurs imagine that opening a new location is one of the top ways to attract new business. A new site gives businesses access to a broad range of new potential customers. But opening new locations comes with a health warning. Experts suggest that small businesses ensure that they are well-positioned to take on a new location first. For starters, they need to demonstrate that they’ve had consistent growth in their bottom line for at least two years. They also need to take into account their company’s economic potential. Can a new market support your particular business? They also have to make sure that their customer service and CRM are up to scratch. The administrative burden of setting up a second location can be excessive.
License Your Product
One of the best ways of attracting business funding is to license your product. Licensing itself is relatively small cost, but it can bring in an enormous amount of new capital. Let’s say that you’re a tech firm. Right now you might be sitting on a software patent that could be worth a lot of money to your competitors. Instead of just sitting on it, you could make them pay to use your invention. This will open up two sources of new finance for your business. You’ll get money directly from the companies with which you work through license fees. But you’ll also get interest from venture capitalists who will see an opportunity to make even more money. Holding a valuable, sellable license is an excellent way to attract new capital. And with new capital, it’s easy to expand a business.
To get a licensing partner, you’ll need to start looking for companies that want to deliver a product that requires your invention. Pitch your IP to another company and outline the potential measurable benefits. Remember, don’t forget to consult with an attorney. You don’t want to go to a bunch of sales meetings, only to find your idea has been stolen.
Diversify Your Products
Small businesses and entrepreneurs often struggle to break out of their niche. Sometimes having a niche can be a good thing, especially at the start. But over time, markets become exhausted, and there are fewer opportunities. Here’s where diversification comes in. Companies can diversify by selling similar products to those they already sell. Your business might currently be selling only one type of product. But perhaps there are the skills on your team to make and sell another. You could also expand your firm by offering adult education courses, or other types of classes related to your business.