(Without Adding a New Location)
When most small business owners imagine expanding, the first thought that comes to mind is adding a new location. While this could very well be the right decision for some businesses, it is not necessarily the only way of expanding. In fact, many small businesses would be better off considering alternative manners of expansion. Here are three of the most common ways to expand without adding a new location.
- Enter the online market. For the first time in human history, purchases can be made anywhere, anytime. It would be foolish for businesses to ignore this opportunity. By expanding your online operations, your business can tap enormous new markets without the hassle and operational costs that accompany adding a physical location.
- Diversify products and services. Another way to reach new markets without expanding to a new location is by diversifying the set of products and services that your business offers. While these products and services should probably be related to the industry which you already serve, you should feel free to be creative and ambitious in your new pursuits. One of the best questions you can ask yourself is: where do I see a need?
- Franchise. This last option will in fact involve opening a new location – however, you will not be assuming direct risk from the expansion. Instead, by franchising, you outsource a great deal of risk (as well as a great deal of potential profit) to a entrepreneur who wishes to use your business model and your brand. In exchange, you receive a steady payment from your franchisee, as well as increased brand recognition.
Whatever your dreams of expansion may be, Allied Capital Corp can help make those dreams a reality. We specialize in funding small businesses projects that might not otherwise attain conventional funding such as loans. Contact us today to learn more.