Every successful business will eventually need to grow. It can do so by setting up new branches, opening its doors to franchising, or using the power of the internet to grow its base.
An extra storefront, restaurant, or branch office allows your business to expand its reach, doubling or even multiplying potential earnings. Expanding your business on your own allows you to set the same standards and policies — ensuring your customers receive the same quality of items or services. Setting up an extra branch will require extensive research and a hefty investment. Fortunately, the success of your business will serve as a blueprint on which to build your succeeding branches.
Make sure your next location has a decent amount of foot traffic and is fairly accessible. Safety and security are also essential. You’ll be responsible for the safety of your employees, so make sure to avoid volatile places or make sure you have the necessary safeguards in place. If you’re opening a branch in another state, opt for a place with fair taxation. Your revenues can take a dip in states with high taxation, making your branch less profitable. You’ll also need to find and train a new batch of personnel to manage your branch, or you can pull people from your main office if they are interested.
If you want to expand your business without all the hassle of setting up a new branch, you can always franchise your business. Allowing other people to partner with you frees you from most of the issues associated with opening a second branch. The franchisee takes care of the location as well as managing overhead costs. All you need to do is to provide a bit of training, inventory, and guidelines on how to run the business. Of course, once you franchise your business, you lose a bit of control. While you may want all your franchises to succeed, you ultimately don’t have operational control over how the franchisee runs his/her business. All you can do is choose the right people to handle your brand.
One way to sell more without expanding is by opening your brand to the digital marketplace. Online transactions have been catching up to retail in 2019 and overtaking most of it in 2020. A dedicated online shop gives your customers another avenue to view or buy your products. Setting up an online store is vastly more affordable than setting up an extra storefront, and most people prefer doing their shopping on their phones and laptops anyway.
Sites like Shopify can link to your website and provide you with a digital storefront. You can also use social media platforms to promote your products and services. Targeted ads can help you reach your desired market. The average person spends more than 3 hours on his/her phone per day, so they’re bound to see or hear from your brand sooner or later.
No matter how you go about growing your business, it will likely bring about more profit. Keep it hands-on by branching out, get a bit of freedom by franchising, or use the internet and reach people from all around the globe.