Growing a business should be your first priority. If a business can’t grow within the first two years it will get eaten by the competitors. This means that your business plans need to include rules about expansion and plans on how to get there.
It’s important to note that the business needs to grow both in terms of services it provides and the revenue it generates. If you only build up one of those you’re missing out.
A new venue
Not everyone thinks about opening another store as soon as they open a first one, but that’s the right thing to do. You need to keep up with your branding and aesthetic and to try to copy your model of business to different parts of town and different towns.
This may take a while to complete, but it’s the simplest way of growing your business, by growing both its revenue and the awareness of your brand. Don’t try to set up a new shop until the old one is ready and recognizable.
The business you’re merging with should be complementary to yours in terms of customers and the services it provides. That way you can combine your strengths and eliminate each other weaknesses and control the market you’re working in. It’s a complicated procedure but you should start thinking about your competitors as potential partners right away.
Some won’t see this plan as an expansion, but as a loss of control over the business, you’ve made. However, merging with another company in the same or similar industry means that you can use their resources, contacts and infrastructure to expand on both businesses.
Diversify your business
It could be something as simple as running a corporate blog. It would explain the industry from the inside and provide advice for those who want to try to run a similar business themselves. This is both a promotional tool and a way to earn extra money.
One of the most important things a business needs to do in order to succeed is to avoid risk as much as possible. The best way to do this is to diversify the business right away. That means that you need to find additional sources of income for your company. Another option is to provide materials that you don’t use for businesses that might have a need for them.