Tips for growing your business

Expand your business with the tips below. Business development jobs involve identifying growth opportunities and how to act on them. Whatever type of business you have, one or more of the below suggestions should be applicable to your company.

To start a business you need to do a large amount of research. All the effort that goes into setting up a business and getting it to run smoothly can be a tough job, but it pays of when the business starts earning well and the income is stabilised. Without looking into future growth strategies, a business may be susceptible to plateauing at some point.

Here follow ten growth possibilities. Your individual business will have characteristics which make some of these options more suitable than others. The time and resources you have available to you will be other factors shaping your choice.

Ten growth strategies for business:

  • Choosing a new location.
  • Start a franchise and sell the start-up package
  • Licence your product for others to sell. You must have a lawyer who knows what he/she is doing for this.
  • Look to form business partnerships.
  • Diversify your offering by selling complementary products and services, looking into importing or exporting goods or teaching your expertise to people looking to learn business skills.
  • Find new markets to capitalise in.
  • Put in a bid for a government contract.
  • Explore merger opportunities.
  • Explore international trade.
  • Develop your presence online.

These business growth avenues each require a substantial amount of research and sometimes investment. Perseverance in a well planned strategy and hard work are essential for growth in your business.

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