Ten Quick Ideas for Growing Your Business

Here are 10 quick ideas for growing your business from the Small Business Administration:

1. Open another location.

2. Offer your business as a franchise or similar opportunity. It can result in growth without requiring you to manage a new location.

3. License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product.

4. Form an alliance. One powerful way to expand is to align yourself with a similar type of business.

5. Diversify. Look for multiple streams of income to fill seasonal voids, increase sales and boost profit margins. Ideas: Sell complementary products or services, become a paid speaker or teach a class.

6. Target other markets.

7. Win a government contract.

8. Merge with, or acquire, another business.

9. Expand globally. Look for a foreign distributor that can carry your product and resell it in its markets. You can locate foreign distributors by scouring your city or state for a foreign company with a U.S. representative.

10. Increase your Internet presence. Make sure prospective customers can find you through an online search engine.

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