Monday, February 20, 2012

Grow Your Business

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All entrepreneurs and business-owners want to grow and expand their business. When they grow their business, they will be able to hire more people and at the same time increase their profits. But most have trouble thinking of ways to expand their businesses.

Let us look at the factors that can help you decided whether to expand or not.

  1. Increased customer base. You will know you need to expand when you see that customer from far locations are going to your place just to buy your products or service. 
  2. Maintaining your lead. If you are the first mover in the market and you want to maintain your lead over your competitors, it is best that you expand aggressively so that it will take some time before your competitors can catch-up with you. 
  3. Market saturation. When you have saturated a particular market or area, it is time to venture and look at the possibilities of opening new stores or shops in other locations. 
There maybe other factors that you may need to consider when you expand, such as your current capital and how will you hire the additional manpower that will work for you. Growing and expanding your business is not an easy task. You need to constantly study whether the market you are looking will make your expansion worth while or not.

In the next few blogs, I will write about what are the things you will need to consider when expanding in a new location or market.