The entrepreneur is endlessly seeking a challenge. Once their small businesses begin to hum along, they are ready for the next task. At the same time, even if the thrill for something new calls, there is a lot to gain from expanding your business. You get better recognized as a brand and you build more value with your employees. You are also able to create ‘economies of scale.’

Of course, the rewards of a bigger business will also include more money and unfortunately, more demands. You will need, for example, to re-strategize your marketing efforts or to update your record keeping or to contact commercial lawyers Sydney to help you comply with regulations. As a rule of thumb, always weigh the rewards versus the risks. Still, you do not need to have everything figured out from scratch for you to get started.

In fact, many people have worked on the desire to build a family dynasty alone as the basis for their expansion. Others have built businesses just to dominate a market niche or to retain employees. Whatever your reason, be sure that you have the fuel and the gumption to keep at it in the first challenging days. That said, here are three ways you can expand your business:

Adding new services and products or selling more to your existing customers

The idea of adding new services and products to your mix sounds simple enough. However, you have to be able to figure out what it is that your customers want. From there, figure out what they would be willing to pay for it and determine whether you can sell the service at a profit. The best way to go at it is to conduct plenty of research before you commit your resources. Be sure to ask your customers for their ideas on the new products and pricing points.

Alternatively, you can expand your business by penetrating deeper into your existing customer base. Here, you want to do a segment analysis to see who is likely to buy what you are selling. From there, you can analyze the potential profitability and use this information to allocate your resources.

Expanding to new territories or customer markets

You can choose to expand your business by selling the products you already have to new customers. The customers could be in a different niche, location or segment. For example, you can open a new retail store in a different town or country. You will need to invest a lot of money so be sure that the market justifies the expansion.

Another way to go at it would be to expand your demographics. The question to ask is whether there are other markets that may need your services. That way, you can target them where they are likely to be found, with the right mediums.

Franchising

You can lease out your business model through a franchise agreement with other people or companies as a way to expand. The individuals or businesses will use your brand and business model for a period that you agree upon. The franchisee benefits from an already tried model and you get to grow your brand presence and goodwill.

Franchising is complicated, especially for the first time around and so you need the help of commercial lawyers Sydney to draft the agreements, for example. The good thing is that the new businesses will run under your leadership for a while giving you an opportunity to even develop your business model further. However, you need to be willing to give up a level of control over how the customer experiences your brand.

How a franchise lawyer can help
Of all commercial lawyers Sydney, a franchise attorney is the one you need the most when franchising. They are able to draft for you the franchise disclosure agreements and help you to navigate any legal requirements in your industry. A franchising effort gone wrong could cost you money, your brand’s reputation and invaluable time. Therefore, contact a franchise legal expert today to see how you can expand your business.

Published by Alice Queen