How to Grow Your Biz

Prior to startup of  your business, you probably did a lot of research. Such as seeking help from advisors, collecting information from books, magazines and other readily available sources. Invested a lot--in terms of money, time and sweat equity--to get your business off the ground. So...now what?

For those of you who have survived startup and built successful businesses, you may be wondering how to take the next step and grow your business beyond its current status. There are numerous possibilities, 10 of which we'll outline here. Choosing the proper one (or ones) for your business will depend on the type of business you own, your available resources, and how much money, time and sweat equity you're willing to invest all over again. If you're ready to grow, we're ready to help.

1. Open another location. This might not be your best choice for business expansion, but it's listed first here because that's what often comes to mind first for so many entrepreneurs considering expansion. "Physical expansion isn't always the best growth answer without careful research, planning and number-planning," says small-business speaker, writer and consultant Frances McGuckin, who offers the following tips for anyone considering another location:

• Make sure you're maintaining a consistent bottom-line profit and that you've shown steady growth over the past few years.
• Look at the trends, both economic and consumer, for indications on your company's staying power.
• Make sure your administrative systems and management team are extraordinary--you'll need them to get a new location up and running.
• Prepare a complete business plan for a new location.
• Determine where and how you'll obtain financing.
• Choose your location based on what's best for your business, not your wallet