How To Grow Your Business
Once the business is up and running, and is bring a stable profit, you may want to grow it. When it comes to growing a business, there are three possible ways of growing, namely expansion, licensing, and franchising. To grow the business, you should engage ing in business development.
We will walk you through these expansions provided the outlook of economic conditions warrant it and there are adequate resources:
Business development involves activities that seek to expand existing markets, identify new markets, strengthen old relationships and partnerships, and create new relationships and partnerships such as agency relationships, acquisitions, and mergers.
It also entails repackaging or creating additional values and benefits on existing products and services, creating new products and services and adding values to existing customer needs
The expansion involves enlarging the business by organic means where product lines are added, production facilities are expanded, sales are boosted, market share is increased, branches are added, delivery systems are expanded, processing systems are improved, sales outlets are added and so on.
Such an expansion aims to boost sales, profit and the value of the business in general. Examples include Horizontal and Vertical Integration
A franchise is fail-safe and repeatable operating systems for making products or selling products or services that are leased to others to operate and pay fees and royalties. The concept involves developing a tested and working business model that can be rolled out anywhere by anybody.
The main difference between a franchise and a license is the level of support the franchisee gets from a franchise.