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Starting a small business takes grit, determination, and stamina. So does staying in business. With statistics showing that more than half of all U.S. businesses fail before they hit their second year, the idea of expanding your business can be scary.
If you’ve successfully opened and managed your own small business for some years and want to expand, you shouldn’t let some negative statistics stop you: You’ve already proven that you’re above it.
And if the only thing holding you back is not knowing how to proceed, don’t worry. While you wrangle your budget, we’ve put together a list of a few ways you can think about expanding your business in the next year.
Learn how to formalize and grow your business. Check out the Employer Launchpad.
1. Open a second location
According to the U.S. Small Business Administration (SBA), small business owners who are looking to expand their offerings start with opening the doors at a new, second location.
Staff this new location with some of your more seasoned employees so they can help train and oversee the new location’s employees and operations. By splitting your more experienced people between both locations and hiring new staff to work in both buildings, you are creating the same environment and feel in both places.
To keep your employees happy and make sure they all get to know each other, you can schedule them to work at both locations or host a cocktail hour once every quarter.
2. Explore a partnership
It might be a little unnerving to go out there and invest in more real estate. Though your business is doing well, you don’t want to sink the ship. To lessen the financial burden, consider partnering with another small business that specializes in the same products or services that your company offers.
This helps take some of the burden of overseeing the company off your shoulders and gives you a chance to network and create a partnership within your community.
3. Set up shop online
As a 21st-century business person, you’ve noticed by now that almost everything worth knowing, buying, or watching is available online. People want convenience and will pay a lot of money for it.
To expand your business, build a web presence. Create a website detailing your company’s offerings and services, and set a launch date to sell your products online. Small businesses have to compete with the likes of Amazon, Target, and other big chains. Don’t make it easy for them.
Before you expand, make sure to upgrade your small business insurance policy and the rest will follow. Then, with a little bit of negotiation and networking, you can watch your small business grow.
CoverHound offers instant, accurate insurance rates with easy online access, backed by personalized service when you need it.