Many successful entrepreneurs have a plan for the next ten years. They commit their time to ensure that the business has a steady flow. They engage with fellow entrepreneurs and join business seminars. But how soon should an entrepreneur think about taking another step?
An entrepreneur should have a winning and aggressive mindset. It is strengthened by the desire to earn more and by considering the number of jobs he can provide to many people while boosting his brand recognition in the market. More than how much revenue a company earns, it is always a great motivation when people recognize your brand by merely seeing the logo, color, and what your company symbolizes.
More than just adding more products to your business, you may want to take your business to another level which is franchising.
This can be a great way to business expansion. As others would say, this is a perfect step for the quick growth you aspire for. You can consult a business strategist to help you learn how to build a franchisable business.
When should you expand your business?
1. Customers are significantly increasing, and the single shop or store is too overwhelmed. By word of mouth, the success of your business may have reached other cities or provinces where they would also want to try your products and see for themselves if all the customers’ claims were valid. You lose a lot of customers when you are just focusing on one shop when the demand for it comes from here and there.
2. You have a solid customer base and know how much and how often they purchase your products. With this, you are more comfortable knowing that you will have steady sales or an increase in sales in the following months. These loyal customers will not keep mum about their experience. They will surely share it with their family and friends, who can soon be your loyal customers.
3. Steady profitability for the first 2-3 years means you need to expand the business. You want to cater to more customers and provide them with a seamless experience. Therefore, giving them a more comfortable place to shop by physically increasing store space to accommodate the growing customer base should be a reason to expand the business.
4. You realize that you need new products to encourage more people to flock to your store. For example, you offer snacks such as Corndogs, waffles, and pancakes. To encourage more customers to purchase from your shop, you may add a variety of drinks so your customers no longer need to buy these drinks from other shops.
5. The number of people inquiring about franchise opportunities is increasing and from different parts. Saying NO may not be the right frame of mind.
Expanding your business is another excellent adventure for entrepreneurs. Yes, it cannot be as easy. But with the proper support, mindset, and enough resources, the dream of having a successful business is just a few steps away.
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You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
