Starting a new business isn’t always the hardest part of your corporate journey. Many entrepreneurs find that taking things to the next level is far more complicated. You need to ensure you get the timing right and create a watertight plan that works.
That isn’t always easy if this is the first time you’ve grown a venture into something a little more impressive. Still, we’ve published some excellent tips on this page that should help to make sure you don’t make common mistakes.
It’s entirely possible that you could get things wrong and lose your money if you’re not careful. You plan to expand in the hope of increasing profits and turning your small company into a global brand.
For that reason, you need to perform a lot of research before setting the wheels in motion. The article you’re reading right now could be the best place to start.
1. Know when to employ more staff
To grow your business, you will have to hire more team members at some point. However, you need to get the timing right because it will affect your profits. One solution is to use agency employees during the transition stage.
You can get them as and when you need them without having to worry about contracts. When you start using temporary workers every single day, you know it’s time to start hiring. You could also remove most of the hassle from the employment process if you’re smart.
Nothing is wrong with headhunting people you used through the agency. They already have a grasp of how your business works, and you’ve already offered them some basic training.
If you choose to hire other workers, you should use industry job websites for the best results. Don’t make the mistake of using any job boards run by the government because you will get too many applications.
2. Consider moving to larger premises
It stands to reason that you will have to move to bigger premises when you expand your operation. You’ll need to make sure you have enough space and equipment to fulfill all those new orders. There are lots of commercial property specialists you could contact depending on your location.
Just search online to find the best experts in that particular city. Experts from http://loopnet.com/ say the task shouldn’t take long. Get in touch with them, explain your requirements, and let them do the hard work. They should come back to you with a list of suitable buildings you could lease or buy.
However, it’s always better to rent because you don’t want to make substantial purchases at this stage. When your profits reach suitable levels, you could then look into acquiring the deeds.
Just make sure you select somewhere that’s near to a major motorway or shipping route. That way, your delivery drivers will have an easier time reaching your customer’s addresses.
3. Trade in new territories
If you’ve only sold products in the US thus far, you might like to start trading overseas. However, there are lots of potential stumbling blocks you’ll need to overcome first. For example, some governments will ask you to pay hefty import and export fees.
In many instances, they might reduce your profits to the point where it’s not feasible to sell. That said, there are often ways around the issue. You just need to think outside of the box. In some situations, it might make sense for you to open a depot in that country.
That way, you can remove all the extra fees and ensure you make a killing. You’ll also need to consider the cost of making deliveries. Just because you’ve found a cheap courier in America, that doesn’t mean you will encounter the same elsewhere.
4. Make a substantial investment in SEO
Search engine optimization is the process of making sure your website ranks in the best positions on Google. In fact, it helps with all search engines. It’s just that Google is the platform of choice for most internet users.
Just don’t make the mistake of trying to handle SEO in-house. It will take too long, and you’ll never get the best outcomes. You need to find a specialist agency willing to deal with the task. In most instances, they won’t charge the earth for their services, and they have fast turnaround times.
SEO boffins from https://PosiRank.com/ say you should always choose an agency that uses all-in-one platforms. That way, it’s easier to monitor their progress and view the results they produce.
Just don’t think you can make one payment and forget about the job. SEO is something you have to work on every week to ensure you don’t lose your position.
5. Increase your overall marketing spend
Taking your products or services to new customers will mean you have to spend more on marketing. If you use an agency at the moment, you should contact them to explain your plans. Ask them to come up with an improved strategy for your new budget.
With a bit of luck, they will come back to you with ideas that will take your company to the next level. In most situations, they will just invest more cash in Google Adwords and social media promotion. However, you also want them to think outside of the box and try new techniques.
Free free to make suggestions, but always listen to the professionals. At the end of the day, they have the qualifications and skills required to succeed.
So, they should be in a position to let you know if there are any issues with the concepts you present. They should also have the acumen to pay attention if you suggest something they’ve overlooked.
6. Get legal advice from the experts
Ads we have already discussed, there are many regulations and legal issues that could affect the growth of your operation. Considering that, it’s vital that you find a reputable business lawyer as soon as possible.
Build your relationship now, so they are ready to swing into action whenever you need their assistance. You might never have to call upon them. However, it’s better to have an expert waiting in the wings because sometimes you’ll want to deal with legal problems fast.
Make sure you arrange face to face meetings to ensure you’re both on the same page. You should also read online reviews to find out what other business owners think about their services.
If everything seems fine, strike a deal that ensures they will always come to save your neck the moment something goes wrong. You might have to pay an annual fee instead of their hourly rate. Even so, it’s worth the expense to get peace of mind.
7. Outsource as much work as possible
One of the biggest mistakes company bosses make when expanding relates to taking on too much. You’ve all read about the benefits of outsourcing in the past, and now is the time to jump on the bandwagon.
Can you honestly afford to employ a large communications team to deal with all those new customers? Probably not, right? Well, help is at hand. There are lots of specialists firms out there that provide outsourced services to people in your position.
Customer service is just one task you won’t have to worry about if you employ the right partner. You could also outsource jobs like accounting, website management, and more. Just use some common sense and perform an online search to see what assistance is available.
8. Apply for international patents and trademarks
Trading overseas poses many issues if you don’t have international patents and trademarks. For that reason, you’ll need to get in touch with an experienced patent attorney as soon as possible. The last thing you want is for a rival firm to notice your products and replicate them for a lower price.
You would lose all your customers and clients in a matter of months. With the right protections in place, your lawyer could take people to court who do something like that. If you have patents and trademarks, the other company will always lose.
In many situations, they will have to compensate you too. So, you could end up with every dime they made from fraudulently stealing your ideas. That removes the competition from the marketplace and stops them from doing the same again in the future.
We hope you paid attention to all that advice, and that you will put it to good use this year. Growing your business can seem like a mammoth task, but it’s the logical next step if you’re making a lot of money. Just ensure you always perform a lot of research into every subject before making an investment.
At the end of the day, expanding your operation could be the best thing you ever do. You might reach a stage where you can employ someone else to handle the management of your venture. When that happens, you’re free to sit back and live the good life.
Retiring by the age of forty sounds pretty appealing to us, and we bet you feel the same way. So, put the suggestions from this page into action and start building your global brand.