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You have started your business and it is bringing in great income. When you went through the long prospect of starting your business you probably did hours or research and sweat equity trying to make your business succeed, and it is. So now what? Well, now you need to start looking for ways to make your business grow.
One option that you have is your business is doing extremely well is to expand to a second location. When people start thinking about expanding their business this is usually the first thing that they think about. However, it is not always the best option. Expanding your business to a second location will require large amounts of research about the economy and customer trends in the new area that you are considering, plus new financing and loans. You have to make sure that a new location can produce the kind of income that you are seeing from your current location.
You could also consider franchising your business. This is an option for expansion because it allows others outside of your town to become involved in running the company while you expand your business. Expanding to nearby states is a great way to stay involved in your business but expand at the same time.
Another option is to form an alliance with a similar type of business. For example, if you own a gym and are looking to expand, considering offering programs taught by an outside instructor. Both of your businesses would be involved and you would be expanding while bringing a new kind of product.