We published an earlier post on growing a business in Ontario in the first year, listing everything from sales funnels to customer management tools that could be used to make growth a lot easier. This post lists tips that can help after the first year when all kinds of challenges rear their heads. Scaling your business may be hard, but there are things you can focus on to make the road ahead a little less rocky.
Do you have a product that can be licensed to others for a fee? When you do a licensing deal, you grow your business without too much work and get a share of revenue simply by taking what you have to a company with a larger footprint.
When you want to grow quickly, consider franchising your business. The costs may be high and you will need some serious marketing help, but it can also transform your business drastically if done right.
Growth is about expansion, which can come from diversification of your offers to include complementary products or services. All you need to do is identify new opportunities within your niche and think about what else you can sell to your customers.
Passive Income Streams
If you are working with razor-thin margins, passive income streams can help take care of regular expenses while giving you the opportunity to take more risks and make mistakes without jeopardizing your business.
Acquiring another business can obviously grow your own business very quickly, especially if these acquisitions complement your own industry and allow you to scale faster.
Why not move outside your comfort zone and literally target the rest of the world? Think about what you will need to take your product or service to a new market, and what international expansion could mean for your bottom line.
The Internet now offers all kinds of tools that allow you to reach new audiences for a relatively lost cost. Consider webinars, for instance, to promote a product or service and reach out to a wide audience quickly for a low amount of investment.
Growing A Business In Ontario
If you have questions about growing a business in Ontario after your first year, Leeds Grenville Small Business Enterprise Centre is the leading resource center for new and existing small businesses in Leeds Grenville. Contact us for advice from our team of experts today.