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 even attempting to open another business location 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.
Are you looking to expand your business? CoverHound can help. Upgrade your small business insurance policy and the rest will follow.
Taking Care of Business
You’ve been going back and forth between expanding your business or keeping it as is, and you’ve realized that the only thing holding you back is not knowing how to proceed. Don’t worry, all it takes is a little research and budget wrangling!
Grand Opening: New 2nd Location
According to the U.S. Small Business Administration (SBA), small-business owners who are looking to expand their offerings start with opening their doors at a new, second location. This new location should be staffed by some of your more seasoned employees so that they can help train and oversee the new location’s business operations. By splitting your more experienced staff between both locations and hiring new employees to work in both buildings, you are creating the same environment and feel in both places. To keep your employees happy and to 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.
Exploring a Beautiful 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 product or services that your company offers. This will help take some of the burden of overseeing the company off of your shoulders and give you chance to network and create a partnership within your community.
Set Up Shop Online
As a 21st century dweller, you’ve noticed by now that 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.
Every good website features an invaluable blog corner. The blog corner highlights what your small business produces as a company and how your services or products enrich the lives of its users. You can hire your own in-house content marketing team or go through a freelance agency. Just make sure they know how to write!
With a little bit of negotiation and networking, you’ll watch your small business grow. For other small business and insurance advice, visit CoverHound.