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Growing your business

The vision you have for your business might involve one more office in the next suburb, or perhaps your plans might be slightly more grand. Whatever your aim, there are a number of options you can consider to take your business to the next level.

Growing your coverage
Growing your audience
Growing your franchise
Growing your private equity
Growing your business plan
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Growing your coverage

If your business model is successful in one location, you may consider taking that model to new locations, whether a new city, state or simply into more suburbs. This approach opens up a larger pool of potential clients and may improve economies of scale, such as enabling a greater return on your marketing expenditure. You can find valuable advice and mentoring from a number of sources such as the government business service in your state.

Growing your audience

Business growth can often be achieved by marketing your business to a new target audience. Consider a mortgage Broker who currently targets first home buyers. By adding some additional services, bringing in experienced staff or creating new communications with a specific message, that Broker may be able to successfully target property investors, opening up a whole new potential revenue stream.

Growing your franchise

You don't have to do it all yourself. By buying into an existing franchise or aggregator, you can benefit from the size and experience of an existing business.

Advantages include:

Access to existing clients, suppliers and staff
Easier access to finance with the support of the franchisor
The ability to take advantage of the franchisor's advertising and buying power
Use of an already established business name
Management and industry knowledge back-up

However, some disadvantages should also be considered, including the potential high cost of buying a franchise, the loss of independence and the fact that the reputation of your franchise may be affected by factors beyond your control.

The Franchise Council of Australia Limited (FCA) provides information, events listings and links to the Franchise Business Directory.

Growing your private equity

One of the greatest mistakes small business owners make is trying to finance their company's expansion on credit cards or by re-mortgaging the family home. A more sensible option involves approaching private equity firms such as venture capitalists or mentor capitalists, who not only offer cold hard cash but also bring on board their management experience. Alternatively, seek out a business partner who has equity to invest.