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What's the right way to expand an existing business

Brain

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One thing is to have a business,another hurdle to cross is to make it big, expand it and make it maybe into a conglomerate. What are the right steps to take and be sure of making a success of it??
 
First important thing to be considered before expanding a business , is if the business needs to be expanded ?. If you are able to manage the current size of the business and still maximize your gain , there is no need expanding.
Well, I think expanding can be at any time of a business because people expand their business for diverse reasons. But the power and skills to manage all is very important
 
Business growth depends on what happening on the market. Is your market share growing? Do you have the resources to grow the business? Will you require more staff, more machinery, a bigger offices or premises? Do you have to expertise to manage bigger responsibilities? Are are able to fund the growth on your own or you will have to borrow?
 
One thing is to have a business,another hurdle to cross is to make it big, expand it and make it maybe into a conglomerate. What are the right steps to take and be sure of making a success of it??
Well it depend on the business model you choose and you just have to find what works and be consistent
 
If the business is under sole proprietorship then it might be important to branch into partnership or go public with it. This doesn't mean a business under sole proprietorship cannot thrive past a certain limit. A large cooperation has a better chance of surviving if there is joint managerial effort.
That is true. Moving from sole proprietorship to partnership will really make the business expand more. Most businesses that are currently so expanded are made of partnerships.
 
Alot of reply will come to you here, but I want you to add this to the selected few reply which will help you grow big and multiply you,
1. Let your spirit be open.
2. dont be rigid in decision.
3. Try and know more about your business and any other things related to it.
Thanks
 
One thing is to have a business,another hurdle to cross is to make it big, expand it and make it maybe into a conglomerate. What are the right steps to take and be sure of making a success of it??
Its too vague, u know better to give more details to gain best results of the ideas, my opinion, is wandering around advertisement, though i dont have any idea what u talking about totally, but you need to show your self in your related market, so u need to advertise ur bussiness
 
Expanding your business depends so much on what you do. If you run an offline business expand to online too, improve the level of products or services and make it easier for people to get your products and services
 
There is one funny ebook I read about re-investment,this book show me step by step on how to expand an existing business its talk about re-investment,this is the money that you made when selling an item then instead to consume the profit you invest it back in your business,such business will definantely experience an expansion.
 
Expansion will surely require you to spend more to meet up with your clients demands and repackaging of your advertisement tactics to increase your market awareness though at this stage loans can be taken because the market base is known minimally.
 
You can as well expand your business by inputting more capital to it and also trying out new business idea to add to the already existing one
There is no way you will expand your business without injecting more capital. The essence of expansion of business is to make more money from already established market and other potential market target
 
One thing is to have a business,another hurdle to cross is to make it big, expand it and make it maybe into a conglomerate. What are the right steps to take and be sure of making a success of it??
I believe with Capital, in any kind of business you will be able to expand into your own taste, either to make it big store or something different that will make you feel better with your business without panicking
 
I believe with Capital, in any kind of business you will be able to expand into your own taste, either to make it big store or something different that will make you feel better with your business without panicking
yes capital is the first thing to consider if you want to make it fast in your business,the more capital you have the better your chance to grow your business to another level,every business need planing and capital,the way you manage your business also matters alot,re-investing your profit is another good way to do that.
 
If you have an existing online businesss which is running good,then you start it's online version by establishing a website and giving services from that!
 
it depends on the business you have. for instance, if you have an offline business, you can expand it to be online. and if you have one online channel, you can have different ones as well.
Yeah, l think you are right. But l would also like to touch on how to expand the offline businesses. These businesses can be expanded mostly with the help of loan or from the profit the business have made in the past years.
 
If you have an existing online businesss which is running good,then you start it's online version by establishing a website and giving services from that!
Good tips and possibly you spend more on advertising your products or services to reach more users so that your sales which makes your business expands automatically.
 
There are many ways to expand an existing business. One of such ways is to fund it massively. Besides, effective advertising of the business, both online and offline will go a long way.
 
You guys are right but in your opinion which is more easier in terms of financial implication and technicalities to expand between online and offline busineses?
 
Another thing to add when expanding an existing business, is to have a unique event for promoting such business, it may be a sort of open house with discounts in cases of offline businesses and freebies/giveaways for online businesses. These could even be done to promote a new product being introduced into the market.
 

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