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3 Steps to Help Expand Your Business

The most difficult step for any business is getting started, but the second hardest is expanding. There are many things you can do to help expand your business, and many different ways you can go about it. Once you open up a second company you can expect greater profit, and more public awareness of your company.

When you expand your business you can start a franchise, open a second company, or expand your current company. All need some sort of financial assistance as you will require new merchandise, employees, work space, and other needs. Finding this funding can be very difficult, but it will be much easier if you have been open for a couple years. This gives you the chance to build up some business credit and create a solid business foundation.

The first part to expanding your business is building up business credit. Unless you have the means to expand on your own, and most companies don’t, you will have to ask for more loans and investments. You can obtain business credit by getting a business credit card or by making payments to companies that report to the business credit agencies. After some time you will be able to work up a business credit score that will help you expand your business.

The next step is to come up with a plan. If you are planning on opening a franchise you must make up a business plan that anyone can follow. Everything must be expected to operate in the same way and rules must be set up to make it run this way. If you are opening a second business you need to worry about advertisement and demand. Make sure that you have a large enough customer basis to open a second business in the area. People who expand their own business usually need loans for new equipment and remodeling costs. Plan out everything that needs to be done and show how the expansion will pay itself off.

Finding Investors to Expand your Business

The third step is to find investors. If you have been open for a few years and have proven that you can run a successful business it should not be too difficult to get a loan from a bank. Investors will want to see how the expansion is going to make a lot of money in a short amount of time. Never give a personal guarantee with any loans as you could end up losing your assets.

Keep in mind that it is only profitable to expand your business if you have a successful plan. Although expansion may bring in new revenue, it will not save a company from failing. You must have a successful strategy before trying to make it work on a larger scale.

Expanding your business is time consuming and can take years to plan and achieve. If you would like to find more tips to help you expand your business you can go look online and view some of the greatest business strategies by the most successful business owners.

What to Do When Starting a New Web Business

First, I applaud you. Starting your own web business is a great first step to financial independence. The best thing about a web business is that you can start with relatively low investment and grow your business quickly (usually under the noses of big competitors).

This article will show you how to jump start your web business and get you generating sales in no time.

What not to do:
- Start spending money without a plan – It’s easy to start spending money on so-called research. The web is full of ebooks, home study courses, and monthly memberships that only drain your wallet rather than filling your cash register.

- Take shortcuts. It will be tempting to try to find loopholes to success like unethical search engine techniques, AdWords loopholes, AdSense spam, etc. These techniques only work for a short while and then you’re caught and put back to square one.

- Staying Busy rather than Productive. Anything that doesn’t move you quickly to your first online sale is “busy work”. Being productive means taking the shortest route to getting at least one sale. Remember you don’t have a business until you have a sale.

- Ignore tracking and testing – From now on, commit to being a tracking freak. Try to track everything. Set the goal of tracking every single visitor that arrives on your site. Your objective is to be able to quickly find what works and what is sucking your wallet dry.

Now here’s what you should absolutely do when starting your web business:

- Solve Real, Desperate, and Annoying Problems: From now on, you are in the problem solving business. You find problems and create or uncover existing solutions to those problems. This is the only way of creating a business that will make money and break you out of the rat race.

- Quickly create a simple but high quality problem solving product. Every successful web business started with a simple, high quality, product. Take a look at your product and see where you can increase its value. For example, Can you turn it into an audio product, can you offer a “how to use” video tutorial? Now add this value and offer it to your customers for a fair price.

- Create a simple path to purchase: Make it easy for your customers to do business with you. Don’t clutter up your product offer with useless about us, our history, or any other link that talks about anything but your offer. Your visitors should know where and how to buy your product within 15 seconds of arriving at your site.

You have a wild and fun adventure ahead of you. I’m confident that if you take action on what you’ve learned today in your web business then you’ll be off to a great start.