How many times in life do we get complacent? It’s very easily done, after all. Perhaps you get complacent in your marriage, and you forget to continue to spend time with or appreciate your partner. Or maybe you used to be exceptionally houseproud, but these days your attention to cleanliness has fallen off the radar somewhat. These are totally natural things that can happen to just about anyone – and another area in which we can become complacent is within our working lives. If you have a business that has garnered a fair amount of success over the years, it can be very easy to just stick around in your comfort zone. The phrase ‘if it ain’t broke, don’t fix it’ is something that is heard a lot in the business world, and many entrepreneurs are worried about taking their business further for fear of failure. Sure, failure does happen sometimes – but only if the businessperson in question doesn’t do all the necessary preparation and risk assessments. If you are aware of the fact that your business has been stagnant for some time, and you are wondering how to progress, here are some ideas that can help you expand.
Franchising
Getting into franchising is typically something done by larger, established companies, but there is no reason why you can’t get involved too. Franchising is a great way to expand your business as it requires a pretty low level of capital to get the ball rolling. It can also be a good way to secure the future of your business, providing that the franchisees are trusted and professional individuals. Develop a good pitch that you can perform to potential franchisees, and if you are successful, you could end up with franchises operating all over the world.
Moving abroad
If global domination is at the forefront of your business dreams, taking your business overseas could be the first step on this ladder. Certain economies and cultures might be particularly suited to your business model, or whatever product you produce as a company. Therefore, moving your whole business abroad, or just setting up an overseas office, could end up proving pretty prosperous for you. Take the time to speak to investment and EB-5 immigration lawyers about what your options are. If you are going to move abroad with your business yourself, you may be eligible for things such as green card visas too.
Collaboration
They do say that two heads are better than one, and this rule certainly applies to business just as much as it applies to anything else. Try and look at your competition in a different light; could there be benefits to be gained in the two of you working together, rather than competing? Set up a meeting with the CEO of a complimenting business who you think you would be able to work well with. As long as your proposed plan would reap the rewards for both sides, they’ll probably be pretty interested in what you have to say.