- Offer your business model as a franchise or business opportunity. Sure, there are tens of thousands of screen printers and embroiderers in the United States, but perhaps the unique way your company meets and exceeds the expectations of a particular clientele could convince another budding entrepreneur to duplicate your concept and leverage the name-brand recognition. How do you think the founders of Subway or The UPS Store got started and became rich? It will require you sharing your expertise in getting your franchisees up and running and making money quickly, but remember you are getting paid a royalty for your good name and reputation and it didn’t cost you a dime.
- Form an alliance or buying group. Aligning your company with similar types of businesses can be a powerful way to expand quickly. First, there are economies of scale when your buying group negotiates better prices for everything from raw materials to transportation to warehouse space to needed services. The buying power of the group should bring your cost of goods down and improve your profitability and competitive edge.
- Merge with or acquire another business. There are, from time to time, opportunities to purchase or integrate the capacities of a struggling enterprise and benefit greatly from the union. Sometimes, the acquired company is in such dire straits that its only other option may be to fold up its tent. When you scoop them up at a bargain-basement price set them on better footing, get them productive again, and increase your capacity without a large investment outlay.
—Your Personal Business Trainer