5 Reasons Why NOW is the Right Time to Expand Your Business

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Have you created a successful business and been wondering how to grow it in today?s ?New Normal?? Like you, many entrepreneurs have created great businesses through hard work, innovation and by exceeding the needs of local customers. You know you have a solid foundation in place, but in today?s economic environment, it?s difficult to know the best time to expand in a smart, risk-controlled way. Here are five reasons why now is the best time to expand your business:

?1) Raising capital isn?t your only option.

The traditional approach to expansion involves raising capital to open more locations. While this approach can grow your brand, it also means that expanding your business is all up to you. You will be signing on the dotted line to take on the increased risk of expansion.

An overlooked avenue for increasing revenues, customers, and brand visibility and credibility with limited capital and less risk is through franchising.

?2) Franchising reduces risk for all in an uncertain economy.

Franchising is the least capital-intensive ? and most proven ? way to expand regionally, nationally or globally. Franchisors link their expertise and investments with a franchisee?s passion, commitment, capital and personal oversight to deliver the franchisor?s goods and services.

These challenging economic times require business owners to be creative and innovative if they hope to expand with limited access to capital. Franchising allows the brand to expand using money other than its own.

3) Expanding helps to create the jobs that our country needs today.

?It?s not just about the money. Franchisees invest in a concept and in the communities they serve. The franchisor secures the success of the pilot locations, makes mistakes and fixes them to develop a solid business model for franchisees to replicate in their markets.

4) Talented business executives are looking for alternatives now.

Sometimes it?s riskier for an executive to stay in an uncertain career than it is to consider starting a business. Franchisees invest capital to grow their local business, but they don?t have to spend significant amounts of time and resources to figure out the business. A franchisor licenses their knowledge to the franchisees. In return, they earn a stable revenue stream, normally based on the franchisee?s revenue results.

Franchising also is a powerful mechanism for accelerating growth. Franchisees build their local businesses, spread the word for the brand and bring great ideas back to strengthen the overall business. Franchising is truly about shared success, with less risk than working alone.

5) The best investment today might be a proven business model.

Essentially, to be a franchisee is to be in business for but not by yourself. The franchisor benefits in offering this opportunity to a franchisee because it helps offset past, current and future investments in the brand and in the operating systems.

Launching a franchise system is a big step; it requires evolving your leadership and growing your business from a successful local one to a larger regional, national or international brand. You will be the ambassador within your organization that will set the tone and the passion for the huge opportunity that franchising can provide when it is done well and with absolute commitment to the interdependent relationship with your franchisees. Enjoy the journey!

??By Shelly Sun

Shelly Sun is a Certified Franchise Executive and CEO and Co-Founder of BrightStar Care?, with over 200 locations nationwide. She is author of the forthcoming book, Grow Smart, Risk Less: A Low-Capital Path to Multiplying Your Business Through Franchising, which will be released October 4, 2011 and can be pre-ordered from www.growsmartrisklessbook.com, www.amazon.com and www.barnesandnoble.com.

Related posts:

1. Not All Franchises Need A Drive-Thru Window
2. How to Dominate Your Local Business Niche and Beat Your Competition
3. The Overqualified Job Candidate: Business Bonanza or Company Threat?

Source: http://palmbeachwoman.com/2011/10/5-reasons-why-now-is-the-right-time-to-expand-your-business/

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