PFB Law, Professional Association - St. Paul Business Law And Estate Planning Lawyer" class="brand-image"/>
St. Paul: 651-968-1022
Toll Free: 866-561-3419
Practice Areas

Growing your business: 3 important steps

As your business becomes more popular and gains more customers, you may want to begin planning expansions and ways to grow. There are several steps to growing your business in a safe manner. If you grow too quickly, you risk investing more than you can make back and may end up in bankruptcy or shutting down completely.

Among the steps you need to take are making sure you know what sets you apart, identifying your customers and verifying your revenue. Here's a little more on the steps you should take next.

Know your business

The first thing to do is to look at what sets you apart from other businesses in your area or online. Are you the only person who sells a certain item? Are you the only person who can perform a service? Is there a risk that someone could come into your area and offer the same or a similar service for less? Once you assess the risk of this happening, you will know if your business is sustainable in the long-term.

Identify your customers

The next thing you need to do is to identify your customers. Not only do you need to identify your current customers but also your ideal customers. Perhaps you serve teens at the moment but want to expand to also have items for children; if that is the case, then you will need to aim your marketing at multiple age ranges but particularly at parents and teens.

Verify where your income comes from

Finally, make sure you know where your revenue is coming from. You should look at what kind of revenue streams would increase your business and which types could hurt you. Identify possible new revenue streams and find out if they are sustainable. If so, you can isolate that new option and move forward with it.

No Comments

Leave a comment
Comment Information