THE EXPANSION DRAFT
Opening a new location
If you play your cards right you’ll eventually be looking for expansion opportunities. You may even want to open a new location for your business, which requires a lot of due consideration, including zoning, build-out costs, infrastructure, access to qualified employees, etc.
If you open a new location you need to update your Business License Application with the state. You’ll also need to meet with local officials to make sure that you are complying with zoning, permitting and environmental rules and regulations.
A great resource for navigating these waters is the economic development organizations located in each county (a complete list of Associate Development Organizations can be found under Special Teams). These local business experts are there to help you make informed decisions about your business, including helping you find the right site, ensuring that your workforce is properly trained, and connecting you to local business partners, potential customers and elected officials.
Nearly 10,000 businesses in the state export their products and services overseas. Exporting is a great growth strategy and it’s easier than you think. With some careful research and assistance from federal and state agencies, you can begin exporting in no time.
Here are some good places to start:
ADDITIONAL PLAYS YOU CAN CALL
As your team’s quarterback, you will undoubtedly make some other important calls. We highly recommend that you don’t call an audible on the fly when running your business. Instead, you want to execute the plays you’ve already planned in your mind and on paper, such as those in your business plan. Winging it is no way to win a championship.
In addition to opening another location, you can opt to make these calls to grow your business over time:
- Develop your business into a franchise.
- License your product or service.
- Form a partnership that leverages your products or services with someone else’s complementary offerings.
- Diversify your business into other areas, expand beyond your current line of products or services.
- Secure government contracts.
- Merge with or acquire another business that has similar synergies.
- Set up shop on the Internet to reach more customers.
As you expand your business, be sure to check in now and then to make sure you’re still in regulatory compliance. Different rules apply to businesses as they grow, expand or diversify, so you want to go through the checklist now and then to see if a new regulation comes into play with a new location, a bigger footprint, more employees or new products or services.
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