Five ways to grow your business
Take one step at a time
Plan your business growth carefully. Start small and work your way up. Maybe launch with an MVP (minimum viable product) and either add features or expand the range as you get more confident and sure about what you’re doing.
“We kept this progressive rollout approach going until we had all of the brands on that site that we were aiming for”
- James Hind, founder of carwow.co.uk
Expand into franchising
Could a franchise model work for you? As a franchisor, you’d grant a licence to your franchisees to operate a business under your name (like Domino's or Toni & Guy). You’d give your franchisees a system to market your products or services for a specific time and a particular place, trading on an established brand name. Plus, commercial failure rates for franchises are incredibly small relative to small businesses generally.
“Hundreds of UK businesses currently use franchising as a route for expansion; from sole traders to international corporates”
- Carl Reader, author of The Startup Coach
Could you trade internationally?
It’s the obvious way to find new customers and boost your business. Overseas markets can offer huge opportunities and aren’t as complicated or expensive to break into as you might think.
We could help with trade loans, bonds, letters of credit and lots more to get you going.
Security may be required. Product fees may apply. Over 18s only. Subject to status, business use only. Any property or asset used as security may be repossessed or forfeited if you do not keep up repayments on any debt secured on it.
Tap into talent
The more experience you have in your workforce, the better. One of the most important factors in getting investment is the quality and strength of your leadership team. And not having the right people on board is one way to hamper your growth.
“[Is] The existing leadership team capable of meeting not only current objectives, but the longer term ambitions of the business?”
- Dermot Hill, CEO of Intramezzo
Work with others
Simply put, collaboration and networking opens doors. Become a member of a local networking group and you can build relationships, get referrals and find out about opportunities that you could jump in on. We run events around the UK to help business owners network.
Our fully funded accelerator has 12 hubs across the UK. We provide start-ups with unique coaching environments, digital learning and networking opportunities.