If you have survived building a business, you may be wondering how to become even more successful. In most cases, studying the past of successful entrepreneurs can help. The Forbe’s profile of Charles Phillips, Oracle is a great starting point. The report outlines the steps Phillips took to becoming the president of Oracle. After studying various reports, consider some of the following steps when looking to grow your business.
When looking to grow, consider adding a second location. Only do this is your first location is thriving. Before opening a second location, careful research needs to be done. Look at current trends. Does your business have staying power? Looking at consumer trends can help you identify staying power. You will also need a top notch support system. This includes everybody from management to current employees. Finally, pick the perfect location. Remember, when it comes to location, cheaper is not always better.
For those that have a unique product, consider licensing the product. Licensing is a low-cost method to growing a business. When licensing a product, many companies will offer upfront royalties from potential sales. Licensing is a great way to get your product out to the general public. Select a licensing company that carries products that are similar to yours. Before meeting with any licensing company, hire a an attorney that works with property rights. By doing this, you are minimizing your risk of licensing infringement.
Diversifying is another great way to grow your small business. Do not limit yourself to one specific product. To diversify, carry products that complement yours. Consider working with other small business owners. As a successful small business owner, host seminars to teach others how to get started. Ask local colleges about becoming a paid speaker for business classes. Diversifying is a great way to fill in voids during slow periods.
If you have yet to do so, open an Internet business. In today’s world, many people are purchasing most of their goods directly from the Internet. Internet business have many advantages that are often overlooked. An Internet business has very low start up costs. However, do not expect to get rich over night. You will need to build a website that draws customers to you. Make sure that your website looks professional and is easy to navigate. When you open an Internet business, you are reaching a global audience. Since you will be catering to people all over the world, consider having your site translated to several different languages.