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Branching out? Here's how to simplify the process

Branching out? Here's how to simplify the process

Business Development

Globe myBusiness

Globe myBusiness

21 Jan 2019, 07:00 — 4 min read

Are you thinking of branching out in your business? More often than not, as success comes, businesses need to grow by setting up in different locations, expanding their teams, or adding new services. This can be a bit of a nerve-wracking and complicated process, since there are some hurdles to expect.


Here are tips for making the process of branching out much simpler: 


1. Do your research
When you’re trying something new, the first thing you should make sure of is that you’re well-informed on what might happen. At the very least, you should have enough information to know the possible risks and benefits of what you’re about to do. Specifically, there are a number of things you have to take note of:

  • Geographical features - One of the most important factors in business is location. If you’re planning to set up a branch somewhere, move to a bigger office, or station a new team in a separate working space, you can’t make that decision on a whim. Pay attention to the environment, ambience and infrastructure of that area to determine if it’s really the best for your branch, office or space.
  • Procedures - Read up on what you need to do before, during and after branching out. This includes SOPs (standard operating procedures) on securing permits or registering spaces, locking down strategies with third-party groups, or preparing employees.
  • Market data - For every big move including branching out, you should look to your market for indications of success. Conduct a survey or get feedback on the plans you have, run a field test in the area you’re targeting for a new branch, or even take suggestions from your current customers on how to improve the brand - because, in the long run, all of this is for them, after all.

  

2. Evaluate your finances
Branching out can be a pretty expensive move, but if you play your cards right, it’s also a good investment. So make sure your finances are in order, and that you have enough extra funds for emergencies. This way, you won’t end up going bankrupt by trying to expand your business.

3. Get advice

  • From a mentor - Consult other people, especially experts or other entrepreneurs who have been in the same situation and come out stronger. Take care to filter what you hear, though, because listening to too many people at once may make you even more confused or misguided.
  • From the competition - This might sound like an odd thing to do, but really, no one can better understand what you’re going through than someone who’s doing the same thing. So, without revealing any secrets of course, consider listening to your competition. You just might be surprised at what you can learn.


4.  Have a team you can trust

This is another very important step toward successfully branching out. Once your business starts growing, you’ll have to come to terms with the fact that you can’t handle everything. Thus, make sure your team is capable, trustworthy and competent enough to handle all the challenges that will come with your expansion.


5. Get your clients’ or customers’ support

More than just informing them of what to look forward to, get them onboard with an inside look at what’s happening in the company, or how you think this move will benefit them. This works in three ways: they won’t be surprised about the change when it comes; they’ll be excited about your plans of branching out; and they might even spread word about your brand to your potential market.


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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker. 

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