Eager for Expansion

Imagination and planning are the keys to starting a business expansion initiative.

Contemplate each of the expansion methods discussed above and think through whether they are appropriate for your business.

Turn that contemplation into a list of possibilities. For example, which cities might you consider opening up in with another location? What competitors would you buy if you could get them for the right price? What related markets or complementary business lines might make sense for you to expand into?

Once you’ve identified some possible ways to expand, do a little market research to learn more about the expansion opportunity.

For example, in fleshing out geographic expansion, you might travel to the other city and ask potential customers whether they’d be interested in doing business with you if you opened up in their neighborhood. Or, scope out the market for additional competitors that could make your expansion more or less profitable.

If you are contemplating the acquisition of a competitor or acquiring a complementary business, you can browse business-for-sale listing sites to see what’s for sale. You also may want to talk to local business brokers and find out how they work with landscaping companies like yours that want to expand via acquisition. Many business brokers now offer buyer representation services, in which they will actively look for acquisition opportunities for you, while still maintaining your confidentiality during the initial stages.