Spawning your Small Business Brand

Many small business tips are written assuming that the business in question is not succeeding. But what if it is? Maybe your business is doing great and you merely want to take that success to the next level! Here are a few tips for that crucial expansion process.

• Franchise. Franchise is one good idea for businesses that have a proven successful model. If the people in your community love your scrapbooking business (or whatever it happens to be), franchising can offer an opportunity for other small businesses to use your brand. There are several franchising companies that can help you do this. However, it is very important that you have a professionally created logo design, website, and other visual branding elements before you embark on this step. If you want for people to buy your brand, it has to be top-notch in every way.
• Branch into related new markets. Maybe you aren’t ready to franchise but you are ready to see new locations for your existing business. On the other hand, you can also open peripheral businesses that are related to your core brand. Sometimes an ecommerce website is the best way to put your toe in the water before taking the dive. Keep in mind that the products and brand need to be very similar to your original one so you can build the power and recognition of your brand. Also, avoid cannibalizing your core business by placing locations too close together.
• Develop new lines. If you are reluctant to branch out into new locations or franchises, offering new product or service lines can be a great way to grow your business organically within its current structure. These new lines will work best if they share a brand with your core business or have a compatible brand. Another useful tip: make sure they relate directly to your company’s original product. A line of seasonings wouldn’t be a good fit with a printing service, but it certainly makes sense with an Italian restaurant.
• Maintain your core. Although any kind of business expansion is time-consuming, it is crucial that you give your core brand the same amount of energy that brought it to your current state of success. Your core small business is the ‘launch pad’ for your expansion, so it needs to remain as strong as ever. Continue to take actions and make changes as needed, and don’t let your big dreams compromise your everyday success.
• Avoid over-extending. If expansion seems to be going well, it is tempting to branch out a little further. However, this impulse should be stifled as much as possible. Complete one step before you embark on another. After all, one person can only do so much! Also, funding is an issue for many small businesses looking to expand. If there is only enough funding for one location (or two, or three…) wait until you have a better opportunity. It’s tempting to ride the small business success wave as far as it will take you, but you can’t afford to wipe out.