South Jersey Business Brokers: Article About Opportunities For Growth
Entrepreneurs go into business to grow and profit from their initial investment. Growth opportunities are any chances you have to grow and expand your business. This can include reaching a new client base, offering new products or services that you currently don't have or are complementary to what you have, and expanding your geographical area to offer your products or services nationwide or opening other locations. Another great opportunity for growth is to acquire add on acquisitions. An add on or bolt on acquisition is when you purchase another company (may or may not be a competitor) that fits naturally within your company's existing business lines or strategy.
Contact our South Jersey business brokers to find out how much your business is currently worth and what kind of ROI (Return on Investment) you could have from a growth acquisition. Then after your business has experienced growth and has a history of the increased sales and profits, have your business reevaluated to see how much more value has been added to your business.
Growing Your Customer Base Online: Many businesses have a website. In fact, it's common for clients to ask about a website address or desire to find information about your business online. Having a website has become a necessity for many businesses. If you have a website, it may be time to initiate an advertising campaign that helps grow your business presence on the web. An established website can assist with business growth and attracting customers. A website allows you to deal with clients locally or outside of your local area.
Franchising Your Business: One way to expand is to franchise your business.
The business brokers from Selby Associates of South Jersey would be happy to answer any question you have about business mergers or business valuations.
Not every business is able to offer their product or service in a franchise, but those who can have a competitive edge over similar companies in the industry when it comes time to sell the business. When a buyer looks at the main branch of a franchise they take into consideration that not only is the main branch earning money, but the franchisees are contributing a certain percentage of their profits to the business, too.
Your Competitor May Take Advantage of a Good Offer: Sometimes, the a business owner is ready to exit but it is not for sale or the industry is not aware that the owner would take a good offer from a competitor to exit. It is advantageous for a large business to reduce local competition by making offers to a direct competitor or several small competitors (roll up acquisition). You may make an offer to your competitor that they can't refuse and would result in your business growing. By buying a competitor, a competitor takes advantage of an unsolicited offer and your business experiences a growth. Just always consult with a business broker to make sure that you are experiencing positive growth and maintaining a diverse customer base and products and services and there are no equipment or labor or geographical issues.
Growth opportunities abound in the business world. From diversifying your customer base to expanding your business into different regions, when you grow your business you increase the value and make your company desirable to potential buyers.