Expanding Your Business: 6 Essential Steps for Entrepreneurs
You’re ready to grow your business, develop new products, and expand into new markets – but you need a roadmap to achieve these goals. Furthermore, you need the right team. If you want to scale your approach to staffing and hiring, you can turn to Dunhill Staffing Systems. Additionally, here’s how to choose your business structure, run market surveys, and more.
Register for LLC Status
Whether you haven’t registered your business in your state yet, or you’ve realized that you would like to switch your company’s structure, you might benefit from filing for LLC status. You’ll feel more secure with limited liability protections, and you’ll gain tax benefits, too. You can file through a formation service to save time and money, rather than filing on your own or hiring a lawyer. Make sure to check your state’s specific formation rules before filing.
Conduct Market Surveys
Expanding without truly understanding your customer base can hurt your financial success. Before launching any new products or services, make sure to conduct market surveys to figure out which new consumer demographics or regions you could tap into. To draw in participants, you can easily offer user research incentives like prepaid cards, cash or gift cards, or even charitable donations in the participant’s name. This will boost your survey response rates, engagement, and overall response quality, allowing you to gain valuable insights.
Determine New Offerings
After analyzing the results of your market research, you can start developing and launching new offerings. To execute a successful launch, Live About recommends working with social media influencers, coordinating with print and digital outlets for coverage, and creating videos, demos, and whitepapers for your website to educate customers.
Secure Necessary Funding
Growing your business is difficult if you don’t have the funds. Remember, there’s nothing wrong with slow-paced growth – making risky financial decisions doesn’t always pay off. But if you’re short on funds, you can turn to different sources for capital. Liveplan recommends securing a loan through a bank or the Small Business Administration, crowdfunding, or looking to venture capitalists.
Scale Your Hiring Strategy
To expand your business without burning out, you’re going to need a bigger team. You don’t want to rush into hiring anyone solely for the sake of numbers – to effectively scale your hiring plan, you need to consider the quality of each candidate and take your time to ensure that they’re a culture fit. Think carefully about where you need more assistance, and what skills your new hires will need. You may want to work with a staffing and recruiting firm to assist you with the hiring process.
Leverage the Right Tools
Perhaps you’ve been relying on free versions of different software programs to run your business, simply because you didn’t necessarily need all of the features and functions that came with the paid versions. Now, it’s probably time to upgrade. You may need to purchase software that can support an increased number of users, or you might need to invest in some entirely new programs. Make sure that your accounting system, project management program, and video conferencing software are equipped with the features you need, and that everyone who needs to access these programs will be able to do so without hitting a user limit.
As an entrepreneur, you need a clear strategy to pave the way for sustainable growth. With these tips, you’ll be able to hire qualified team members, form LLC, and glean feedback from market research surveys. Soon, you’ll be ready to expand your business and drive new revenue.
Need to recruit new team members as you grow your business? Dunhill Staffing Systems is here for you. Fill out the contact form on our website today to learn more about our services.
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