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Expanding and growing your business can be intertwined. Expanding means taking the small steps that can lead to real growth.
Expanding means taking on a related market. This can lead to real growth for your business. The way to approach an expansion is to research the market, carefully plan out the steps you'll take, and then take the plunge.
Example: Marcia is a chiropractor. She decided some time ago that she wanted to head in the direction of becoming a wellness center. She didn't know how many wellness experts she would be able to attract, and she didn't know how much space would be required. So she spent several months talking with holistic providers, looking at buildings, investigating the market, and doing the numbers--projecting forward several scenarios and arriving at a business plan that made sense. Today, Marcia's wellness center attracts clients looking for all sorts of treatments, including Reiki, massage, acupuncture, yoga sessions for individuals, nutritional guidance, aromatherapy, and other popular wellness interests. She provides space for the experts to meet and treat their clients--transients can simply pay her a fee, or longer term rentals can be made. There is a small room for information displays, including video. The center has attracted lots of attention in the community and beyond. Marcia still sees her chiropractic patients.
Example: Bill runs a landscaping service. He cuts grass, trims shrubbery, helps homeowners put plants in their yards. He parks his truck and trailer behind his own house, and his garage is full of equipment and materials. Inside, he turned part of a bedroom into a small office setup. To expand, his wife reminded him, he needed to get the business out of the house, out of the garage, and out of the yard. To do this, Bill found a small garden center owned by an elderly man who was willing to enter into a lease-purchase agreement, selling the garden center to Bill. After carefully assessing the situation and the numbers, Bill jumped at the chance to expand and grow at the same time. Today, he attracts many more customers for an expanded list of services. He has added another truck and a crew to serve the needs of the bigger business.
Expanding your business means selecting additional markets to serve. When you serve more markets, you are growing the business.