According to the Small Business Administration, there are around 27 million businesses throughout the country, 65 percent of which are considered small businesses. Each year, entrepreneurs around the country throw their hat into the ring in an effort to start their own small business. Statistically speaking, however, only half of them will still be open after five years, and only a third once they hit the 10-year mark. Taking the time to grow your small business comes down to knowing what will be effective.
Growing a small business, as any entrepreneur can attest, takes patience and a plan that includes goals and benchmarks. This goes for small businesses in the Sacramento and Rocklin area, as well as the rest of the country. Once you have that, there are some other things you will want to do as well, including:
- Become social media savvy. The world is online, including a billion people who are using Facebook. Your small business needs to be there. Harnessing the power of social media as part of your marketing plan can help to grow small business in an effective, yet affordable way. Your audience is there, so you should be, too.
- Roll with the punches. In our current economy, it is important for people to diversify and go with the flow. As times, tastes, and the economy change, so too may your small business need to, in order to stay afloat. If you can adapt, you will have a better chance at growing your small business.
- Keep your overhead low. Having a lot of overhead is one of the major things that holds small businesses back from growing. Avoid taking on expenses that you can do without for now. Keep your overhead low, so that you can focus on growing your small business.
- Consider franchising. Along with considering franchising, also look into licensing your product, if these options would make sense for the type of business you are in. If you are not sure if they would, or how to go about it, speak with an attorney. These routes can be lucrative if you have them set up correctly from the start.
- Investigate opportunities. There are many different ways you can grow your small business, including taking on a partner, seeking government contracts, or merging with another small business. It’s worth investigating these routes if you are unsure of the next step to take in growing your small business. Again, work with an attorney to get such arrangements set up correctly from the beginning.
Growing your small business can be done, even throughout the Sacramento and Rocklin, California area. But it comes down to determining what the best route is for your particular small business. There are options, and help is available to assist you in determining which is the right route for your business. Taking one of them, or more, will help ensure your business is part of the third that is still open at the 10-year mark!
Small Business Administration. Frequently asked questions. <http://www.sba.gov/sites/default/files/sbfaq.pdf.
The Law Offices of Terry L. Gilbeau provides personalized counsel to clients in a variety of business and personal matters, including creditors’ rights, debt collection, products liability and international transaction issues. His office is located in Rocklin, CA, just outside of Sacramento, CA, near Roseville, Lincoln, Auburn, in Placer County and can be reached at (916-626-5539) or email Terry at firstname.lastname@example.org. Click here for the firm website http://www.gilbeaulaw.com/