Everything You Need to Know About Expanding Your Small Business May 23, 2017My BusinessOff

So, you’re thinking about expanding your business. You’ll be glad to know that the hardest part is already out of the way. You’ve completed your setup, you’ve established your brand, and you’ve created a positive reputation that means you’re now moving upwards and onward to bigger business ventures. Expanding your company is merely a matter of exposing your product to a wider audience. You’re ready for your business to grow and we’re ready to help you along the way. There are three important things that small business owners might like to consider when growing their brand: business loans, brand protection, and market research.

Business Loans
There are plenty of reasons to take out a business loan. You might be moving from online e-commerce to a physical store or office. Perhaps you already have a physical business and are considering branching out and opening another store or office at a different location. There might be new equipment available to you that you’re considering investing in. Or maybe you just want to expand your inventory and take on more stock. That’s all good and well, but you still might be sat questioning “How Do Loans Work?” This will vary depending on the type of loan you take out: long term, short term, guaranteed, guarantor and payday loans are all options that are currently available. However, the general process will involve contacting a lender, filling out an application (in person or online) and coming to an agreement on repayment terms and rates. It’s as simple as that.

Brand Protection
If you are planning on growing your business, then you have already achieved a certain level of success. So now might be the time for you to consider registering a trademark. As your brand becomes more recognized and achieves higher levels of popularity, you might begin to see copycats. Individuals may attempt to use your brand name, signature products or logo to sell goods or services without your permission and for their profit. You’ve put too much hard work into your business to allow this to happen. So, it’s time to start protecting your brand as your intellectual property. There are four options available to you for brand protection: copyright, designs, patents, and trademarks. Decide which is most appropriate for what you want to protect. This process will incur a one-time fee, but the results are invaluable.

Market Research
Market research is a must for business expansion. It gives you the information necessary to make a whole manner of informed business decisions. It establishes your customers’ wants, needs, and expectations, which consequently allows you to meet these requirements. The effective market research will help you to profile your customers (age, gender, location, disposable income), recognize changes in the market and compare your brand to competitor companies. All of these factors will allow you to develop your products and services in a way that will keep with current market trends and consumer preferences, identify the aptest form of advertising for you and keep competitors at bay. It also mitigates risk in big decisions: a well-informed decision will rarely backfire.

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