Growing your business can be a time-consuming process, but here are five steps you can take this week to put yourself on the track to expansion.
Monday: Analyze Your Current Situation
Spend some time analyzing where your business is now. This can include reviewing your bottom-line profit over the last several years, as well as looking into the future to ensure your business will continue to produce the revenue you need to sustain growth. Think about where you want to be in three years.
Tuesday: Decide Where You Want to Go
Decide where you want your business to grow. Are you looking to build out your existing location by adding more space? Do you want to open a new store in another market? Additionally, consider if your existing employee base and your distributors — among other partners — can support the expansion.
Wednesday: Identify the Resources You Need
In a perfect world, what would you need to grow your business? From a few thousand dollars to purchase new equipment to a larger loan to expand into another town; understanding what you need will not only help you create a clear business plan, but also streamline meetings with your franchisor, lenders and other partners involved.
Thursday: Contact Your Franchisor
Your franchisor will ultimately be the one to approve new stores and entry into new markets. You’ll both work together on an expansion timeline.
Friday: Set up an Appointment with an Expert
Presenting your business plan to a lending expert will help you learn what your options are for financing your growth, whether it’s through bank loans, a 401K/IRA, or a securities-backed line of credit.
This article, written by Rocco Fiorentino, originally appeared on the IFA’s Franchise Opportunities blog .