Prepare to Grow Your Business: 5 Things You Can Do This Week

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 its through bank loans, a 401K/IRA, or a securities-backed line of credit. 

Benetrends is the authority in franchise funding, acclaimed for its Rainmaker Plan which enables entrepreneurs to use their retirement plan to purchase a business, tax deferred and penalty free. Benetrends has an industry high approval rating in SBA Loans and offers a full suite of business solutions including funding, commercial insurance, health insurance, payroll and more.

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