Growing Up
Now that your business is booming, what's the best way to expand?
Any entrepreneur who's been in business a few years knows the feeling. You've reached a certain plateau-you've expanded the business as much as you can without adding on to your building or opening another location. Sales are up, profits are tidy and customers are hinting they might like to see you do more. You are decidedly antsy; you may even be downright bored. You want to grow, but the question is how?
There are many options. You could franchise, get into licensing, acquire another company, form a limited partnership, spin off your original business, start a different company or, if you own a retail store, open a second location. If your company is really ready to take the next step, one of these options is probably ideal.
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