The Swiss Startup factory has been instrumental in helping many startups find their wings. Mike Baur, the CEO of The Swiss Startup factory, has many years of experience in the finance arena. His expertise has enabled him to elevate many businesses to attain the global status. In addition, Mike Baur has passion for entrepreneurship. As a result, he helps a broad range of startups to get the training, facilities, and funding they need to grow. One of the best ways to grow a business is to diversify.
Mike Baur advocates for Diversification
Diversification involves selling a vast array of related products to reach as many customers as possible. Instead of offering a few products, start evaluating the items that can add value to your business. Another way to diversify your business is to open as many branches and subsidiaries as possible in various locations. The following ideas will help you to succeed in the quest to diversify your business:
- Once you identify the ideal location to set up the shop, ensure that your administrative and management systems are top notch. You will need all hands on deck once you get the shop up and running.
- Ensure that your business plan takes everything about your new location into account.
- Determine you will obtain the financing you need by preparing a feasible plan and sticking to it.
- Do not allow the budget to dictate your move. Remember to choose the location based on the best strategies for your business, not your budget.
Franchise your business
The best way to expand your business nationally or globally is to franchise it. Once you have created the ideal product that resonates well with the consumers, you cannot market it alone. Franchising allows you to make extra cash without breaking a sweat. If you are running a restaurant, you make the key decisions about the nature of the product, the packaging style, location of the business, and the architectural design of the shops. Remember that every shop will pay you a certain amount of money every month, in addition to the registration fees. Ensure that you hire a franchise attorney to avoid the pitfalls that might crop up along the way. Franchising is the ideal vehicle when it comes to business expansion.