Expanding a business is something that most entrepreneurs aspire to do. There are also many advantages to expanding a business. It increases their market reach for their products and services, not to mention that their customer base will give them more customer leads and sales improvement.
Recently, JGH Business Consultancy partnered with BlendPH to offer franchise loans as part of their best business strategies.
JGH believes that partnering with a lending company like BlendPH that offers a franchise loan aligns with one of its best business strategies: franchising. When expanding a business, considering franchising is another excellent way to go.
- When to start expanding a business?
- What are the reasons for business expansion?
- Expanding Business Experts: JGH Business Consultancy
- JGH and BlendPH’s Partnership
When to start expanding a business?
It is one thing to start a business, but another thing to expand it. Expanding a business may also feel scary when you start a business. However, knowing when to start expanding a business, knowing the best business strategies, and having the answer to the question of what are the reasons for business expansion are highly crucial in maintaining your business’ success, not to mention your financial well-being.
Expanding a business means putting in more work than you already do, probably hiring more employees, and even getting a franchise or business expansion loan. But before going into more details and answering the question, “what are the reasons for business expansion,” you need to know when to start expanding a business. Remember that expanding a business at the wrong time can be more dangerous than not expanding. When expanding a business, you must consider if you have a loyal customer base, your market is growing, a strong team of employees, a steady and positive income flow, and more business than you can handle.
When your business has a loyal customer base, the chances are that the ongoing demand for your products or services is guaranteed when you expand your business. It is also a good sign that your customer’s satisfaction with the quality of what you do or sell will stay. And because your company has loyal customers, these customers are also asking you to grow and expand. These customers telling and urging you for a business expansion may be from different places traveling far away from home to buy your products. If you’re doing an online business, you are shipping many products to a specific distant location, showing a new market for your products and services that you could be better serving.
Expanding a business may seem scarier than when you started your business; however, you need to consider that your industry or market is growing. One of the best business strategies to have a business expansion. Remember that you can run the best business on the planet; however, you can’t be successful in a disappearing industry or market.
On the other hand, do not fret. Because if you have the best and a strong team of employees, there is an excellent chance your business will continuously strive. As much as the market and demands are growing, your business and your employees are doing the same. Hiring the best people who are always on their A games and have their acts together can guarantee continued success when you start expanding a business.
What are the reasons for business expansion?
Like the factors when expanding a business, the answer to “what are the reasons for business expansion” is mostly the same. Expanding a business can mean increasing physical locations or offering more products or services. For instance, you may want to diversify your income stream to not depend on selling just one core product or service. Additionally, if your business started on a relatively small scale – where most companies began – you may need to expand to manage an increase in volume. Another answer to “what are the reasons for business expansion” is when you have already exhausted growth opportunities at home. In this case, a global expansion may be the right time to come into the picture to help grow your business. If you think you are not ready for a worldwide expansion yet, expanding a business towards the nearest areas or to areas where you have the highest market revenue may be the best way to go.
Another answer to “what are the reasons for business expansion” is to gain a competitive edge. Expanding a business allows you to get out of an oversaturated market, helping your business reduce the effects of tight competition. Additionally, companies that expand into markets where their competitors do not operate often have a first-mover advantage. It allows them to build strong brand recognition to support future business ventures like contract negotiations, new marketing campaigns, applying the best business strategies, and more expansion in the future.
A chance to diversify is another valid answer to “what are the reasons for business expansion.” Staying and keeping your business in the domestic market can limit income and profit potential, exposing you to market changes. Taking your business to another location allows you to diversify your assets. It is an action that many companies take to protect their bottom line and stabilize their income. For instance, if the market in your hometown is slowing down, tapping into another market location will help cushion the company through unforeseen events or during challenging economic times, giving another answer to “what are the reasons for business expansion.”
Another advantage in expanding a business is accessing fresh and new talents. Another answer to “what are the reasons for business expansion” is hiring new employees that can bring a whole host of advantages, including diverse educational backgrounds and new perspectives. Local workers will then have the expertise needed to communicate with and service customers in that new location.
There are many more answers to “what are the reasons for business expansion,” however, lacking the best business strategies plan for it won’t make up for all these advantages listed above. That is why there are also businesses that cater to these needs. They offer entrepreneurs training, services, and consultancy to aid them with their business ventures.
Expanding Business Experts: JGH Business Consultancy
The idea of expanding a business can be overwhelming, even with seasoned business owners who have been topping the market for quite some time. When this happens, you need to take a deep breath and call for the expanding business experts. These people are great at expanding a business, building the best business strategies for various companies, and are experts in keeping your business, morale, and plans afloat. They are considered business experts because they build their businesses to build other people’s businesses.
In the Philippines, one of the leading expanding business experts is JGH Business Consultancy. JGH Business Consultancy is a business catered for business owners eyeing a business expansion can make sure that they are being guided from start to finish. The company offers services to assist growing entrepreneurs. They develop business expansion programs and the best business strategies like franchising, distribution, and co-ownership programs. With expanding a business, JGH Business Consultancy also offers consultancy services for the best business strategies with its Strategic Planning and Commissary and Production Management. Aside from these, the company also gives training and webinars for technical skills in business management and digital marketing that would help entrepreneurs with their businesses.
Recently, JGH Business Consultancy partnered with BlendPH to offer franchise loans as part of their best business strategies. The partnership is under the company’s business expansion programs, where they have a franchise, distribution, and co-ownership program. Similar to the factors and reasons listed above, JGH understands the gravity of considering a business expansion. That is why the company endorses business owners to have careful planning and to get help forming the best business strategies that will fit their overall business direction. JGH concluded that the best business strategies are franchising, distribution, and co-ownership.
JGH and BlendPH’s Partnership
BlendPH’s franchise loan is designed for those who need funding to franchise any brands partnered with BlendPH. The franchise loan amount can go from PHP 50,000 to PHP 2,000,000 and be paid from 12 to 36 months. And compared to other lending companies, BlendPH has only a 2% interest rate, with one to three days of online franchise loan application processing.
When expanding a business, considering franchising is another excellent way to go. Business owners of the company can grow their business with little management because other business owners who want the same brand from them will do most of the parts. Business owners getting their business franchised have a great chance to have a stable income with minimal cost because most of the work will be done by those franchise applicants. To make the business smooth-sailing, franchise owners only need to make a concise agreement with their franchisees.
Expanding a business offers businesses the economy of scale, making their company more profitable. There is also the opportunity of building more revenue streams by providing a diverse range of products and services. However, business expansion entails crucial and careful planning. So, before immediately diving into expansion, consider your market and your business, and seek help from business experts to achieve your business expansion goal. After all, no business owner wants their business to fail.