5 Ways to Grow Your Business into an Empire

by Startacus Admin

If you are an entrepreneur or operate a small business, then you may be looking for ways to build upon your success and grow your business into an empire. Here we are going to look at five simple ways to do just that!

Hire the Right People

No matter what kind of business you operate, one of your biggest and most important assets will be the people you have working for you.

If you want your business to grow into an empire, you will need smart and dedicated people whom you trust to delegate responsibilities to. Any expansion of your existing business, or a growth in your customer base, will require a lot of your attention and time, so you will need to be able to rely on the people who work for you.

When you are hiring people and working with them on the job, you should always be looking for people who have the drive and determination needed to grow with your business. Develop their skillset and create opportunities for them to take on additional responsibilities so that they can demonstrate to you they have what it takes to run things in your absence, so you can grow your empire with confidence.

Be a Passionate and Effective Leader

Being the leader of a team, and bearing the weight of responsibility for a business, can be very demanding. If you can manage to balance these demands with being an inspirational manager whose passion and enthusiasm push the business and its workers forward, you will be successful, and your empire will grow.

The only way to lead is by example, and by being enthusiastic about the job and passionate about the product, your workers will follow your lead and grow into passionate and effective people themselves. Enthusiasm costs nothing but is a great way to grow a business and sell a product.

Mergers and Acquisitions

One of the quickest, but not simplest, ways to take your entrepreneurship to the next level is to buy a business that supplements your existing businesses. Many businesses, at all levels, make the biggest leaps of growth by buying a competitor or by diversifying their portfolio and adding new businesses to their fledgling empire.

Any business is an investment and taking profits you have made from your existing company to buy a separate entity is a fantastic way to use this money to reap even higher returns from your successes. Buying a second, or third or fourth, business is a financially prudent way to grow your empire quickly, and often you will find that adding your drive and dedication to a new company will help it grow and also thrive; allowing you to add even more businesses to your expanding empire.

It is important to know how much a business is truly worth before you buy and to try and get the best price possible from the seller. A business valuer like, for example WA Business Valuations who are based in Australia, can give you an independent and reliable appraisal of any business’ value, including your own, if you like, that can help you buy a business with confidence. 

Build a Brand to Build an Empire

Branding isn’t just for multi-national, multi-million-dollar conglomerates; it is important for businesses of any size and value. If you are going to expand your business and grow into an empire, having a brand to build your businesses on can be very useful.

With a brand identity established in people’s minds, you can breathe new life into a struggling business you acquire or open a new outlet for your existing business and have the advantage of a recognizable and reliable brand to draw new customers to your new premises.

Social media is a great tool for establishing a brand, as well as advertising your business and its growth. Having a logo, identity, and nomenclature that you can apply to new premises or even a new business gives customers confidence in your new endeavor even before it opens. They will take that confidence to the cash register!

Don’t Be Afraid to Take Risks

The biggest reason for businesses to fail or for empires to fall is an inability to take calculated risks. If you think about it, all success comes from risk-taking. You took a risk when you started your business, and many more to help it grow. If you are going to build an empire, you will need to take more to succeed.

You shouldn’t be reckless, however. Make sure you do plenty of research to judge when and where to take chances that can lead to your success. Make sure you assess risk properly, and always have a plan in place in case things don’t work out.

The last piece of advice is to not rest on your laurels. Time is your only real enemy in business, and if you fail to strike while the iron is hot, your business will stagnate and sales will flatten. Make sure you are doing everything you can to grow your business.

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Published on: 16th September 2020