October 16, 2013 THE VILLADOM TIMES III • Page 9 Try these ideas to grow your small business Getting a startup off the ground is a considerable and rewarding achievement. But once a business has achieved a certain level of success, owners often find themselves won- dering what to do next. Growing a business may not prove as challenging as turning it from a startup into a successful enterprise, but owners often agonize over the best way to grow their busi- nesses. The following are a few ideas to build on that initial success. Open a new location. Physical expansion is often the first idea that comes to mind when owners think about how to grow their businesses. But physical expansion is not always the best option. Before deciding to open a second location, consider consumer trends to determine if the company has staying power, and economic trends to determine if the economy is healthy enough to support both the initial loca- tion and any additional future locations. Entrepreneurs should also consider their management style. If that style is very hands-on, who will manage the new location? Physical expansion can be good for business, but it’s often most successful when owners have a solid management team in place, which allows owners to spend time at both locations. The Small Business Administration notes that diversify- ing is a strong growth strategy, providing multiple streams of income that can help owners survive the slower months when sales tend to dip. Businesses known for a particu- lar product may want to offer complementary products or services or import or export others’ products. Expanding a brand to include complementary products or services is a logical next step to grow a business and build on custom- ers’ trust and loyalty. Develop an app. Many of today’s successful startups had websites before they opened the doors of their more traditional brick-and-mortar stores. While a strong Web presence is essential for many of today’s businesses, busi- ness owners can now create their own smartphone or tablet app. Such apps can allow customers to peruse products and services, place orders on-the-go, and perform a host of other tasks without using a computer. An app can intro- duce a business to a whole new crop of potential customers, whether they live around the corner from the store or half- way around the globe. Upon introducing the app, expect some technical glitches and solicit user responses to help update the app and make it more user-friendly. Form an alliance with other businesses. Rather than diversifying their product offerings, some owners have found it’s easier and more profitable to form an alliance with other businesses who already sell complementary products. Such an alliance can be good for both businesses, as each can expand its customer base without the kind of effort it takes to open a new location or the cost of produc- ing new products. Alliances can be the most effective and quickest ways to grow a business, not to mention the least expensive and time-consuming.