Franchising

• Franchising can offer a small company the opportunity to market and sell its brand and business process to others in exchange for franchise fees and sometimes a share of franchisee profits. The franchising option is best suited for small businesses with a defined process that can be easily replicated, then packaged and sold as a business opportunity. This option is popular with restaurants, carpet cleaning services and even residential maid services. There are a number of legal hurdles, such as franchise contracts and profit-sharing agreements that need to be addressed with this business model. It is best to seek legal counsel before considering this opportunity.
  
  

Go Online

• There are opportunities for every small business to make money through e-commerce. Professionals such as accountants, attorneys and business coaches often promote their services through a website, but they also can sell products or services online. Through offering products such as book sales or web-based consultations, these professionals can generate additional revenue and grow their market base. Brick-and-mortar stores are continually introducing online sales as another sales channel for their operation.
  
  

Go International

• If you have a product that can be exported to the international market, economic development resources such as state economic development corporations and small-business development centers exist to help you realize that vision. Small-business owners need to understand what benefits will be gained from exporting other than increased sales. It should be researched whether interest in your product exists overseas and the demand will sustain the increased needs in financing, management and production. If a market for the product exists domestically, the increased cost may not warrant overseas expansion.
  
  

Open Another Location

• A step many businesses take is to open another location within their county, state or region that cannot be served by their current location, or where a growth opportunity has been identified. Treat the new location as a new business venture with respect to planning, organization and financing. Additionally, to take this step, small-business owners should prepare key employees for additional delegated responsibilities, and the remaining staff should be notified of role changes within the organization.