Growing Your Business

Building Partnerships and Franchises

Opening up your business to collaboration with others is another way to help it grow. There are several ways you can enter into partnerships that can increase the reach, potential, and money-making power of your business without exponentially increasing your workload or financial burden.

Franchise your business. If you offer a product or service that is easily replicated and very recognizable in the marketplace, you could be a good candidate for franchising. You also must be able to easily communicate the entire business concept and strategy to franchisees, usually in manual form. Your business must be able to succeed in many locations using the same model, and it must also appeal to potential franchisees as a good business opportunity.

License your product. Some business owners decide to take on a partner who will license their service or branded product. Any company that produces a product or sells a service similar to your own could be a good candidate for a licensing partnership.

Merge or align with another company. There's a lot of competition in nearly every marketplace. Consider joining forces with another business similar to your own to double your sales, marketing, and production power.

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