Your Essential Guide to Expanding Your Business the Right Way

 

Growing your business is an exciting prospect, but it requires careful preparation and planning. No matter how large or small the expansion is, there are steps you must take to ensure that you set yourself up for success. We look at some of the most important considerations to keep in mind when expanding your business.

Get LLC Protection

Before you can start expanding your business, you need to make sure that it is legally protected. This means filing the appropriate paperwork and registering your company as an LLC (limited liability company). An LLC offers more protection than other types of business structures because you won’t be held personally liable for any debts and liabilities incurred by the company. It also allows you to avoid double taxation. Make sure to speak with a lawyer who has experience dealing with LLCs to ensure that everything is done correctly.

Shore Up on Expansion Funds

The next step is to find the funds you need for the expansion. This may involve taking out a loan, acquiring a line of credit, or looking into investor opportunities where applicable. Keep in mind that it may take time to secure funds from investors, so it’s best not to count on this option until you have confirmation from them.

Innovate

Another key element of business growth involves introducing new products or services into your existing lineup. Think carefully about which items could benefit from being added at this stage before deciding which ones should be included in the expansion plans.

Revisit Your Marketing Strategy

Creating a marketing strategy should be on your list as you expand your business. Consider what kind of messages would resonate best with your target audience, what platforms will give you the most visibility, and how much money should you put toward marketing efforts each month. Discuss these questions with an experienced digital marketer to gain clarity on what type of content will work best for promoting your brand online and offline, depending on which channels are available to you at this stage in development. Work with Oevae Marketing Consultants to do it the right way.

Put Cybersecurity Measures in Place

A huge part of business growth these days involves strengthening cybersecurity measures. Data breaches can cause serious damage both financially and to your reputation, if not handled properly. As more employees come on board, the danger multiplies, so be sure your staff understands IT policies regarding passwords, data storage, and end-user device security. You'll want your team members to be familiar with their roles and responsibilities when it comes to keeping data secure. Learn more from Tausight.

Observe Best Practices in Hiring

If your expansion plans involve hiring additional staff members or outsourcing certain tasks, now is the time to start looking for qualified candidates. Look into job boards, staffing agencies, and other resources designed specifically for businesses hiring new employees. Even if you’re just bringing in one person initially, make sure that they are well-suited to their role within the organization so that they can help take some of the workloads off your shoulders.

Choose Office Space for Growth

Look into finding larger office space during this period of growth, as well. You want somewhere spacious enough so that everyone can work comfortably without feeling cramped, but also make sure that it won’t burn through too much of your budget each month. Consider springing for new signages. Metal letters for wall applications show people exactly where you are and are also elegant and timeless representations of your business.

Expanding your business represents an exciting new chapter, but only if done correctly. Make sure legal paperwork is filed correctly, source funding where necessary, hire qualified staff members, create an effective marketing strategy, introduce new products and services, look into larger office spaces, and strengthen cyber security before moving forward. Taking these steps will help ensure success during this period of growth.

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Just Like The Rooms You Design, Your Business Needs A Plan

Your interior design skills are not based on sheer talent alone. Instead, you map out each room by taking precise measurements, considering the budget, and looking ahead at the possible impact your design will have on the local market. You must put the same care into writing your business plan.

 

What Is A Business Plan?

A business plan is simply a document that contains information about events and processes you put into motion in the early days of your business. It is an opportunity to map out where you are, where you want to be, and what you have to do to get there.

What’s Included?

There are five key elements in a business plan: an executive summary, description/structure, marketing, management, and finances.

According to the University of Alabama, an executive summary is basically a list of bullet points that highlight what’s included in your report. The description should be a thorough rundown of the type of business you are as well as whatever structure (LLC, Corporation, etc.) you plan to pursue.

The marketing portion of your business plan should contain how you plan to reach your customers. This is where Oevae can step in and help refine your brand.  up is management. Whether you are a team of one or have hundreds of employees, the management part of your business plan should outline these roles. Finally, in the financial section, you’ll need to outline income, cash flow, balance sheets, and more.

The Startup Phase

Your business plan should also include how you plan to get started. Starting this type of business requires work, and you will need to know where you’ll get your startup funds, how much you charge for your services, and where you’ll work. It’s also beneficial to know the demographic you’re targeting as well as the average income of your potential clientele.

Yes, You Really Do Need A Business Plan

While some people fall into a career with little more than luck and talent, if you want to truly grow as an entrepreneur, a business plan is a must. Chase bank explains that your plan will not only prove the viability of your idea, but it will also help you reduce risk and, importantly, secure the trust of potential future investors.

Marketing Matters

Of all the reasons to draft a business plan, marketing may be perhaps the most important. Your business plan will help you determine what you do, and that will have a significant influence on how you sell your services. With the right marketing partner on your side, you won’t have to worry about your message missing the people who want to hear it most. Your marketing and branding strategies will also help you better engage with your customers and showcase the best of your business so that you instill customer loyalty.

There is a huge demand for interior designers across the globe. You might work with homeowners, realtors, or developers looking to make their properties stand out from the rest. But it’s not enough to simply be good at what you do. If you want to start an interior design business, you have to follow the steps, which begin with a business plan. From your executive summary to your marketing strategies, your business plan will be your silent partner throughout your business growth endeavors.

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History of a copycat brand in the marketplace

In just over two decades, we've worked to help small business owners put an attractive face on their companies.  We were able to listen closely to our client's goals and needs for these "faces" better known as brands, which has helped many of our clients grow their online and offline exposure.  That's why the history of a copycat brand is so appealing to us.  

Clients will say something along the lines of, "We want a logo that's different, but one that really helps consumers connect with our core values".  If this is you, then this article about a #copycatbrand in the marketplace may help you decide if should copy another brand's logo, even if it's the polar opposite.

There are as many attributes that make up a logo as there are to build a great education.  And, knowingly, even if two companies sell opposite products, it's not necessarily a compliment to copy someone else's logo as a musician might sample the tempo of a popular song.

Last time that I checked, the logo for your company still reigns supreme over the most influential influencer, which is really just an extension of your brand or perhaps more similar to a new fragrance. Your logo, as you know is your brand's single most identifiable symbol.  Here in the United States.  There's Apple's "apple", McDonald's "golden arches", Nike's "Swoosh", Starbuck's "siren", and Coco Chanel's "CC" just to unpack a few.  All are super popular, none mimics the other.  

But, let's go back to a time when Whole Foods Market, introduced a new private brand called 365, a remarkably catchy logo that used four primary colors, and a simple, wholesome character.  There's just one problem here, the logo looks like it was made by Microsoft.  

The similarities of these two logos only entered my mind when I would visit Whole Foods, never did I see the Microsoft 365 logo and think of the Whole Foods brand.  I'm sure there's a dollar amount tied to that, but moving on.  The logos share the same colors, shapes, and for the most part similar values (functional, important, smart, wise, natural).  However, what brings this observation to our blog is the recent email migration at Godaddy.  That is to say, Godaddy Workspace Email is being retired and  Microsoft 365 is the way of the walk.  Microsoft 365 Email certainly brings a host of benefits that the Godaddy Workspace just can't do in a manner that keeps small business owners efficient.

Here's the kicker, Whole Foods changed its private brand 365 logos to one that's relatively simple in comparison to the Microsoft 365 logo.  I believe this was a smart change.  Disclaimer – I'm not implying that Whole Foods copied Microsoft, however, the similarities are remarkable.

What do the colors in the Microsoft logo mean?

The four squares are meant to express Microsoft product portfolio diversity" – blue represents Windows, red equals Office, yellow Bing, and green equates to Xbox.

Not to be confused with the Whole Foods 365 logo (originally introduced in 1992 by the Nancy Frame Design), highly resembling the Microsoft 365 logo, was created to celebrate Whole Foods' belief that fresh healthy foods can be readily available to more people in an affordable way every day… 365 days a year.  The 365 by Whole Foods logo was updated in both 2013, and 2015 with only mild changes in its overall appearance. 

 "We designed the original 365 logo and package design system to help Whole Foods attract conventional grocery store customers with a value-priced line backed by Whole Foods' reputation for quality." – Nancy Frame Design

Sometimes as a small business owner, you can benefit from taking shortcuts or using ways of conducting business that has been improved over the years.  However, there's one element of a business that you should refrain from, and that is creating a logo for your new brand that looks too similar to another brand. Often our clients will reference logos of other brands that they admire, but a successful logo depends heavily upon your brand's primary goal, and how you want to position your brand in the marketplace (demographic).

Sometimes all you need is a little help.

Oevae.com can help you sort out the graphic details.  We offer a full suite of marketing solutions for small businesses, entrepreneurs, and startups.  And, for those who just need marketing advice, you can take advantage of our two decades of experience – Oevae offers Small Business Therapy – A short conversation can do wonders for improving perspectives and bringing clarity to the Internet/marketing terminology, and how you can utilize the latest marketing technologies to grow your small business most efficiently.

Small Business Therapy is billed at $0.99/per minute with no minimum. So you get the marketing help you need in less time, and at a fraction of the cost.

Simply purchase the number of minutes you would like to discuss your topic. You will receive an email with a Zoom link and calendar within 24/hrs.

Make a brand difference.™