Open another location. This might not be your best choice for business expansion, but it's listed first here because that's what often comes to mind first for so many entrepreneurs considering expansion. "Physical expansion isn't always the best growth answer without careful research, planning and number-planning," says small-business speaker, writer and consultant Frances McGuckin , who offers the following tips for anyone considering another location:
Make sure you're maintaining a consistent bottom-line profit and that you've shown steady growth over the past few years.
Look at the trends, both economic and consumer, for indications on your company's staying power.
Make sure your administrative systems and management team are extraordinary-you'll need them to get a new location up and running.
Prepare a complete business plan for a new location.
Determine where and how you'll obtain financing. (See " Got Cash? " for financing tips.)
Choose your location based on what's best for your business, not your wallet.