The routes available.
WHAT OPTIONS EXIST
Selling more to existing customers Finding more customers like your existing ones Adding products or services Entering new geographies Acquiring another business Licensing or franchising
WHY THE ORDER MATTERS
They are listed roughly from least to most risky.
WHAT SELLING MORE TO EXISTING CUSTOMERS PROVIDES
Growth with no acquisition cost and a known relationship.
WHY IT IS UNDERUSED
Businesses pursue new customers while neglecting the ones they have.
WHAT TO ESTABLISH
What else your customers buy that you could supply.
HOW
Ask them.
WHAT MORE OF THE SAME CUSTOMERS REQUIRES
A repeatable way of finding them.
WHAT ADDING PRODUCTS REQUIRES
Development, and it may not fit your capability or your customers.
WHAT TO TEST
Whether existing customers want it, before building it.
WHAT NEW GEOGRAPHY REQUIRES
Local presence, knowledge and frequently relationships.
WHAT RARELY TRANSFERS
Reputation and relationships.
WHAT ACQUISITION PROVIDES
Immediate scale.
WHAT IT RISKS
Paying too much, inheriting problems, and integration failure.
WHAT TO ESTABLISH BEFORE ANY ACQUISITION
Why the seller is selling What the business actually earns What liabilities exist
WHAT FRANCHISING PROVIDES
Growth funded by others.
WHAT IT REQUIRES
A proven, documented, repeatable model.
WHAT TO CHOOSE
The route that uses what you already have.
