Expanding Your Reach
You had a clear vision, followed it, and started your own franchise. But that was just the beginning. You’ve continued building your thriving business over time, and now, you’re thinking about the next steps, including growing to add one or more locations. While no one right method fits every business, here are three ideas to help expand your franchise business.
3 Ideas To Grow Your Franchise Business
GET SET FOR (A NEW) MARKET
Like in the beginning stages, when you first hatched the idea for founding a business, you’ll build a marketing plan, this time, refreshed for the new location. After you’ve done your due diligence and made a case for selling your product or service in the new market, it’s time to revisit the bottom line. Take a close look at your business finances. As you do, be honest about what you think you need to hit the ground running. This is the time to pursue additional capital if needed.
PUT THE PAPERWORK IN PLACE
The road to your new business location is paved with paperwork. Do you have the licenses and permits you need for your new jurisdiction? If you’re expanding your reach into a new state, you may be required to file for foreign qualification there. Even if your new location isn’t in a new state, you will want to be aware of any other requirements various local jurisdictions may have.
DON’T FORGET TO ADD THE TAX
Your new location could mean a new set of taxes. If you are adding your new location in a different state, once you become a foreign-qualified business, you must complete an annual report and pay taxes like any other business in that state. Another point about taxes to keep in mind is related to your online sales. If you have a physical location (including an office, warehouse, or retail store) in the state, you must collect and pay that state’s sales tax.
As always, don’t hesitate to reach out with any questions. You’ve done the heavy lifting by creating a record of results that put you in the position to expand. Embrace the growth and the opportunities ahead of you.
