Expanding a Business

For more information on how to start, manage or expand a small business within a specific industry, click here. 

McLean County Demographics

When deciding on the location for a business, it is important to understand the market the business will be servicing. Business owners can use demographics to determine their clientele. 

Intellectual Property

In some instances, “protection” may be sought for a product, service, new invention or printed material. Intellectual property will help secure the creations exclusive to a business. 

Marketing Tools

Marketing is the key to the success of a business. It is the way a business advertises to its consumers and customers, ultimately creating strong revenue. 

Opening a New Location 

As a business grows and reaches its full potential in one location, it may be time to open another. The step requires much preparation and modification of business documents. 

Mergers and Acquisitions

A business can grow by buying or merging with a smaller business. The process is similar to starting a new business, but an owner will need to take extra steps to protect their existing business. 

Exporting

Exporting goods can increase a businesses profits, reduce market dependence, and stabilize seasonal sales. As a business grows, the exportation of products may be a step to consider. 

Federal Contracting

Government contracts are a tremendous financial opportunity for small businesses as the U.S Government is the single largest customer in the world economy. 

Financing Expansion

Financial resources available to small businesses can vary, ranging from personal resources to outside funding. There are a variety of financing options available. 

CONTACT THE

Illinois Small Business Development Center

of McLean County at

Illinois Wesleyan University

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