Address Wright, Johnston & Mackenzie LLP, Inverness IV2 3BW , Scotland, UK
Telephone: 01463 250011 Fax: 01463 250010
Wright, Johnston & Mackenzie LLP’s is a premier law firm in Inverness.
Ways to grow your business
In the prevailing economic conditions, all businesses are thinking of survival. Surviving by growing your business makes sense when ‘growth’ isn’t just restricted to turnover. As someone once said ‘turn- over is vanity, profit sanity’. Here are three ideas for growth:
1. Location, location, location
Can you open up in another location? Another country even? If your area is stagnant, then which parts of the country / world are growing in the markets in which you offer goods and services? Why not use technology to open in another area, for example, selling products and services through the internet; outsourcing to local sub- contractors or through a franchise…
2. A franchise…
…is perhaps the easiest way to expand. If you can distill your business down to its constituent brand, model and process, prove it works in one location, then why not let someone else take the risk with their capital in another location? You retain the ultimate control, and can select both franchisees and the performance criteria for the retention of the franchise.
3. Licence your product.
If you don’t have a business to licence, you may have a product to licence. You may own technology from which you can create a product. Doing this yourself involves setting up the manufacturing process and finding routes to market. If the technology isn’t core to your business, why take the huge financial risk when someone else Ways to grow your business might? This is where licensing comes in. There may already be players in the market in which your technology or product can be used, and some may have already created a manufacturing process. Licensing your technology to established players may be a low risk and potentially lucrative route forward.
Whatever route to growth you choose, remember that you’ll need good, up to the minute, advice. We have clients who have been there and done it – successfully. To help them grow their businesses, we have helped them formulate contracts, franchise and licence agreements and more.
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