Years 3-5 (Growing)

At this point you are concentrating on areas that will enable your business to grow.

Business Expansion – includes development of your business operation, multiplying customer support, attaining financial growth, increasing staff, and acquiring additional resources to maintain customer demands.

Services Providers

To assist you in the area of growing your business, the following Services Providers are available. Keep in mind, to obtain services from the Service Providers, you may have to comply with certain terms and conditions as requested by the Service Providers.

There are some basic rules to follow prior to expanding your business:

• Make your initial pilot operation stable including making it profitable.
• Become personally involved and gain experience in all aspects of your business.
• Separate your business liabilities from your personal assets.
• Don’t be hasty or over-confident with decision making.
• Obtain instruction in the areas of recruitment, evaluation, and employee training.
• Learn to delegate responsibility and authority.
• Develop a long-range financial plan.
• Do your homework and research competitor markets.
• Get to know your customers, and allow your customers to get to know you.
• Develop a realistic forecast of your business’ future.

Following these basic rules will better prepare you for the other aspects of growing your business. Some of the areas you may consider are:

• Procurement
• Professional/Business Development
• Marketing Strategies
• Alliances
• Venture Capital

One of the most challenging parts of growing your business will be to obtain financing. This involves a great deal of planning and a thorough and complete business plan. A good business plan and effective communication will unlock the vault of the financial community. The following web sites will provide information on financing:

• http://www.thinkkentucky.com/SMBD/Funding.aspx
  
• http://www.sba.gov/services/financialassistance/index.html
  

As you visit the different web sites, keep in mind that the Small and Minority Business Branch does not endorse any particular product or service; nor are these the only on-line resources available. Most of the following information costs nothing but can be extremely valuable:

• Web Sites
• References