BLUE PRINT FOR YOUR EXPANSION
You've been in business for a while, you bought the business, or started it from scratch.  But things seem stagnant.  New competition has arrived on the scene.  Your product line is stale.  Technology has passed you by.  Whatever the reason, you have questions to ask yourself before you can get growing.  This BRACE website is designed to help you find the advice you need to grow your business.

1. Do I have a well established and proven product or service?
2. Do I have an established repeat clientele and am I actively engaging new customers?
3. What is my current market share of business compared to my competitors?
4. Will I grow my business by producing more or diversifying?
5. How will I market to existing and new customers to support my expansion?
6. How will I finance my business expansion?
7. What additional skill s and expertise do I need to support my business expansion?

Your answers to these questions will help determine whether you are ready for expansion the next step is to update your Business Plan!
  MAKE IT        What’s your Product or Service?
Your product or service is ultimately what your business is about and what your business is defined by. You have decided to start a business because you have a good idea about a product or service, or you have produced a product and service and you are ready to take it to market.

Your product or service will define who you are as a business, so it is important that you can define it. Take a moment to describe your product or service in depth. Consider its unique features, and why customers will purchase it.

A good resource for assisting you with describing your product or service and helping you to start your Business Plan is SCORE. Check out the SCORE web-site at www.score.org for your local SCORE Chapter and free business counseling services

You want to go into business for yourself but don’t know exactly what business. You have a good idea for a product but need help to get it made. You have a unique service idea but need help getting it ready for an introduction to the marketplace.  

Listed below are a few places and trade organizations to turn to for help.

 Entrepreneurship www.michiganadvantage.org        www.michigan.gov/business        www.entrepreneurship.org        www.gvsu.edu/misbtdc/        www.nxlevel.org        www.vbdl.org

Food Products    www.productcenter.msu.edu        www.startingblock.biz

Agricultural Business      www.mimarketmaker.msu.edu        www.productcenter.msu.edu

Technology Related Business    www.gvsu.edu/misbtdc/

 Retail Business    www.fasttrac.org/index.cfm 

Manufacturing    www.gvsu.edu/misbtdc/

 Construction        www.cam-online.com

 Tourism/Hospitality    www.swmichigan.org

 Franchise Business        www.gvsu.edu/misbtdc/

 On-line Business Start-ups        www.michiganadvantage.org        www.gvsu.edu/misbtdc/
 

MARKET IT        How will you Sell your Product or Service?
Now that you’ve described your product or service the next consideration is how you will sell it. It is important to remember that the business of business is business; the primary reason for most people to start a new business is to make money and be able to support their lifestyle. A critical step to developing a new business is identifying your target market and knowing more about the demographic of your target market. Consider who your target market it, what do they look like from a demographic viewpoint.

Your target market will be defined by your business, so it is important that you know who they are. Take a moment to describe your target market in depth. Consider who they are, where do they live, what is their age range, what are unique characteristics that describe them.
The more you describe and define your target market the easier it will be to develop a successful marketing campaign that will sell your product or service. A good resource for assisting you with defining your target market is Michigan’s Small Business and Technology Development Center. Check out the MiSBTDC web-site at www.misbtdc.org/region11 for resources to assist you in identifying your target market.

 If you’ve executed a thorough business plan you’ve identified a target audience.  What is the best way to reach that target?  What is the best thing to say to convince that target to give your business a try?  There are many media sources in the area that will be happy to assist you in promoting your new business.  They’ll all have ideas on how their particular medium can go to work for you.  It’s a great way to get ideas and, as they say, it costs nothing to talk. 

Whether it’s a sign in the window or a full blown advertising campaign, you’ll want to make sure you’re delivering a consistent    message that is saying what you want to the people you want to say it to.  Successful   businesses treat advertising as an investment, not an expense.  Here are some places BRACE has found that will help you find and think about various advertising venues. 

www.BusinessTown.com        Helpful hints for all forms of  customer communications. 

www.newsvoyager.com/voyager.cfm    Michigan Newspapers that belong to the Newspaper Association of America.

 www.local.com        At Local Search enter “advertising” and your area for local media. 

www.yellowpages.com    Enter Advertising and your area for local ad agencies. 

www.le-services.com    Tips on newspaper advertising. 

www.manta.com        Finding prospects and partners.
 

MANAGE IT    Do you know how to Operate your Business?
Now that you’ve described your product or service, and defined your target market, the next step is to develop an understanding of how to operate your new business. Managing you business is the third part of the equation to having a successful business, and there are many considerations at this level. You will need to determine legal, financial and operation aspects of your business. What type of legal organization will be the most desirable for you, will you be a sole proprietorship, partnership, “S” corporation, limited liability company, corporation? Can you state the financial requirements of your business and where the funds will come from, can you project revenues, costs, and profits? Can you explain the systems and processes that will be used to run your new business; what facilities will be used, what supplied will be needed, who will provide the labor, what will your hours of operations be? Your business may require a  special license.  You’ll need to get a tax ID number.

Determining how you will operate and pre-planning your new business will add to your overall success. Consider the expertise that you need to bring to the table before you open your door or pound the pavement; your accountant and attorney should be considered partners to your business success!

Jot down below your skills in operating your new business and where any deficits exist identifying vendors (your partners in business) who can help you.

The State of Michigan provides a range of resources relating to taxes and regulatory requirement on-line at www.michigan.gov . Remember, as a small business owner it is your responsibility to ensure that you are complaint with all local, state, and federal requirements and laws!

Here are some sites to visit to help you in these areas.

 www.southhavenmi.com    www.pawpawchamber.com    www.michigan.gov/business    www.michiganadvantage.org    www.lakemichigancollege.com    www.gvsu.edu/misbtdc   

www.vbco.org    www.sba.gov

Moving forward

You’ll want to make sure your business is operating at peak performance by addressing such important areas as human resource needs, sales tracking, inventory systems,   accounting procedures and the myriad of things you’ll need to keep your business running efficiently and effectively. Some issues may be beyond your own area of expertise but there are people and agencies out there who you can partner with.   

Here are a few places you can turn to for help:

www.michiganworks.com    www.manta.com     www.score.org    www.vbisd.org    www.vbdl.org