Shopoff Realty Investments Describes How to Potentially Expand A Small Business
Every business venture has to start somewhere – just like successful companies such as Shopoff Realty Investments, based in Orange County, California. But what if you've just got your venture off the ground, and you're already thinking bigger?
Without the right approach to scaling your enterprise, you could end up hitting some potential pitfalls that you had not foreseen. But if you carefully plan and execute a growth strategy, you could successfully make the leap from a sole proprietorship into a flourishing corporation. Shopoff Realty Investments has gone through this transition and growth themselves and want to share their experiences with you.
Recognize Market Opportunities
You could choose to coast along with the same strategy that may be maintaining your current business, or you can start thinking about opportunities outside of your current strategy or offerings, in order to grow. That means identifying potential gaps in the market or analyzing customer needs that you can quickly seize upon - before a competitor fills them.
Diversifying can be a key to growth when you've already achieved some success through your current strategy and offerings. It means tapping into new markets that make sense for your existing company –for example looking outside your current geographical market and expanding into nearby markets with similar opportunities.
Specialized strategies are particularly ripe for this kind of growth, as they typically don't have as much competition as mainstream markets do. For example, Shopoff Realty Investments saw an opportunity to generate appreciation through the repositioning of commercial assets as well as the entitlement of land. A highly specialized business that requires specific skills and experience, this unique strategy has allowed the company to pursue real estate investments many others would have a difficult time making profitable. While a niche may lower the number of opportunities you have as a business, if you become recognized as a leader in said niche, you may be able to draw the attention of more profitable potential clients that can grow your business organically.
Build the Best Team
When it comes to building a successful business, there is nothing more crucial than building the right team to support you and the business. The right team members can not only help a business grow, but will also help you weather the storm when challenge arise.
Shopoff Realty Investments recommends focusing on creating an environment that will attract top talent with ample and competitive benefits, as well as a solid company culture. Investing into your employees and taking the time to hire right and nurture those employees will be crucial to expanding a business and sustaining that growth for the long term.
Secure Venture Capital
Expanding your business might mean you need to boost your cash flow, and that means turning to venture capitalists. However, be prepared to present a strong case about why a venture capitalist should put their faith in your business. Venture capitalist can be the leg up that your company may need to take your business to the next level.
By following some of these tips, you can grow your business with fewer bumps in the road, concludes Shopoff Realty Investments.
This article does not constitute the rendering of investment, legal, or tax advice. You should always consult with a qualified attorney, CPA, or financial professional on all investment, legal, or tax matters. An investment in a Shopoff limited partnership involves a high degree of risk, including the possible loss of your investment, and is illiquid with an uncertain liquidity date. Information in this article does not constitute an offer to sell or solicitation of an offer to buy any security. Securities offered though Shopoff Securities, Inc. Member FINRA/SIPC
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.