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In an economy where many companies are just looking to stay afloat, many businesses are booming and looking for ways to expand. Timing is everything, and you need to strike while the iron is out. At the same time, you need to be cautious as you proceed to ensure that you can find success and financial support that you need to expand. That's where your commercial real estate broker in St. Paul comes into the picture. When you talk to a broker, you can discuss the following 3 potential ideas for expansion to determine which route is a viable option for your business: Introduce New Locations One way to expand your business is to add new locations. Maybe you've opened up a new café in one part of town. As business is good and lines are aplenty, you may want to consider opening a second location across town. Your real estate broker can help you scout locations and help you choose the right one for your business. Then, your broker can work as the liaison between you and the property owner to make sure that the lease or purchase agreement will work for you. When you're ready to expand again, your broker can help you all over again. Acquire a Competitor Rather than open a new location to expand business, you could also consider acquiring a competitor in the area. If your company works with video production and marketing for local businesses, you may have a competitor in the area that takes some of your business. You could buy that company and merge the businesses for a greater share of the market. As you acquire the business and merge the 2 companies, it will be important to work with a broker to help you communicate with the other business and make sure that the merger goes as smooth as possible. You'll have to make lots of decisions with how to merge the companies and how to deal with the purchase of the company. Your broker can handle the negotiations to make sure that you get the best deal possible. Break into Different Industries Another way to expand your business is to break into different industries. You can find a complementary industry that would be helpful for your business. Maybe you've been providing computer repair for companies. After a while, you decide that you want to expand your business. You could learn how to repair iPhones and start marketing to companies, schools, and individuals. You can continue to find other industries that you can add to your company and help you market to a larger audience of people. Expansion is possible, but it's important to have a professional help you navigate the process. Whether you want to expand to a new location, acquire one of your competitors, or add a new industry to your business, reach out to hire a commercial real estate broker in St. Paul.
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