Developing a large business that is able to compete and withstand the challenges and fluctuations of the market, without a doubt, is a huge responsibility and no person can risk his money and time in a huge project from the beginning, unless he has enough resources, capabilities and experience to qualify him for that. . That is why it is very good to start with a small project with limited financial resources, which can be the nucleus of your great success in the future, and you are working on developing it into a large project.
If you have passed this stage and were able to bring their small project to the stage of stability and achieve the desired returns and profits, then perhaps you are thinking about how you can expand your project and develop it to a new stage.
Methods for Developing an Existing Project
If you are willing to invest more (money, effort, time..) in your project again. Here are the most prominent ways to expand an existing project:
1. Expanding Geographically
The first way to expand a business that many entrepreneurs have in mind is to expand geographically, or physically, by opening a branch in another area. But it may not be the best option, especially if it is not well thought out and planned.
You must first:
- Ensuring that you have achieved stable returns for a long period of time, and that you will continue to generate a stable minimum profit during the expansion.
- Make sure that your team and work management system is excellent, because this system will work to establish and launch the new branch.
- Prepare a complete business plan for your new target area.
- Decide where and how you will fund this new step.
- Choose the location according to your project and not your portfolio. (You may not be financially able to get a suitable location, but the right location is imperative to the success of the project .)
2. Target Another Market
The current market serves you well. Is there another? You can be sure of that. Other markets are the ones that will make the most money and help you expand and therefore grow.
If the consumer market for what you produce ranges from teenagers to college students, think and find the places where these people spend the most time. Could you show your work to schools, clubs or colleges? You could offer a discount to special interest clubs, or donate a portion of your profits to schools and associations. Look for ideas for seniors, teens… let your imagination take you where you need to be. Then take what you sell, whether a product or service, to the markets that need them.
3. Find a Partner
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If you succeed in finding a suitable business partner that can add a lot to your business, then this will most likely be a great opportunity for your business to continue to grow and thrive. But you need to be well aware of the advantages and disadvantages of having a business partner, and study this option carefully to determine your reasons for choosing a partner, and if you decide to find a business partner, take your time searching to find a partner that truly fits your business and goals.
4. Form Alliances
One of the modern methods of expanding and developing a business is the formation of alliances. Your alliance with other projects to collaborate and share services, can be a powerful way to expand rapidly and grow. Especially those that offer services or products that are integrated with what you offer. 
Don’t be afraid to lose a portion of your profits for an expansion of this kind.
5. Diversification
Diversification is an excellent project development strategy, as it allows you to generate multiple streams of income that can often fill seasonal voids, increasing sales and profit margins. Offer services or products that are complementary to your original product or service. If you are an expert in your field, offer lessons or training workshops in your field. This is how you diversify your activities and sources of income in the same field, your field of expertise.
6. Expand Online
In 2002, Bill Gates said, there would be only two types of projects left: those that had a presence on the Internet and those that no longer existed. In an age where the “internet” dominates a large part of the market, if your business does not have an online presence, you are not selling as much as it could be. Consider this option if it suits you, then online expansion can be a good opportunity for the growth and development of your business.
7. You Can Expand Globally
Developing a world-class project is not an easy step. It will require you to prepare your offer and product to suit and compete in global markets. Secondly, you have to find a distributor for your products in the new markets you are targeting. This is possible through associations or federations.
8. Franchising
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Present your project as a franchise opportunity, when you grant an investor or other party the right to launch your project and use your brand elsewhere, according to your instructions and under your supervision exclusively in a specific geographic area and for a specified period of time with your commitment to provide technical assistance in exchange for money or Obtaining economic benefits or interests.
Conclusion
It was the most prominent strategies and ways that a person can adopt in order to develop his business. In fact, there is no single method that is better or more effective than others, as there are many factors that play an important role in determining the appropriate method, and it is related to the type of project activity, the market you are targeting, the resources available to you, and what about the experiences you have accumulated? Are you ready to make more effort and sacrifices to achieve this goal?
Remember that the development of an existing project has beyond! Of course, your business will grow, the number of employees will increase, marketing strategies will develop, distribution and sales channels will increase .. As a result, new challenges will appear before you, most notably competitors whose goals are similar to yours. Also, you may collide with the adequacy of financial resources, especially your need for new equipment, and more means of promotion… That is why we stressed from the beginning the importance of studying the option of expansion and growth well so that your decision is right and your steps are successful.
