Opinions expressed by Entrepreneur contributors are their own.
Key Takeaways Leveraging joint ventures can help businesses grow without overextending resources.
Establishing scalable infrastructures and processes lays the groundwork for growth without unnecessary overhead.
Focusing on stability before scaling can lead to sustainable and healthy business expansion.
Business growth is valuable, but too often entrepreneurs treat it as a final destination. In reality, expansion is just one part of a long-term success plan, unfolding through many smaller milestones along the journey of building a business.
Here are three ways you can expertly use expansion to build on success, along with examples of companies that have handled expansion as a positive part of the success process. They’re good examples of the fact that sometimes the smarter entrepreneur waits, builds resilience and then scales, only when growth supports it.
Sign up for the Entrepreneur Daily newsletter to get the news and resources you need to know today to help you run your business better. Get it in your inbox.
1. Use smart partnerships to expand strategically
Growth doesn’t have to come from doing everything yourself. Sometimes the smartest way to build a business is by allowing others to do it for you, with guardrails, of course. That’s the idea behind JUMP’s Venture program by Limitless Flight. Instead of opening dozens of locations on his own, founder James Jensen follows a joint venture process that allows entrepreneurs around the country to open their own JUMP locations under a specific high-tech and research-based framework.
This approach accomplishes two things simultaneously: It grows the brand without overextending internal resources, and it positions the company to engage larger investors who are interested in a proven, scalable model. Venture locations ensure JUMP’s high standards of immersive wingsuit VR experience, while entrepreneurs running them benefit from an established blueprint for success.
... continue reading