EEZ: Is it time to expand and diversify?

Diversification is an excellent growth strategy as it allows you to have multiple streams of income that can often fill voids and of course increase sales and profit margins.

Think of the expansion possibilities and develop a plan that has realistic objectives, Then go for it!

Don’t you dare think twice about the value of your dream. Every business owner I have spoken with started from the ground up. It’s all about putting on your smile and following your dream.

One of the reasons why small businesses flourish is because their owners tend to have more time or make more time to engage with customers and other owners. 

They play a vital role in the health of local communities. Small businesses also help stimulate economic growth by providing employment opportunities to people who may not have access within larger organizations.

Take every opportunity to network, crowd source, and, of course, utilize social media in 2014 with any business planning.  

As budding entrepreneurs, be open to change and advice in order to ensure that your business will survive and thrive in the coming year. During times of economic hardship, history has proven, those who are innovators will be successful.

Recently, we have seen a burst of new business that has expanded with new locations in North Hamilton. Some of the businesses have secondary locations. 

These include Aura Medical Spa, Paint ‘n’ Stuff, and Money Shop.  These businesses have realized the benefit of diversifying their revenue streams and expanding their service offerings by opening multiple locations and taking advantage of available opportunities to expand despite the slow economy. 

What guided their decisions to expand?  Why did they choose their location?  These are some of the questions that we will answer at the upcoming Business to Business Networking Seminar on Thursday, February 27.

You can join industry experts and small business owners at the Washington Mall between 8am to noon on next Thursday. 

Local business leaders will be speaking to you about “diversification and expansion” for your small business. 

These industry experts will help answer some questions that include: “How can I expand my business?” and “How can I make more money?”  

This seminar will address these and many other questions that entrepreneurs have when trying to start and grow their businesses. 

Industry leaders will shed light on how small businesses can expand into overseas markets in addition to providing guidance on whether or not and when it is best to diversify.   

Immediately following the seminar, at 10am there will be an opportunity for attendees to network with other like-minded business owners and industry experts to share ideas, and meet potential mentors for your growing business.  

This exciting B2B event is sponsored by: the Ascendant Group, HSBC, Link Bermuda, Logic Communications, KPMG, Butterfield Bank, Cell One and Washington Properties.

The event is free but you should register  either via e-mail [email protected] or phone 292-5570. 

Roxanne Christopheris the Economic Development Officer for the North East Hamilton EEZ. She uses her practical knowledge and experience as a small businesses owner to foster small business growth in the zone. 

For additional information please contact [email protected] or call 292-5570.  In addition, visit www.bedc.bm for more information on the range of services available to all businesses within the North East Hamilton EEZ.