2) Chaining

Chaining is essentially opening up additional locations in different areas with your own capital. The obvious drawback is the amount of money and time required to do this, but if all of your locations were profitable, it would mean exponential profits for your company.

3) Strategic Alliances

Developing an alliance with another company can be a smart and mutually beneficial way to grow your business. You may find that another company's access to customers, complimentary products, manufacturing capabilities, or distribution network could greatly help you increase your sales and cut your costs. If you have something that they want in return, then you may be in a position to join forces for a period of time.

The key to a business alliance is maintaining a good and fair relationship with the other company. You have to be very careful that you don't end up losing out, especially if you are entering into an alliance with a more powerful company. Trust, communication, and legal precautions should all be used to create a valuable set of terms for both businesses in a strategic alliance.