Congratulations on your business becoming a going concern, which means that your organization survived the “startup” stage of the organizational life cycle, and has the intent and capacity to grow. Your “growth” stage will present different challenges, and the following is a guide for business owners looking to grow their business in Chicago.

Step 1: Audit
Before looking to future growth, business owners should audit their organization’s resources and capabilities.
Conduct a SWOT analysis to identify organization’s Strengths, Weaknesses, Opportunities and Threats
Discover where your business has room for growth or improvement; then formulate a new set of goals
Step 2: Prepare
While assessing your organization, do not lose sight of your current goals and responsibilities.
Your people are your organization’s most valuable asset; be thoughtful in how you retain and attract the right employees to support your growth.
- TLNT, Talent Management and HR, blog discusses leadership, recruiting, performance management, etc.
- City of Chicago, Small Business Center (SBC), Hiring & Training Resources
- ChiBizHub Resource Navigator
- City of Chicago, Department of Family and Support Services, Guide to Workforce Services Programs
- Chicago Cook Workforce Partnership, Business Relations and Economic Development
Maintain your federal and state registrations, and City of Chicago business licenses and permits to keep them current; as organizations grow, and add business activities, their licensing requirements may change.
- City of Chicago, Small Business Center, County, State, and Federal Business Registration
- Renew, and/or apply for, your City of Chicago business licenses at City of Chicago, Small Business Center (SBC), Business Licensing: What Do I Need?
As businesses grow, the role of Boards and Advisors become more important as they provide outside oversight and a diversity of opinions
Step 3: Plan
Writing a growth plan is very similar to writing a business plan, however, a business growth plan focuses specifically on expansion and how you’re going to achieve it; a well-crafted business plan, is key to taking your business to the next level.
Create a five-year plan, which includes expansion opportunities, marketing plan, demographics of your market area
- 7 Key Steps to a Growth Strategy That Works Immediately (Entrepreneur)
- ChiBizHub Resource Navigator
- Marketing Research and Planning
Know your options, which may include franchising, expanding into new markets, opening a second location, licensing agreements, merging with or acquiring another business, certification, diversifying product lines, forming strategic alliances with other businesses, expanding your web presence.
- Exporting to Expand Sales
- Selling to Big Business / Governments, and Certifications
- ChiBizHub Calendar
- City of Chicago, Department of Business Affairs & Consumer Protection (BACP), Business Education
- City of Chicago, Department of Procurement Services (DPS)
Ideally, you should already have Exit Strategies in your initial business plan before actually going into business; if not, including it in your growth plan is your second chance.
- Exit Strategies for Your Business (Entrepreneur)
Step 4: Marketing
Having a better understanding about your market will allow you to run your business more efficiently; having a powerful network can provide you, and your business, with opportunities for growth.
Market Research and Planning is all about customers: knowing their needs and wants, and creating the ideal customer experience.
- Find a ChiBizHub Resource Partner that provides marketing and sales development services
- U.S. Small Business Administration, Business Guide, Marketing and sales
- Small Business Marketing 101 (Forbes)
Networking for Growth benefits both the business and the business owner.
Step 5: Financing
Be strategic and borrow with purpose; explore the various options for enabling your business’ growth.
Thoroughly evaluate the need for financing, and know your choices from bank loans and factoring services, to crowdfunding and venture capital.
- Chicago Business Capital Guide
- How to Finance the Scale-Up of Your Company (Harvard Business Review)
- Debt vs Equity: What’s the Best Financing Choice for Your Business? (Business & News Daily)
- NBDC Info Sheet – Access to Capital for Established Businesses (PDF)
- ChiBizHub Resource Navigator
- City of Chicago, Small Business Center, Financial Resources Home
- Illinois Department of Commerce and Economic Opportunity (DCEO) – Loans and Financing Options
- U.S. Small Business Administration – Funding Programs