New business owners tend to fall into two categories: 1) Those who hope to grow a sizeable company that they can someday survive without the direct leadership; 2) Those who develop a company that depends on the individual's name and/or unique service to keep it functioning.These aspiring business owners are called entrepreneurs and solopreneurs, respectively.

While making a strategic plan for their business, these business owners need to have their long-term vision in mind. Do they want to add to their company and then someday execute an exit strategy? Or, do they want to continue to run the enterprise themselves and have a smaller chance of achieving larger growth. Suzanne Duret, an author and business strategist shared some reasons with Inc. magazine why both entrepreneurs and solopreneurs should look to expand their business.

Larger scale business

Many solopreneurs come to learn that while they are able to keep their business profitable, their earning potential is limited to the owner's abilities and time constraints. In addition, because the business is built upon a unique service or product, growth is tied to this one thing – a potential issue considering today's customer is constantly asking, "What else can you do for me?"

"Most solopreneurs can't scale to a six- or seven-figure business by trading time for dollars," Duret told the magazine. "You have to consider expanding into areas that include group programs, live events, webinars and information products to name a few."

Solopreneurs who want to establish their company as something more than a one-trick pony, need to create a long-term strategic plan that sets aside resources for expansion. They can expand in their industry and form a group of products that customers can use independently and in tandem with one another. With a stronger product line, these business owners will have the opportunity to attract more customers and thus bring in more revenue. The best way to figure out how to expand is to ask the people who use an entrepreneur's products and services

"Be sure to ask your clients and prospects what they need and want and do something that sets you apart from the competition," Duret told the magazine.

Learning how to expand

"When you start layering your business with products and additional services it's advisable that you begin slowly by modifying your time for dollars services," Duret told the magazine.

There are a multitude of ways for entrepreneurs and solopreneurs to add a new element to their operations, and often these ideas may require business leaders to think outside of their niche. After researching the market and settling on a new product or service to offer, ambitious company owners must remember to do some business budgeting to make sure they can responsibly afford to roll out a new business offering.

"By adding less expensive, group-related programs and information products to your business model you will meet the masses, rather than individual clients, and your revenues will increase accordingly," Duret told the magazine.

Some of these additions can include offering a series of products in a single line that complement one another. This approach encourages consumers to purchase a whole suite of products rather than just a single item.  Entrepreneurs can also consider writing a book or an E-Book; customers are more likely to trust business owners who display a clear understanding and knowledge of their respective industries..

While Duret's advice can help show solopreneurs that becoming an entrepreneur and creating a forward-thinking growth strategy can be one way a business can achieve greater success. There have been many solopreneurs who have figured out ways to to become very profitable. By having strong financial forecasting skills, business owners can make the right moves to make sure their business remains profitable for years to come.