Looking to take your business to the next level? Then check out these practical ways to expand your business.

When you first started your business, you probably did a lot of research. You may have sought help from advisors; you may have gotten information from books, magazines and other readily available sources. You invested a lot-in terms of money, time and sweat equity-to get your business off the ground. So...now what?

In most cases, buying an existing business is less risky than starting from scratch. When you buy a business, you take over an operation that's already generating cash flow and profits. You have an established customer base, reputation and employees who are familiar with all aspects of the business. And you don't have to reinvent the wheel--setting up new procedures, systems and policies--since a successful formula for running the business has already been put in place.

For those of you who have survived startup and built successful businesses, you may be wondering how to take the next step and grow your business beyond its current status. There are numerous possibilities, 10 of which we'll outline here. Choosing the proper one (or ones) for your business will depend on the type of business you own, your available resources, and how much money, time and sweat equity you're willing to invest all over again. If you're ready to grow, we're ready to help.

1. Open another location.

This might not be your best choice for business expansion, but it's listed first here because that's what often comes to mind first for so many entrepreneurs considering expansion. "Physical expansion isn't always the best growth answer without careful research, planning and number-planning," says small-business speaker, writer and consultant Frances McGuckin, who offers the following tips for anyone considering another location:

• Make sure you're maintaining a consistent bottom-line profit and that you've shown steady growth over the past few years.

• Look at the trends, both economic and consumer, for indications on your company's staying power.

• Make sure your administrative systems and management team are extraordinary-you'll need them to get a new location up and running.

• Prepare a complete business plan for a new location.

2. Offer your business as a franchise or business opportunity

Better Fetter, founder and owner of Young Rembrandts, an Elgin, Illinois-based drawing program for children, waited 10 years to begin franchising her concept in 2001-but for Fetter and her husband, Bill, the timing was perfect. Raising four young children and keeping the business local was enough for the couple until their children grew older and they decided it was time to expand nationally.

3. License your product

This can be an effective, low-cost growth medium, particularly if you have a service product or branded product.Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product.