Ask an Expert: How to boost your business on the cheap

— -- Q: I have a nice law practice. I have steady clients and am never at a loss for work, but I would also like to grow my business. That said, in this economy especially, I can't see taking on an associate and paying someone a full salary and benefits, so how do I do it? — Jason

A:I once worked for a developer who was building a beautiful new building in our town. We spent a lot of time looking at plans, and then model buildings, but I was always frustrated at how slow the process went.

Finally, one day I asked him why he didn't just start building already, especially since I knew that he even had the permits and funding ready to go. He explained that he never built a building until he rented it all out BEFORE he laid even one brick. That way, he reduced his risk and was assured of 100% tenancy from the get-go. He was guaranteed to grow his business that way.

Like you, like many business people, he wanted to grow his business but did not want to take a huge risk. That's smart; the best entrepreneurs limit their risk as much as possible.

Here are some ways to grow, prudently:

Get bigger clients:One of the best ways to grow your business is to work with people and companies with more resources than those you work with now.

For instance, I know a real estate agent in Los Angeles who used to sell homes, but he didn't start making the big bucks until he realized that for the same amount of time and effort, he could sell apartment houses that sold for five times what the houses sold for. He made the switch and yep, started making a lot more money.

Microsoft didn't become Microsoft until Bill Gates sold the MS-DOS operating system to IBM for IBM's new personal computer. The only problem was that Microsoft didn't even own that operating system. After Gates got the contract, he went out and bought the system.

That is the value of getting big clients and big contracts – it allows you the resources to grow.

Find a partner:While partnerships can be tricky, partners can also bring a lot to the party – contacts, money, and extra pair of hands, and someone with whom to bounce off ideas. The whole can be greater than the sum of the parts.