5 Ways to Expand Your Small Business

26/10/2017
5 Ways to Expand Your Small Business
Eventually, every small business owner is graced with the opportunity to expand their business. You may have planned for this, with ‘business growth’ listed as a goal on your business plan, however, now it’s here, how can you expand your business effectively? There are numerous possibilities for you to choose from, depending on the industry you’re in; therefore, you want to ensure you make the right decision. Here are 5 ways to expand your small business.

1.    Open Another Location. Expand your business into a whole new location and target your demographic in an untouched location. However, before you make the move into a new place, conduct sound and proper research. Buying a new property is a costly investment, so you need to be sure of yourself and your finances. Ask the general public for their opinion and whether they’re likely to visit your new store/café. Look at the current trends for the overall economy as well as the economy of your industry. If there is any risk, or a lack of need, then refrain from expanding your business to a new location. However, if there’s ample opportunity, then curate a new business plan, and determine how you’ll obtain financing.

2.    Sell Yourself. Being a prosperous entrepreneur means you are able to sell your successes to other aspiring moguls. Therefore, host parties where people in your industry can network and become a mentor to an aspiring entrepreneur whose ideas you believe in. You can also become a paid speaker or columnist, or speak at colleges. However, selling yourself means you have to spend money on your appearance and lifestyle. If all your earnings are being used, but you need to make smaller, more personal investments on yourself, then there are companies who offer loans for bad credit.

3.    Target Other Demographics. Your current market is proving fruitful, however, there may be a whole new demographic you’re yet to consider. You need to undergo a lot of research, such as online surveys and asking the general public; you also need to remain faithful to your original market otherwise you’re at risk of losing them. If you are unable to expand into a new market with your current product or service, then consider adapting to a new one. For example, if you sell software for students, see if you can adapt it for business professionals.

4.    Expand Globally. Many small businesses focus on their local demographic, however, selling your business worldwide could drastically improve your reach and success. Before you target overseas markets, make sure your website is user-friendly, has appropriate SEO and is beautifully designed. You’ll also need to curate a strong marketing strategy, otherwise your efforts will fall short.

5.    Become More Diverse. Rather than stick to selling your own products or services, consider selling complementary products/services instead. By making your company multi-faceted, you are able to increase your reach and target numerous demographics without harming your original market. For example, if you sell women’s clothing, then expand into menswear. You could also form an alliance with other companies who sell products/services similar to yours, and market one another’s goods or create a whole new concept that complements both your businesses. As a business, you should be continuously coming up with more innovative products as diversity stops your company from being redundant. 

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