3 ways to expand your business
Photo by Gerd Altmann
Business owners will all want their businesses to succeed and grow; this is, really, the entire point of going into business in the first place. However, there are many factors that can cause this growth to slow down and even stop, and if they aren’t addressed, then the company can easily stagnate or even fail completely. Expansion is all part of the fabric of business ownership, and here are some great ways to go about it.
Take it seriously
A business that started as a hobby and turned into something that makes enough money to sustain at least you, if not other employees too, is something to be hugely proud of. However, it is all too easy to continue to think of a business like this as a part-time thing, or still as a hobby. In order to really be able to grow, you need to take it completely seriously and look at it like the successful and potentially large business that it is and could be.
To do this, you need to work on your branding and ensure that everything is consistent across your range of products and services. You can have flyers created that include your logo and contact details, for example, and these can be used on all of your products so that everything looks uniform. You can also include your branding across your website and social media pages and on any correspondence you send out.
New products and services
There is only so far you will be able to take your business if you keep to the same range of products and services. If you really want to grow, you will need to expand your range. Not only will this make existing customers return because you have new items, but it can also persuade new customers to try you out because now you sell something they want, whereas you may not have done in the past.
Expanding your range needs to be done carefully and thought about before you go ahead with it. You shouldn’t just pick the first product that comes to mind or that you are offered – you need to make sure that it is something you can sell that will complement the rest of your range but that is different enough to make an impact.
New locations
Expanding your business through products can work for some, but it might be that you need to expand your business through new locations. Opening up new stores in a neighboring town or perhaps farther afield can introduce your brand to an entirely new set of people. Of course, you do need to be in a good financial position to be able to do this, as you will need to finance the new store or office using just the profits from the first one. If that first location can sustain both for a short while, then this could certainly be a good option for you.
You might even want to expand by franchising through Franchise Direct, which means you can bring in an additional income and let someone else actually open up the new location.
