Please note that I have been paid to publish this post, 4 Ways to Expand your Business. As always I hope you find this post helpful.
Whatever industry your business operates within, you are likely to have already considered ways in which it will grow in the coming weeks, months, even years. It can be difficult to sit and wait for your business to show growth, but new businesses really ought to wait for their business to become established before considering ambitious expansion. Continue reading for four suggested things you could do to expand your business.
Widen the area in which you operate
If your business is limited to a certain locality, consider expanding its reach. If you are in one specific location, explore the nearest area to it and analyse whether there is a gap in the market allowing you to sneak in and fill it. It is vital that you do the research prior to making any firm plans as the last thing you want is for the area to be saturated with companies just like yours. It takes time to break into a new market, so be sure to remain patient.
Add new products/services
Although this might seem like an easy thing to introduce, it is vital that you test the waters prior to adding any new products or services. Firstly, find out from your existing customer base what they would like to see from you and also what they would be prepared to pay. Work out the cost involved for you and how much profit you could make to see whether it is actually worthwhile. Compare what you will be offering to other local businesses who have similar products or services. You need to clarify what your unique selling point (USP) is and how you will be better than the competition. In addition, you will also need to settle on how you will market this new service/product to ensure the right potential clientele become aware of its presence.
Equipment
Investing in new equipment might sound expensive (it usually is), but the return could well be worth your while. If you have been considering it, there will undoubtedly be commercial equipment finance, for example, available to allow you to go ahead even if you do not have any money readily available. Borrowing could allow expansion which in turn will raise your profits and take you to heights you never thought possible. Be certain to firm up a business plan in advance to ensure that your motivations and intentions are sound ones.
Take a different marketing approach
If your marketing tactics have not been overly successful, perhaps it is time to take a different approach. Social media is most definitely your friend when it comes to advertising and spreading the word, so ensure you have a plan when it comes to that. It is no good just expecting to post every now and then, causing your number of followers to rise and continue to do so. This is not how it works. Engagement is key: from both your potential and existing customers, and you. If you schedule a post, leave it and do not return to it or respond to people’s comments, your strategy certainly needs rethinking. Be sure to establish a sound presence on social media and do not let it slip.
