There is no greater feeling than having an idea that you feel passionate about and working hard to achieve a successful and profitable small business. It certainly makes those long hours and worries all the more worth it when you see all of that effort put into practice. However, some are happy to continue this path, but there are others who are more ambitious and looking to expand their small business in any way that they can. Some of the obvious routes of expansion would be to branch out in different stores or shops instead of focusing on the one hub of business. Others like the idea of adding to their product range. However, there are other less obvious choices you can make to help you expand your small business and still gain profitable and big results. I wanted to share with you what some of them are. Maybe it might inspire you to try a few of them with your business.
Use inventive socials media content to boost your audience
An expanded company can only be done if you boost your audience levels and customers. Sure people consider locations and other methods. However, there is one less obvious route to doing this, and it simply requires a little creativity. These days people spend a good chunk of their spare time on social media. Which means you have a chance for your business to be seen each day, but yet, many of us don’t take full advantage of this. Sure update about product launches and website info, but why not try and humanise your business a little more and encourage engagement? Share videos and images. Behind the scenes clips, Facebook lives and blog posts. Think outside of the box and create content worth sharing. More shares mean a larger audience and more sales in the long run.
Target a new market entirely
So you have cracked your current market share and are the number one for your choice of industry and niche, what next? Targeting a new market could be a great route for expansion. Consider the industry and niche you have and think outside of the box of other product ideas or services that could work well with it, but enables you to tap into a new market. You could also consider merging with a company or acquiring another business which could open this door for you.
Export internationally to open up a new customer base
Cracking the market in the country you trade from is one thing, and many are happy with that, but what we forget is there a big world out there. Why not expand your business by exporting internationally? There are fantastic support networks out there offering advice and guidance on Import and Export Support making this a real viable option for your business. This could open up a whole new customer base for your small business.
Offer your business as a franchise
Finally, why not offer your business as a franchise? This could be an excellent way to expand into other parts of the country or internationally without the necessary work it takes to do it. A franchise is purchased for a set fee by someone who then takes on the company name, ethics and branding.
I hope that this has offered up some inspiration for expanding your small business.
