Starting your own business is a huge achievement in its own right, but there will come a point when your financials will plateau and you need to make a decision about what to do next. Expanding your business is the obvious way to do this, as you will gain new clientele and increase your revenue. What most businesses struggle with, though, is actually taking this next step. Below are three easy ways to approach business expansion.
1. Create Add-On Services
If your business has remained stationary for a while now and you aren’t bringing in a large amount of new clients each year, expanding through new offerings could be the perfect solution. If you’ve got to where you are now quite successfully, taking on a new challenge should be an exciting idea. For example, if you’re an interior designer, you could look at incorporating graphic design services into your business for custom-designed materials and wall art. Or if you work in computer sales, you could incorporate telecommunications by partnering with a company, such as Telcoinabox, that has already established relationships with major telephone carriers.
2. Open Another Location
If you own a company that works really well with its current services and products and you’re thinking of ways to expand without destroying the integrity of your business model, look at developing it in other locations. You could do this in two ways: by opening up another shopfront or by putting on employees in alternate regions to deliver services under your brand name. You could also take advantage of this expansion technique by developing your business online. This idea works well for products, as clients will no longer be restricted to coming into the store to make a purchase. This opens up the opportunity for people from other locations to learn about your brand.
3. Change Your Market
When you start a business, it’s important to have a set demographic in mind; otherwise, you are going to have nothing to focus your sales pitch or advertising material on. However, just because this was the target market you chose during the startup does not mean they have to remain your only clients for the life of your business. If you’re thinking of expanding, changing your market is a great way to increase your client portfolio while also increasing your revenue at the same time. Reassessing your marketing or advertising strategy is a good place to start. If it’s a younger audience you want to reach, increase your use of social media and alter your services/products so they are easily reachable through an online format.
Expanding your business can make you feel as if you’re going through the startup phase all over again. You need to remember this isn’t the case though. Expanding is nerve-racking, yes, but you now have the knowledge gained through being a business owner, as well as an established business model to fall back on if expanding doesn’t quite go to plan.
In what ways have you thought about expanding your business? Discuss your answers below.