You've done the hardest part, and you have successfully launched your business. It’s flourishing, and you’re ecstatic because unfortunately, many businesses make it this far. However, despite the success, you realize that it is time to expand or boost your sales even further.
It is important to remember that there is a delicate balance between expanding too early and too late. Therefore, here are a few tips to get you started.
Depending on your type of business and what you want to achieve, franchising might be a good way of growing your business in other countries. This gives you the opportunity to have your idea or product available in other areas, but without having to deal with a lot of the day-to-day running of the branch.
However, it is a good idea to have a community site or base that you can use to communicate between your outlets. Also, there are franchise associations that you can use for help and advice, or once you've established your own successful franchise, offer guidance to others.
Another good way to get your brand known is through associations and alliances. This involves getting networking with other businesses and using one another to promote each other’s products or services. Social media is a great way to do this. For example, successful and influential bloggers promote products which can cause an influx in sales.
Alliances can be a good first step to building a customer base in other areas. Although this may mean sharing commission, it will surely benefit you in the long run.
You may be doing well in your current market, but are there other areas you can move into? Not only will this help you grow in differing markets, but it will also open your business up to more opportunities.
Therefore, think about what it is your business offers and whether it could be utilized in another area or demographic. For example, if you are mainly targeting a certain age group, could there be another group that you can attract? However, this may need some planning and market research, but the outcome could be very rewarding.
This might sound like a big decision, but sometimes acquiring another similar business can help. This is because you have a ready-made structure, and you may even have an existing workforce which already knowledgeable of the industry. However, merging with another company can cost a lot of money, so consider a small business loan.
Of course, there are a lot of factors to take into consideration when thinking about acquiring another company. However, the additional customers and fan base will hopefully outweigh the hard work needed to create a successful, expanded business.
Before you think about other avenues for your business, have you used all the available social media platforms? Most businesses, even the small ones, have some type of online presence. Even if it’s just a social media page, you cannot underestimate the influence it can have on your sales. Having a web page that appears in search engine results can boost your customer base and lead to more traffic, and therefore, more sales.