Growth and expansion really are key goals if you are a business owner or entrepreneur. How can you expand your company though if the economy is bad? Simply put, there are ways for you to get around this, if you know the steps you need to take. Take a look below to find out more.
Add new products and services
The first thing that you need to do is try and add some new products or services to the mix. This strategy sounds simple, but it isn’t at all. To begin with, you need to figure out which services and products your customers want. You also need to figure out how much people are going to be paying for them. Next up, you need to determine if you can sell the products at a profit. The best way for you to accomplish this would be for you to conduct some market research. This will help you to commit any resources, whether they are financial or human to your new service or product.
Sell more products to the customers you have now
This is the flip side of the strategy listed above. You need to work out how you are going to penetrate the customer base you have now. Start by performing market segmentation. This will help you to identify the segments that are very likely to buy from you. This will help you to focus your sales and it will also help you to focus your efforts on these segments alone. This analysis will divide your customers into segments, but it will all be based on the criteria you choose. This could be age, gender, buying history or even location.
Don’t overlook franchising
If you are serious about taking your business to the next level, you would have likely heard about franchising as a potential method for growth. This will allow you to become a franchisor who can assign franchisees to particular territories for an initial fee as well as an ongoing fee. The reason franchising has become so popular is you are not employing staff. Each franchisee has paid a hefty fee in order to operate in their chosen franchise location, meaning they have a vested interest in your business, allowing you to achieve success, sometimes even on an international scale. To learn more about franchising and how it can benefit your business, speak to a professional franchise consultant such as Infinity Business Growth Network, a qualified franchise consultancy company based in the UK dedicated to helping small businesses grow through franchising.
Expand into additional territories
The idea is for you to try and market and then sell your products to new customers. These customers can be in different niches, or they can be in different locations. If you want to buy a new commercial office, then it is wise for you to explore real estate law if you can. Hiring a lawyer can be incredibly beneficial because there are often a lot of contracts to sign when purchasing a commercial property and the last thing that you want is to be tripped up by red tape.
Target new customer markets
Most companies will target their sales and their marketing efforts so that they can meet a certain customer market. That being said, there are probably other markets that are more than viable for the products or services you have. You just need to find them. If you want to get the best result here, then you have to make sure that you are doing your bit and that you are putting in the work to research as well.
Tap into new delivery channels
The internet is truly the best example of how new sales and delivery channels can transform a small business. Countless companies out there have been able to reinvent themselves by simply taking advantage of new opportunities. Brick and mortar companies have been able to open up online stores and they have also used SEO to try and reach new customers. If you can do this, then you can be sure to expand in no time at all.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)
