When starting out in business or adding digital to the marketing mix we often have…
Effective Small Business Expansion Tips
The aim of each small business is business expansion. They all want to thrive, expand and grow. But what are the best things for a young entrepreneur to undertake in order to grow his business?
You probably did a lot of research and got advice from other experienced entrepreneurs when you started your business. You invested a lot of time, money, and effort just to get your business off the ground.
The startup phase was survived, so the next step is obviously growth, and there are numerous possibilities to do that. Choose those that suit your business, as it all depends on the type of business you run, how much time and money you’re ready to invest again, and your available resources.
Here is what you can do to grow your business:
1. Segment your market.
By carving out a new corner of the market, you can expand and grow your business. Identify the viable segments of consumerism by doing market research and targeting them by the local chamber of commerce and searching the internet.
Look at your top competitors, see who they’re serving, what they offer, and segments that are underserved. This way, you’ll be able to carve out a corner of the market just for yourself and can focus on growing your business there.
2. Target other markets.
You’ve managed to start swimming thanks to your main market, but what about others? They can also make money for you. What is your target consumer audience? If it ranges from teens to college students, where do these people spend their time? Could you offer discounts to associations and schools? What about elderly people or baby boomers?
When you find a new part of the market where you could offer your products and services, take the business there.
3. Diversify your product or service offerings.
How do businesses diversify? Some of the common ways include: starting a consulting service; selling complementary services; or exporting/importing products (own as well as other people’s). Tweak your product/service offerings so that they appeal to users you’ve identified or to the new group of consumers. Start selling them a new product or service, and it will open up new territories for growing your business in another direction.
On the other hand, you’ll also protect your base of existing customers and will be creating multiple income streams that can increase your sales, fill your seasonal lows, or be invested (most people invest in property, but before you decide to do that, get investment property advice).
4. Don’t miss out on new technology.
There are a plethora of new technological solutions for particular business problems. Apparently, when people in the business world come across an obstacle, they pay for software or an app to be developed, that will help them deal with it.
Using technological advancements depends on the type of your business, and what kind of processes need to be automated, but advanced technologies can definitely help you expand your operations and increase your efficiency.
Things are going with technology, and you shouldn’t be one of the few that still haven’t adopted to modern accounting software. Decide which types of tech are best for your business and keep up with its development.
5. Build brand recognition through social media.
As a tool for building your brand recognition and engaging with your users, social media platforms can be invaluable. For example, someone produces and distributes their own brand of organic food, and can interact with their consumers by responding to their tweets or comments on their Facebook page. This way, you don’t present yourself as a faceless company, but show that you’re interested in what they have to say.
Social media is also invaluable for getting feedback from customers, which can tell you what to improve regarding your products and services. Post promotions, special offers, new product lines, and company events there as well.
This last piece of advice is for those that are still bound only to their brick-and-mortar stores. The internet is a place where most people look to buy things these days, and if you still haven’t expanded to the internet, we suggest you do as soon as possible.
Having an effective website has become an integral part of every business today. Improve its design, increase website traffic, conduct the right SEO measures to ensure your website comes first in search pages, and post content that’s relevant to your audience.
Be wise, consider these business expansion tips, and see how you could implement them into your own business strategy. This process can be a bit slow, so be patient and don’t let it stress you. If you do everything right, this time next year you may have a few thousand more people in your online community and several other products or service lines, which is a big step and not easy to attain.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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