Any business can be expanded to generate more profit – even prominent players have room to grow. Respectively, the search for new growth points is the most common as well as problematic area in business development for any entrepreneur.
Let’s take a look at a few crucial steps which can help you scale your business effectively and swiftly. In this article, we will showcase ways to expand your business and offer 5 proven techniques that actually work.
Expanding Your Business the Smart Way: Our Tips
- Re-think your products.
Consider which additional products, services, or information you can offer to your customers. Since you know your target audience well, you should analyze what else they can benefit from and will probably purchase.
People value their time, so if they can purchase multiple items they need in one place, they will likely do it. You don’t have to radically expand your product line, but rather come up with targeted offers that will be a good match for your audience. To do that, follow your customers’ logic, conduct studies, and look at what your competitors are selling. Additionally, there are usually seasonal peaks in demand for certain products, which you can take advantage of. Your product selection can be expanded accordingly.
There will always be just a couple of products that sell the best for you, but it doesn’t mean that you should remove your other offers. On the contrary, a smart seller strives to offer a wide selection of goods that complement each other and give buyers many options to choose from, providing you with good variety and some extra income.
Since we’re talking about products, you should always provide yourself with “insurance” in the form of passive income. For example, a good blog or website will not only generate traffic but also bring in new customers. Quality content by default leads to increased value.
- Try franchising.
Franchising involves selling your rights to other companies, so they could act on behalf of your brand. Businesses can reach fundamentally new levels when franchisees open new businesses in different cities.
The attractiveness of franchising is explained by the fact that the entrepreneur receives a ready-made well-organized business model, the effectiveness of which has already been tested. This way they needn’t worry about business unprofitability due to their incorrect market analysis or inexperience. The franchisee, using the franchisor’s support, organizes an operation of a new location, which gradually reaches stable profit. A good example of a franchise is McDonald’s.
With proper business organization, franchising is mutually beneficial. The brand owner receives profits, promotes brand recognition, and scales their business up with next-to-no effort, while an entrepreneur who acquired a franchise can start their own business in no time without much risk. Franchising is not just a way of expanding one’s business and physically increasing its distribution area, but also strengthening the brand’s position on the market.
- Find new partners.
To kickstart real growth, you will need new partners. Any modern market niche intersects with related industries via multiple invisible yet strong ties. Each segment of the target audience consumes its own products or services, in accordance with its lifestyle, location, age, wealth, etc.
Starting affiliate programs with mutual advertising, joint promotions, discount programs, will allow you to quickly expand the pool of clients and share the costs of attracting new clients between partners. Look for companies and entrepreneurs in your community whose business can complement yours, and offer them opportunities for collaboration that will bring mutual benefits.
- Invest in aggressive marketing.
You can successfully expand your business by employing aggressive marketing strategies. It takes much money to make a brand recognizable, while modern media space is filled with various product advertisements. Ultimately, a customer purchases because they know the brand well, disregarding any other offers on the market. This is why your advertisement must be catchy, bright, and non-standard. However, you should understand that aggressive marketing should be done concisely.