If your business is doing well in the market, perhaps you might be considering that it’s time for an expansion. This article presents 10 ways on how you can expand your growing business.
For many internet marketers today, credit card processing have significantly increased their sales.
2. Partner with another company. Form a marketing relationship with a non-competing company that can promote your products and services along with their own brand.
Thus, you can reach a wider range of target market without spending double on marketing. It is also a great way to enhance your company’s image as long as you team up with a reputable company.
3. Open a new branch. When speaking of business expansion, a lot of entrepreneurs think about opening a new shop in another location. However, before you decide that this is the right option for you, it’s very important to consider the costs and the consequences.
See to it that you have done your market research and that sufficient funds are available to cover for the expenses. Typically, acquiring a business loan is a must if you want to open a new branch and if you don’t have a solid business credit history, it can be a difficult to get approved for a loan.
4. Launch a new product or service. Innovation is important in the success of a business. Use what you’ve learned from your market researches and your experience to offer something new to the market. Introducing a new line is recommended for established businesses that has made a name for itself.
5. Diversify. You don’t have to stick with just one niche. If you’re ready to grow, then you should conquer other niches as well. For example, if you’re only offering your products to a certain location, is it possible for you to sell internationally?
6. Hire freelancers. Another way to expand the operations of your small business without the need to literally expand the office is to outsource your tasks or hire freelancers.
7. Promote your business through Social Networks. You can reach out to a wider range of market by using Social Networking sites to get more exposure and enhance your company’s reputation.
While using a third-party credit card processing service like PayPal or GoogleCheckout is a viable option for new and start-up businesses, a growing business can enjoy more savings from using a dedicated merchant account.
9. Franchise your business. Franchising is a popular way of expanding the business primarily because it is more cost-efficient for the business owner.
This is because the franchisee is the one who will provide the working capital and when a person makes an investment, he/she is most likely to do his/her best to make the business profitable.
10. Stay consistent. In your attempts to grow your business, it’s very important that you don’t lose focus on the most important thing- delivering high-quality service. It’s the only way you can expand your market without losing your loyal customers.
Do you have other ideas to add to this list? Please feel free to share it by leaving a comment.
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About the Author:
Melanie James has spent the last 14 years working with businesses to implement quick, effective and inexpensive changes to their businesses to increase productivity and their bottom line.