It’s the dream for many individuals to open a business, but it is also a dream to see that business grow. It can be a long journey between actually opening your doors and then opening a second location – maybe a third – but it is a journey that is well worth it. When it comes to expanding your business, there are a number of routes you can take. However, it is important that you first have a roadmap. Each business will have its own map – according to the market you are in and what products you sell. It is also imperative that you remain ambitious and goal-driven – because you are going to need every ounce of motivation. Here are five effective strategies for expanding your business.
- Innovate. Adding new products isn’t everything, but it is something. Ideally, you don’t want to pump out new products for sake of constantly creating something new. What you do want, though, is to make your existing products better. This is why you should always be focused on adding new technologies or improving upon your current item line. If you continually stay the same and don’t innovate, it will be hard to expand.
- Network. The network circuit is ripe with opportunities. Depending on your industry, there is a strong chance that there are networking events, seminars and other receptions going on all the time. As a business owner looking to expand their company, it is critical that you join forces with other people in your industry – not only to catch up and learn about new advancements, but also to potentially bring on new partners or investors that can help your business grow.
- Market. If you have a product or a service that your business offers, there is no better way to get the word out to consumers than by creating a strong marketing campaign. Even if you are a small business, there are multiple ways to create a bootstrap marketing campaign that will improve sales and expand your business’ borders. For one, you want to start a social media campaign and stay in touch with your demographic. You also want to include some homespun marketing too – reach out to people in your community with events, contests, sweepstakes and more.
- Franchise. If you have a business that is itching to expand, franchising can be a great way to grow your business. There are many people interested in buying a franchise. Franchising means that you won’t have to go to all the trouble of setting up the infrastructure of a new location. If you are interested in franchising your business, it may be wise to get a subscription to Franchising USA Magazine, so that you can get a grasp on the marketplace.
- Subsidiary. Another way to expand is to reach another market segment. If you’ve got a corner on one market, why not grab a corner in another? For instance, if you create a line of clothing for adults – perhaps think of creating a line of clothing for children. In the end, the limits of the free market are endless – you can create as much as you want and expand however far you want.