Starting a business is really challenging. You need to do a lot of research about products and services, consumers, location, etc. If you have survived the startup phase, congratulations! However, there is another challenge that you need to face…and that is to grow your business.
Again, it requires another set of research and determination to grow your business successfully. Here are our six effective strategies to expand your business in 2018:
Let others franchise your business
Franchising has been a thing in business for roughly two decades already. It is a very good opportunity for you to expand your business. The advantage of being a franchisor is that you do not have to undergo the startup phase of the business. You just provide the resources to the franchisee. As a matter of fact, there are over 44,000 franchised outlets in the United Kingdom, as per 2015 statistics.
Branch out to another location
If you do not want others to duplicate your business, then you can do it yourself. This time, you have to branch out to another location. This is great especially you master the art of running your business. But, keep in mind that it’s like starting another business in a sense that you have to put up a capital again, buy equipment and products, hire people, set up the location, etc.
Offer other products and services
If you still do not have a capital to start another branch of your business, then you can simply expand your business by diversifying your products and services. According to small business consultant Frances McGuckin, offering other services provides you more streams of income. You can sell complementary products, offer classes and lessons, etc.
Be available for other markets
When you started your business, you have your desired target market. Now, it’s time to explore other markets and be available for them. It is a very effective strategy to expand your business, by targeting other markets. If you sell products and services dedicated to adults, then start calling the interests of children or the elderly.
Partner with other businesses
A partnership is very effective in growing your business. It involves the exchange of products and services. In this way, you can be able to increase your revenue or cut your costs. First, look for a business that can be compatible with you. If you are a computer repair enterprise, then partner with companies that depend its operations fully on computers, say BPO companies. Through this, you can exclusively provide them your services.
Expand through the internet
In this modern world, technology is very important. It has redefined how people do business. In fact, it can really help you grow your business. How? Build your presence online just like how you build your business. Establishing your business on the digital platform involves internet marketing strategies like SEO, social media and email marketing, among others. Through the internet, you can expand your reach across the globe. They can order your products online. You can also provide lessons or classes online. The internet really allows you to do a lot of things.