Once you have established a stable new small business, the next step is to look for ways to begin growing your company. It’s important not to grow too quickly, however. Here are some smart ways you can expand your reach in the marketplace as a small business owner.
1. Offer something new.
Adding a new product to an established business is much easier than coming up with a new and profitable business. Look to add products and services that complement your existing offerings. For example, if you sell kitchen gadgets, adding cooking classes might be a great way to generate more revenue.
2. Expand your target market.
Think of new markets that would benefit from the services your small business provides. Residential cleaning businesses might see a boom in business when they take on the B2B market, for example.
3. Try tackling government contracts.
Many business owners overlook the possibility of adding government projects to their lineup. If you think this could work for you, check out “How to Cut Through the Red Tape and Win Government Contracts.”
4. Go global.
It’s easier than ever to take your business global these days, particularly if you run a freelance business or offer cloud services. Branching out to the global market can bring you new opportunities and potentially make your business less susceptible to the pitfalls of temporarily declining markets at home.
5. Go online.
Take your brick-and-mortar shop online with an e-commerce site. These days you can purchase ecommerce WordPress themes that make accepting and processing orders a cinch.
6. Form partnerships with related businesses.
If you’re local business, it just makes sense to partner with other local businesses. These partnerships can get you business opportunities through subcontracting as well as referrals. It’s easy to get started. Simply swap business cards or consider exchanging website links for more word-of-mouth style leads.
7. Open a new store.
Don’t forget the obvious way to grow your company. Successful small businesses and restaurants can often support multiple locations, especially regionally. The trick here is to do your research first. You need to consult experts that will help you find the perfect location and acquire affordable real estate. Taking on too much debt too early can backfire and devastate your business.
8. Create franchise opportunities.
If you want to expand your business but you lack the ability to manage multiple locations, franchising might be the way to go. For business owners with a clear vision and big-picture skills, franchising can lead to quick yet stable growth and help strengthen the company’s brand.
9. Improve customer service.
The simplest and most affordable way to grow your business is to be good at what you do. Set improved customer service goals for the next year, and see what happens. We bet you’ll notice more repeat business, and happy customers are your best resource for attracting new clients.
10. Teach or consult.
Finally, successful business owners may find that diversifying is the key to growth. Use your experience and qualifications to coach other small business owners and help them achieve their dreams.
Are you looking for ways to grow your own small business? Which of these options would be the best for you?