It is often said that the minute you are satisfied with what you are, you aren’t there anymore! Once you have sustained your business, have successfully established it, it is time for you to move ahead in the game. If you want to expand, and grow, we are here to help you with it. Check out these ten expansion ideas for your business, to boom it more.
1. Next Location
So your first set-up is up and running, it is time to think beyond now. Look for the whereabouts of the next location, to make your presence, at a higher ground. To go ahead with the next set-up and location, consistency is the key! For investors to believe in your vision, make the numbers talk. Have a steady growth graph and take this step.
2. Business Franchise
To be a part of a franchise is like being a part of an extended family. It basically is a continuation of your legacy. Be open to the idea of being associated, opting for franchise options, which not only ensures group productivity but also, you get the monetary perks!
Once you have started on certain products and services, you can always pool-in more. Think of other options, complimentary perks for the customers, which they can look up to in the near future. It will have more for you to work-on as-well. After all, business is a continuous string of ideas.
4. Licensing and Patents
It is important that you get your products licensed or have patents. It ensures your presence is righteous. Getting your services licensed or regulated also incorporates an element of monetary aid. For anyone to have access to them, you have the sole ownership.
5. Alliances and Mergers
Don’t be afraid to merge with other businesses. Look for similar vendors, dealing with the same line of products, working on the same services, opt for alliances with them. It will prove to be of gain in the long run.
6. New Markets
Once you have nailed your existing market domain, it is time to move across the territory. Look for newer options, markets, customers, to engage them. Expansion is not confined to business set-up but also involves customer engagement and retention.
It is very important to have good social media support for your set-up. This is the age of technology. From anything to everything, everybody would first ‘Google’ you, then think about going ahead with services. Have an active digital marketing team, working towards publicizing your goals and vision globally.
8. Sales and Delivery Support
Have varied options for vast sales and delivery support. Incorporate newer channels, be it print media, home pick-ups, door-to-door services, etc. The easier you make it for your customers, the merrier they are.
9. Trade Shows
Be actively involved where ever you can be to publicize your business. Take part in trade shows, start-up events, business fairs. After all, all publicity is good publicity.
10. Cost Containment
Maintain a decent profit margin, you don’t want someone to be your customer for some time, it is a lifetime relationship you want to build with them. Have a generalized increase every year on your products and services. Treat the consumers like assets to your business; make them need you, more than you need them.