1. Diversify your product offerings. Diversification offers a number of advantages, including a larger income stream and profit margins. It can also cut down on seasonal shifts in sales. Look at similar businesses and compare your product offerings to theirs. Is there anything else you should be offering? Think about offering complementary products or simply new versions of existing ones.
2. Invest in advertising. Even if you have a small budget, set funds aside for advertising purposes. Use your money wisely, and find advertising methods that have more “bang for their buck.” It’s important to make sure that your business is out there for everyone to see and eventually recognize it if you want business growth.
3. Enter new markets. Your current customer base likes your product, so why wouldn’t other markets like it too? Accessing new markets can include anything from offering your product to distributors (instead of directly to customers), other cities or states, other demographics, or even other countries. Do your research and look for opportunities in these other markets. When you’ve found one, consider partnering up with another company that already has a foothold in that market (but isn’t a competitor).
4. Expand online. Consumers are doing more online shopping today than they ever have. To reach more new customers, both locally and around the world, you should have some sort of online presence. This can be anything from social media accounts to a full-blown online store. If you’re really looking to expand, hire a developer to create a professional online website and web store to sell your products.
5. Open a new location. The most common first step that entrepreneurs take when growing a business is opening another location. Examine your current location and scout out similar locations in your local area or a similar area nearby. Then, simply copy the successes of your business model to the new location and try to remove any inefficiencies or troubles that you currently experience.
- You may also choose to franchise your business, which would free you from having to manage new locations.
6. Repeat growth successes. As you explore growth strategies and try them out, take a look at which strategies have succeeded and which have failed. Look at markets where you were successful and those where you weren’t. Figure out what factors made the difference between these cases and implement those same factors in your future expansion plans. If a new location or product introduction worked flawlessly, repeat the same process again with a new location or product as many times as you can.
- You should also look at successes other entrepreneurs have had. Analyze what they did to be successful in a certain endeavor and apply it to your own business model.