The primary goal of an entrepreneur is to keep the business going. But more than this, they wanted their business to grow and expand. In order for a business to grow, the people involved shall go out from their comfort zone and explore more opportunities. It will be a risk but it will be worth it once perfectly executed.
In this article, we will share with you 6 simple tips on how to expand your business quickly:
Tip #1: Explore “Franchising”
According to the 2015 British Franchise Association report, there are 901 franchisor brands operating in the United Kingdom. With this, there are over 44,000 franchised outlets. The franchising industry has dramatically grown since 20 years ago. Opening for franchising is one of the most viable ways of expanding a business. You are duplicating your business trademark without the hassle of the startup phase.
Tip #2: Open Another Branch
Apart from franchising, it will be helpful if you branch out to other locations. Branching our also skips you from some of the procedures in the startup phase. However, it also entails careful research and planning. Make sure that the new location is suitable for the business and is convenient to your target audience.
Tip #3: Diversify Your Offerings
Expanding a business also means diversifying your products and services. Do not just limit your business to providing the same things as before. Break barrels and offer something new. Read your target audience. Read the trend. Know what people need and want. This will help you how to innovate your products and services.
Tip #4: Serve Other Markets
Apart from products and services, you need to reach out to other markets. Develop effective strategies and methods to serve other audiences. For example, if your business selling baking ingredients and goods is aimed towards adults, look for ways to make it sell to younger ones, even children. Promote products that are specially designed for kids who love baking and cooking.
Tip #5: Partner With Businesses
Look for another that is compatible with your business. How can you tell you are compatible with each other? Find some area in their operations that is your area of expertise. For example, if your business is a computer repair and IT troubleshooting firm, partner with corporate companies that depend their operations on computers.
Tip #6: Enter the Digital Market
This is one of the most viable strategies to expand your business easily…and with lesser costs. The internet provides you a lot of opportunities. According to research, 6 out of 10 businesses in the U.K. still do not have a website. On the other hand, online marketing has been utilized by large companies. Based on data, businesses spend 23% of their online marketing budget to website development, 26% to PPC, and 30% to SEO. Apart from these, social media marketing is one of the fastest ways to reach audience globally.
Apart from all these tips, growing your business entails determination and consistency in achieving your goals. If you stick to the norms and conventions, your business will never grow. As an entrepreneur, never stop exploring new things for your business.