If you started a small business successfully and are looking for a significant increase in the number of customers or the amount of sales, it means you want to grow your business. There are many ways to do this, but choosing the right way to grow depends on the type of business, available resources, and how much money and time you are willing to invest. Check out the 8 strategies that follow.
1. Open another place
If you feel confident that the current point of sale is under control, consider expansion by opening a new location. Increase outlets and you will expand the number of places where you can sell your products. To increase sales points, you can open new stores or branches, make use of new brokers or dealers, or create new sales channels.
2. Offer your business as a franchise
The model franchise is one of the most successful ways to grow a business. Franchising is a way of doing business, through which a third party is given the right to use a trademark and operate a business. This system will allow you to grow without having to manage a new location. This will help you maximize the time you spend looking for new opportunities and improve your business.
3. Granting the license of your product
This can be an effective and low-cost growth, especially if you have a product or service trademark. Licensing is an agreement between a company that allows another use their trademarks, patents, technology and any other valuable properties. In return, you receive fees for sales of the products or services provided or sold under the license. To find a partner interested in your license, start by researching companies that offer products or services similar to yours.
4. Form an alliance or acquire another business
Two is always better than one. Investigate companies that are similar to yours, or that have deals that are complementary to yours, and consider the benefits of combining forces. Aligning with a type similar to yours can be a powerful way to rapidly expand your company. These partnerships could include agreements to combine resources (financial, human, or technological), functions (production processes or product distribution), share information like market knowledge , share distribution channels or outlets, or customers such as in the case of both companies have different types of products, but similar types of customers, and each company can complement each other’s products.
Diversification is an excellent strategy for growth, since it allows you to have multiple streams of income that can fill in the gaps of the season and increase sales and profit margins. These are some of the most common forms of diversification:
- Sell complementary products or services
- Teaching on the subject in which you are an expert
- Import or export your products or those of others
- Being a speaker or columnist about your business
6. Address other markets or consumers
In your current market, you are doing well. Are there others? Probably. Use your imagination to determine what other markets or consumers could use your product. Addressing new types of consumers means redirecting your products or services so that they are aimed at different types of markets that they are already attending. It may be necessary to create new products or services, or simply adapt products you already have, so they can also meet the needs or desires of other types of consumers.
7. Seek external markets
To export, a distributor is needed in the foreign country so you can take your product and sell it in their domestic market. You can locate foreign distributors to find out if there is any foreign company in your own city or state with a representative in the United States. Another option is to look for customers who purchase from you directly, for it is the easiest way to create a website and promote your products online. Another way to start exporting is participating in international fairs.
8. Increase advertising
Investment in advertising is another way to grow a business that does not require spending much money. Besides making use of brochures, posters, and cards, participate in trade fairs or give gifts printed with your company name. Remember that the best advertising is word of mouth. A product or service of high quality and excellent customer service will ensure you are always recommended by your customers.Consider advertising on the Internet. Often, customers discover business through a search engine on the web. Make sure your company has a presence on the Internet to maximize their exposure.Our virtual office service can also help boost your business presence, our mail forwarding address in London is a great way of boosting your businesses image. Be sure to contact us if you would like to find out more.