You have spent time and effort creating a successful business, and now you are looking for means to expand your enterprise to achieve further growth and accomplishments. There are many ways you can do this, depending on the type of business you have.
Here are some ideas to help you:
1. Invest in marketing
If you want to take your business to the next level, this does not necessarily mean looking for other products or services to sell. You can simply focus your efforts and money into trying to attract more business for your current company.
One way to do this is put more investment into your marketing strategy – particularly your online campaigns. According to eDigitalResearch, 64% of smartphone owners use their mobiles to shop online, while 20% of Facebook members have bought something as a result of comments or ads they saw on the site (Ipsos).
Therefore, whether you are a retail company or not, having a presence on social media and the internet as a whole is hugely important, and investing money into improving your online marketing strategy and boosting your website rankings on Google will definitely pay off.
2. Increase or diversify production
If there is a huge appetite for your product or service, the most obvious thing to do would be to increase your supply. Look at finding additional funding or using profits to invest in a greater production of your goods.
You might also be interested in diversifying your product by selling other similar or complimentary items, attracting interest from either the same market or a different group of people entirely to expand your potential customerbase.
3. Invest in another location
Businesses that have offices or commercial sites could expand by opening a second location. This will allow you to attract a new set of clients or customers and grow your target market.
Alternatively, you can look at exporting your goods to another area instead of opening a separate outlet yourself, enabling you to extend beyond your region and attract more sales.
4. Offer your business to franchise
If your company is so popular there is an opportunity to expand exponentially but you do not have the funds or time to really put into this, you can open it up for franchise.
This is a particularly useful strategy for businesses that offer a service, for example a baby class, and one that has a format other people can follow. This will allow you to take your enterprise to the next level, and potentially market your concept to thousands of people.
Alternatively, you could license your product by making contracts with other companies or individuals that want to be associated with your brand, enabling you to reach far more people than you would on your own.
For instance, Zumba started off as a dance concept created by Columbian choreographer Alberto Perez in the 1990s and now more than 15 million people take Zumba classes worldwide.
5. Get the right people on board
When you are reaching a crucial stage in your business and are looking to expand, it is important to have the right people behind you. That might mean getting a new director who has experience in growing companies in this industry, forming a business alliance, seeking help from a business adviser, or simply creating a good relationship with your bank.
Having useful and productive advice, support and experience will make all the difference in helping you to achieve future ambitions when it comes to your business.