As a small business, the expansion of your brand is vital to its growth and continued existence. What can you do to ensure consistent expansion? This piece holds some time-tested strategies that can work wonders when appropriately deployed.
Dig Deeper into Your Current Clientele
When the topic is business expansion, it is natural to cast your mind straight at how to bring in new customers. However, your current customer, most of the time, could be all you need to expand. It is easier to leverage on people that already trust your brand to be at the forefront of your expansion drive through increased conversions. This demographic already know what to expect from your brand. Devise new strategies to increase patronage levels. However, your strategy should not include rigid cross selling as it could water down the effectiveness of your expansion drive.
Get Adequate Funding for Your Expansion Needs
Literally all the points you will read on this page will require some form of cash injection. This means that your expansion efforts will not really lift off without the right amount of funding. Think about the costs of increased marketing, employing new staff, renting new business fronts and more. Depending on your business, you can access secured loans with ease these days. If you can’t get secured loans through more conventional channels, a personal loan could be the next option. However, before you proceed with the loan acquisition, it is vital to have a metrics-based plan for using the money. Do not secure a loan before you know exactly how you intend to expand your business.
Get into Bed with Other Businesses
Going into partnerships with other businesses could be the catalyst for speedy business expansion. Let’s assume you sell handmade fabric from your store front and an online e-commerce store. You most likely don’t have the foot traffic required to expand your business. However, if you can reach out to a big departmental store, supermarkets or other such big chains around you and strike a deal on product placements and profit sharing, then you are well on your way to expansion.
Such brands already have the clientele as well as marketing clout that you don’t currently have. Tapping into their chain will get you brand recognition and instantly lead to more accomplishments. The fraction of your profits paid out to the brand shouldn’t be a worry as this will be offset against the volume of completed business.
Widen Your Horizon
There are lots of ways to expand your business through the making of products and services available to new customers. Opening new branches for your business is the most obvious starting point. However, it doesn’t have to be all about offline fronts. A new online store for your brand could also work. The next method of expansion you should consider is increasing your advertising spend as soon as a new target demographic has been unearthed. Focus your advertising on the platforms most frequented by your target audience. This means investing heavily on social media advertising for a market made up of millennials for example, or investing in print advertising to target senior citizens.
Offer Franchise Opportunities
There is no searching for examples of businesses that owe their expansion to selling franchise opportunities. You can mirror their success. If you have a successful business and there is a laid down system that can be followed by others to achieve similar success, you can offer franchising as a way to expand your business.
Business expansion is not easy but yet with careful planning and execution, it is achievable.