3 Ways To Expand Your Small Business
Your business just had a great year and is well established and successful. You've managed to generate a healthy profit, train qualified staff and develop loyal customers. All the economic forecasts in your industry looks positive. Now is the time to expand your reach.
But how?
Find ways to reduce risks and maximize your profits.
1. Strengthen your existing base
Can you offer your existing customers something else? Remember, these people already trust you based on the previous experience with your small business. They know that your products or services are reliable. Find something that compliments your business to expand your product portfolio. If you sell clothes, why not add accessories? Hair Salon? In addition to giving customers great hairstyles you can offer them hair products and teach them how to style their hair. Of course, diversifying your business may require an investment in new equipment, new employees, or even new office space. Be sure you can secure the proper small business financing to get your business really going.
2. Connect with both potential customers and regulars
Find out if you can attract more customers to your company by offering superior service. This will pay dividends in the form of reviews. Social networks make it easy for positive reviews to travel quickly and help you generate a larger customer base. Implementing this strategy may require some additional capital for marketing and staff depending on your business's industry. Luckily there are even alternative lenders that may fund you based on your Yelp reviews.
3. Try to expand into new markets
For a second time in a row, independent studies show that the profits of companies that export their products and services to foreign markets, are growing faster than the profits of companies whose activity is focused only on the domestic markets. Therefore it is necessary to examine the growth opportunities not only in domestic arena but also in foreign markets.
One of the main problems faced by small business is over coming the international hurdle of uncertainty. You would have to work with new contacts, perform market research for a new region, and beat out local competitors. Luckily the world continuously flattening giving rapidly increasing globalization. Everyday there are new competitors entering the market thanks to online market places and hubs like Alibaba. Even finding work space has become simplified with the help of virtual offices and assistants. Drop shipping allows anyone run a business delivering Chinese products to US customers by using a smart phone in Germany. Also, keep in mind that Fluid can provide you with financial support to help reduce the cost of business creation.