Vesta Digital Blog

How To Expand Your Business

Posted on: January 27, 2011

How To Expand Your BusinessDo you want to make money? Let’s say you have already established your small business but now you’re trying to expand your customer base and grow your business. In addition to an increase in your marketing efforts, there are many ways you can grow your business.

The Small Business Administration has a post on their website giving us aspiring small business owners a few ways to grow our businesses. The method you choose can very well depend on what type of business you have, how much capital is available, and the time and resources it may take to follow through.

Here are some ideas for growing your business from the SBA:

Open another location.

This is often the first way business owners approach growth. If you feel confident that your current business location is under control, consider expanding by opening a new location.

License your product.

This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product. To find a licensing partner, start by researching companies that provide products or services similar to yours.

Form an alliance.

Aligning yourself with a similar type of business can be a powerful way to expand quickly.

Diversify.

Diversifying is an excellent strategy for growth, because it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins. Here are a few of the most common ways to diversify:

  • Sell complementary products or services
  • Teach adult education or other types of classes
  • Import or export yours or others’ products
  • Become a paid speaker or columnist

Target other markets.

Your current market is serving you well. Are there others? Probably. Use your imagination to determine what other markets could use your product.

Merge with or acquire another business.

Two is always bigger than one. Investigate companies that are similar to yours, or that have offerings that are complementary to yours, and consider the benefits of combining forces or acquiring the company.

Expand to the Internet.

Very often, customers discover a business through an online search engine. Develop your business website and optimize it to increase your exposure to your customers.

Distributed by IntelBuilder Social Media Platform

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