Business is going well and you’re ready for your next challenge – but just how should you go about taking your business to the next level?
There are lots of ways in which you can expand a business and increase revenue.
Here are 5 ways of expanding your business and how to implement these changes successfully.
#1 Bring out a new product/service
A new product or service could help you to appeal to a new audience. It could also entice existing customers to return and use your new product/service.
An example could be a shop that sells coffee and cake branching out and also selling sandwiches, helping you to potentially generate more business at lunch.
Make sure to keep this new product or service relevant to your overall brand. You may also need to educate yourself and provide training for your staff when introducing a new service. There may even be times when you need to hire new skilled employees to carry out a new service.
If you’ve got a new entrepreneurial idea, but it doesn’t seem relevant to your existing business, you may even be able to set up an entirely new business altogether for an extra stream of income.
Many successful entrepreneurs have branched out into multiple trades such as Aubrey Ferrao. This will take a lot more work, but it could be worth it if you’ve got your heart set on an entirely new product or service.
#2 Target a new location
Another way to expand could be to continue doing exactly what you’re doing but to simply target a new location.
For instance, if you own a successful vape store and you’ve noticed that there’s a nearby town that doesn’t have a vape store of its own, you could consider opening up a new store. You’ll need to budget the costs of doing this and may even want to consider selling it as a franchise.
Alternatively, you could start marketing in new states or countries if your service of product is online. When selling a product, this could involve looking into overseas couriers so that you can deliver your product abroad.
#3 Do more marketing
Another way of expanding your business could be to simply increase your marketing in order to gain more exposure. This could lead to an influx of new customers.
This could include using new marketing mediums that you don’t already use such as social media or SEO. Alternatively, you could simply pour more money into marketing and hire experts to fine-tune your marketing strategies.
#4 Accept new forms of payment
You may be able to also expand your business by accepting new forms of payment to help boost business. This could include accepting credit cards in physical stores or it could include opening up an online store or even allowing people to pay for products/services via an app.
Some companies have even started accepting Bitcoin – the first entrepreneur of a major retailer to do this was Patrick Byrne, and his company Overstock saw a huge increase in sales afterward.
Just make sure that you understand the pros and cons that may come with this new form of payment such as extra charges or extra tools to process it.
#5 Increase output
You may also be able to expand your business simply by increasing output.
For instance, if you’re a chocolate manufacturer, you may be able to start mass producing your product so that you can make more per week and sell more per week.
This form of expansion could require a lot of investment such as buying new machinery, hiring new employees and potentially buying bigger premises, but it could be worth a huge boost in revenue.
If you’re having to turn away customers because you’re too busy, you could be ready for this form of expansion.
Are you looking to expand your business?