If a business is doing relatively well, it’s only a matter of time before the owner is wondering “How can I expand my business?”
Once the business processes become habitual for the owners and management, it can be difficult to think about ways to broaden the company and expand the business.
But expanding businesses usually starts in one of the following 4 ways – unless the business is ‘scaling’ rather than growing.
How Can I Expand My Business?
If you’re wondering “How can I start to expand my business?”, start with one the following 4 expansion methods. Over time, you can adopt more methods to expand your business, but for the time being, it’s best to concentrate on one to get a clearer reading of the results.
You can choose to either create more product or service offerings, increase sales of existing products and services, outsource a time-consuming task in a cost-effective way, or tap into new territories or markets in your efforts to expand your business.
Create more product or service offerings
The more services or products you offer, the more potential customers your business has. However, creating new product and/or service offerings costs money and takes time, so it’s not the best option for new businesses that are looking to grow without a large investment. Conversely, some types of companies – for example, Software as a Service (SaaS) companies – can easily create more service offerings cost-effectively and grow the business quickly.
Increase sales of existing products and services
Another way to expand a business is by increasing sales of its existing products and/or services. This can be easier said than done, though using the SaaS example from above, it can be cost-effective and relatively easy to increase sales of existing products and services without proportionately increasing costs – called scaling, and different from traditionally-modeled business growth. Companies that are not service providers may find it difficult to increase sales of existing products without tapping into new markets or territories – see number 4 below.
Outsource a time-consuming task in a cost-effective way
Anything that takes up more of your time than it should is causing you to lose money, and that detracts from any effort you make to grow your business. Every distraction that occurs at work requires an approximate 25 minute period for the brain to “recover” and get back on track – in addition to the time spent on the actual distraction itself. If phone calls or emails are interrupting your work flow, check out call answering services and virtual assistant services to take over those processes at low monthly rates.
Tap into new territories or markets
Finally, tapping into new markets or territories can help you start to expand your business and bring in more revenue. If you’ve exhausted the potential of your immediate area, opening a new location or investing in a pop-up shop that can easily change locations can help you tap into new territories and markets. Offering a new line of products or services targeted to a different audience is another tactic. Be sure to do plenty of market research before committing to a new location or audience.