Thinking back a few years ago, you were nothing more than a solo at home freelancer working for yourself and breaking free from the corporate fat cat world. Fast forward to today, and your business has gone from strength to strength. You are now hiring staff, you have multiple premises, and you are looking to grow your company. Expanding your business can be a nerve wracking time. It’s all too easy to rest on your laurels and become complacent. However, this leads to nothing more than a sedentary lifestyle, with your venture never realising its full potential. Instead, you should be investigating these three simple ways that you could explore to expand your business.
Look For New Networks
Being part of a niche market has its perks. Perhaps you are the go to source for accounting for small enterprises and freelancers, audits for IT contractors, or ball bearings for Hong Kong based manufacturers. However, there is nothing wrong with trying to expand your network of potential clients. You could choose to look to the public sector and source government contracts, or perhaps you can seek to expand your customer base globally. If something is working in your home country, you could possibly bring something new to the market overseas. By expanding your network you are inevitably expanding your business.
Expand Your Product Range
If you are a producer of custom tee shirts for babies, why not expand your range to include toddlers, kids and teenagers. If you are a specialist antique typewriter dealer, why not consider honing your skills and sourcing calculators and cameras from the past. By making your product range cover a wider variety of items, you can hit different demographics. This may mean changing your business plan to include different strands for your business. As a more immature line, you may need to dedicate more time to it. But this should never be at the detriment of your current products that are already successful.
Open More Physical Stores
If you work in retail or food, you may have a physical presence on the high street. Having a successful flagship store can make you determined to expand to new locations. Ensure that you don’t spread yourself too thin and that you expand slowly. All too often, businesses become victims of their own success, running before they can walk. Their cash flow dries up and they have no money left to ensure the quality of their goods or produce. Begin by opening up another single store. Echo the location in which you currently enjoy success to mimic your current demographic. With any luck, you can emulate your pattern of profit to facilitate your ability to expand even further.
Your business deserves to realise its full potential. Don’t become complacent and spend your professional life ticking along. You deserve more, but you need to be proactive with your business vision to make expansion happen. Follow this guide and expand your company to aid in its chances of becoming a market leader.