Every business owner, after a certain time, thinks of growth which is very obvious. The doubts that hover their mind is that in what different ways can a person expand the business, should it be a new location or should they add new products to their current list. It is a very critical task as the expansion depends on the type of business, like if it is a hotel they can add more rooms or if they are a restaurant they can open a new branch of the same. Expansion is usually when you think your business has started making a profit more than usual and you have established a customer base and you are ready to take some more risk. These are a few ways in which you can expand your business.
- Add new products from time to time
A regular way to grow your business on a regular interval is by regularly adding new products in your stack. This keeps the customers happy as they get to explore every time they come to your place.
- Focus on the existing clients
80% of your business comes from 20% of your clients”. The niche market rule states this and hence it will be a wise decision that you never lose your focus of your current clients. The customer whose needs you can satisfy are the ones who will be your ambassador. Hence before reaching out to new clients be sure your current customer base is happy and satisfied with your services.
- Expand in new territories
If you think you have covered the current region and you have a strong base then you should think of opening a new branch of your maybe in the same city but a different location or a different city altogether. Expanding in a new city will increase your customer base and also will add to your organization’s culture.
- Target new customer markets
Expansion can also be in the form of entering a new customer market like if you were dealing with school stationery, you can now step up and look for potential clients’ incorporates which will add your profile and you can supply office stationaries. There are different customer segment which can be targeted by a business and this helps you grow as you reach out to more people and cater more to them.
- Offer franchises or business opportunity
In order to grow, you can opt for different ways. Giving franchise to someone else or business opportunity is a good way to expand. The franchise model is widely used nowadays as it significantly reduces the branding and marketing efforts required for any new business to establish a market presence. This will not really add in your operational cost but you will get a certain profit of the business.
Expansion shows you are growing and you have the capability to a market leader in the future. But this decision should be taken only after looking at the company’s progress in terms of finances, team and the customers. This is a very significant step in the direction of growth and needs both patience and funds to move forward. We at Stimulus Consultancy are here to help you in the growth and be your partners in strategically planning the next step.