If you regularly see profit, have good systems in place, have spare capacity and feel like you’re ready, it might be time to expand your business. There are different ways you can do it.
Here are some to consider:
1. Set goals
If you’ve worked out that expanding your business is a logical and realistic step, you can start the process by setting some goals for what you want to achieve. Your strategy may depend on whether you want to find new customers, sell more to your existing customers, or expand into new markets. Setting goals will help you understand which steps to take.
2. Sell new products and services
This is a good way to attract new customers and upsell to your existing ones. Think about your most profitable products and consider what else you can offer to complement them. Can you upsell an existing product by adding a service with it? For example, if you own a restaurant, could you start hosting cooking classes? Or if you sell clothing online, could you introduce new labels or styles?
3. Find new customers
Another way to expand is to find new customers. This may mean you try new ways of marketing or introduce a referral program to get extra customers through word of mouth. Or, if you feel like you’ve exhausted your local market, think about expanding into a new one. This could involve advertising further afield or opening a shop in a new location. Use analytics tools like Daily IQ1 to help find out where your customers come from. This may give you an idea of where to go next.
4. Go online
One way to expand your presence is to sell online, if you aren’t already. Selling your product through your own website or an online marketplace can help you get more sales and may increase your brand recognition. If you already sell online, use analytics tools to find out how and where you are being most successful.
5. Partner with another business
Look for other businesses with similar products or customers. There may be ways you can work together, such as offering a shared promotion or access to each other’s customers. Buying in bulk from suppliers and sharing the savings might also be an option.
6. Keep an eye on your finances and workload
Monitor your growth to make sure it’s sustainable. Whether you’re opting for slow and steady growth, or a faster pace, make sure to keep on top of your cash flow, costs and budget.
1. Daily IQ has been prepared as a research tool for general informational purposes only and should not be relied on to make business decisions or for account reconciliation.
Next up: Setting up your business retirement