Okay, so you’ve set up your own business and it’s been running well over the years. However, something is telling you that there is more opportunity for you and your business. Business growth and expansion is one of the main goals for any organisation, right? That’s how you increase your market share and eventually increase the profits on the “bottom-line”.
Here are 4 tips for you to start the expansion of your business.
1. Expand into New Areas
This means continuing doing what you do best, but in a new location or perhaps a different segment from what you currently operate in. For a physical storefront shop, this will be expensive as it means expanding into a new location and starting the whole process over again. However, market rates for business loans are competitive so you may want to consider financing the expansion of your business. For more, click here.
2. Use New Sales Channels
This involves re-evaluating the way your business advertises to its customers. This can be using online platforms such as Google Ads, YouTube or Social Media Marketing platforms like Facebook, Instagram etc.
Companies from sectors like construction, engineering and even transport have taken advantage of Search Engine Optimisation techniques, so that they can rank higher when people search for the product or service they provide.
3. Acquire Another Business
A very common, fast method of expanding a businesses market share is to acquire another business. If you think about it – you own one restaurant, buy another restaurant and run it efficiently. You are effectively doubling your businesses size overnight. Now, all being said, this has to be a diligent decision. You have to acquire a business that has the capacity to work with the existing business, have a strong management team and a good financial position.
4. Upgrade Your Assets
This sounds fairly simple, but it is an effective method. For example, a haulage company has five trucks on the road being used to almost 100% capacity. If the business thinks there is enough demand to invest in 2 more trucks, then this is an excellent way to increase revenue.
To find out more about business loans, equipment and vehicle finance, click here.
