When you started out your business, you probably had big dreams of doing really well and having a successful business. You may have had your idea and nurtured it for a while. Developed your plans and sought out the right level of business to launch your business idea. Working hard and every moment to make it what it is today, and then you find you reach a peak when you need to make a decision about the next step for your business. So what could you do? I thought I would share with you some of the steps for expansion that you can take.
Look at providing your products further afield
Sometimes it is worth thinking about expansion in terms of logistics. How you can get your product in front of customers on the other sides of the country you live in, or even further afield globally. It is definitely something to think about as if your product has done well locally, it is likely to appeal to others. This is when you may need to start costing u things like freight transport and also making deals in perhaps stores in other parts of the world to stock your product. It could definitely be the ideal next step and open up your business to other customer groups and areas.
Could you franchise out your business?
Maybe you have a business model that can easily be replicated. Something that can be set up and then begin trading, much how you might have done at the beginning of your journey. This is when a franchise could work in your favour. Franchising your business means that you then sell the business idea and concept, along with the brand to others who then set up in different areas. You can then provide them with what they need and it spreads the message of your brand. The money you make will be from the sale of the franchise and also any other marketing information and changes over the course of the ownership.
Could you open up a retail premises
Perhaps you have just been an online business working from home. Expansion can happen quickly and some small online businesses will find that the grow out of the home office quite quickly. This is when you could consider opening up a retail premises to help with the expansion of your business. It gives you a place to work from, and a new level of customers to work with as you enter into the world of retail and face to face shopping rather than being solely online. This could work well but it is important to find the right location.
What about having more stock?
Finally, maybe having more stock could be the answer for your expansion. Maybe it might be adding to your product or service range or simply stocking more so that more sales can be made. It may sound like a small step, but the more chances of sales the more money that can be made.
I hope that this has given you something to think about when it comes to expanding your business.