Expanding your small business too drastically can be a recipe for disaster. It is a delicate balance to both grow your small company while maximizing profit. Here are some tips:
There are many ways to diversify your business. One way is to introduce complementary products that to expand your existing product line. Another revenue stream might be to become a guest speaker at various seminars or to become a guest writer for a blog or magazine — preferably ones that readers who might be interested in your product. Take what you already have, and build upon it.
2. Expand Your Target Market
Think about where your target market tends to spend most of their time. For instance, If college students are your primary target, introduce your product to various colleges, clubs, and student-run organizations. Offer special discounts or even donations in return.
3. Consider Merging with Another Business
A merger can be very effective towards generating growth and maximizing profit. Meet with top clients to hear what they think—this can lead to better customer retention. Also, make sure the other company’s product complements yours nicely; this will ensure a smooth integration between the two businesses.
4. Expand Online
Having an Internet presence can do wonders for the expansion of your small business. A clear and effective website is critical in today’s economy. Develop a strategy by monitoring what your website’s visitors tend to click on and search for.
5. Open A New Location
If you’re confident in opening a new location, first make sure that your bottom-line profit is consistent. Examine consumer trends to estimate how popular your company will be in the long run. Write up an entirely new business plan for this new location — a different area can means a different market, which will impact your business strategies.
If you need expansion financing, Biz2Credit can help. Visit www.biz2credit.com or call (877) 861-2210 to speak with a small business loan specialist.