Jul 16, 2017
Establishing your own business is a mammoth task and expanding that business is an equally challenging one. However, to avoid stagnancy expansion must be done, it keeps up the pace of business growth and the engine of vitality running. Here are some tips to help you deal with this challenge:
1.Introduce a New Product: Once you have a successful product/service that you have been offering for some time and have been collecting data, customer feedback you can introduce a new product in the market that will specially attract your current customers. This will expand your business by adding another line of production.
2.Merger/Alliance Formation: A merger combines two companies and automatically results in increased level of workforce, infrastructure, and customer base and brand value. It also diversifies the business along with expanding it.
3.Franchise: Once your business has acquired good brand reputation and customer base, you can offer franchise ownership to other business owners in return for some commission, this would expand the business name and build a greater market for the product.
4.Diversify: you can introduce a complimentary product, trade your product on the international level (import/export) or go out of the box by becoming a paid speaker, motivation speaker or columnist. Diversification opens up new channels of generating income while expanding your business.
5.Target Other Markets: if your current target group is students then to expand your business target other similar groups such as research fellows or higher studies students. Modify the product a little to suit the needs of other target group as well.
6.Go Online: If your product has acquired a good market in your area then it is time to surpass the pin code limitation, go online as sell all over the country or internationally. E-commerce can help boost your sales and build stronger brand value.
7.Expand literally: the simplest way to expand is expanding your very production. Install another production plant for long term returns or employ more workforces to boost production.