You’ve worked hard and have been successful with your small business locally, but you are considering expanding in order to obtain more profit in the long run. What are some of the best strategies for expanding your small business to serve more clientele? Here is a list of ideas to get you started on your expansion dreams.
Your expansion could be moving into a new region or expanding with a new online presence that will serve nationally. Depending on your product or service, expanding nationally may not be an option. Regional expansions could include opening a new store in the new area, becoming a supplier to a new area, or selling franchises into new areas.
Run an analysis of the market in which you would like to expand to. If it is regional, you’ll want the demographic information, competitor information and how well your product or service is expected to perform. Expanding your business can be costly in the beginning. Only you, the business owner, can decide if it will be worth the costs of expansion.
You’ve run your analysis and you see there is little competition and a good demographic for selling your product or service. You obviously cannot be in two places at once. If you have good management or a partner to oversee your thriving business, then you can begin your expansion plan.
Your experience in your business and your success will be the most important tool you will need in an expansion. You have the knowledge. You’ve done this before. You can even look back at your original business plan and apply some of the same techniques to your new region.
If you are already well branded in your current region, then you will want to start branding campaigns in your new region to get your new clientele to recognize your brand. Local advertising is one way to get your brand known, from local newspapers to free local advertising. Take advantage of as many free advertising opportunities as you can and get your name out there quickly.
Create an online presence, even if your business is only going to be local. Get listed in as many local business directories as possible. Make good use of social media to promote your new branch in the new region.
Create a grand opening for your new branch. You can offer discounts or coupons for first time visitors. This will generate repeat customers very quickly. Make your new customers feel at home and personalize your experience with them. You would be surprised at how many repeat customers you can generate very quickly.
Have business cards available to your new customers so that they can share the good news with family, neighbors and friends. Referrals are going to be one of the main ways your new branch gets noticed.
Now that you’ve expanded, it might take some time for your new investment to turn a profit. Be patient with your new branch and keep reinvesting in your business. Before you know it, your entire business will be making better profits than ever before, and you’ll understand completely why expansion was the best option for creating more profit in your business.