Monday 23 September 2013

How To Expand A Small Business

Business Expansion
Companies are constantly looking for new ways in which to expand further and thus increase revenue streams. When you first set up the business you will have done a lot of research and sought help from advisors and other sources about how to get a small venture off the ground. You will have invested money and time to get the business moving, but now that you've established the organisation, what about expanding even further?

You might now be wondering how to go about taking the next step on the ladder to grow the business beyond its current status. There are plenty of different possibilities to choose from if you're serious about expanding the business. Here is a guide to some of the things you could try to increase revenue and grow as an organisation.

Open a second location

Starting out with one location when initially setting up the business is obviously a good idea because it gives you the opportunity to glean how popular and successful your store or brand is in a particular area. Once you've become established as a firm, it makes sense to try out a new area. However, it isn't just as simple as that, as there are some things that you need to be aware of. Before expanding make sure you're maintaining a consistent bottom-line profit and you have enjoyed steady growth in the last few years.

It is also important to look at economic and consumer trends at the current time, which should give a good indication of the company's staying power in a second location. It might sound simple, but make sure the location is right for your business, rather than your wallet.

Increase stock offerings

If you don't want to risk taking on another location in this economic climate that is understandable, but there are other options available to you and your business - one of which is to expand the services or products that you offer so you can tap into other untouched markets. If some of your consumer targets range from children to college students then perhaps you could think about offering discounts to schools so that youngsters buy their uniforms from there.

You could begin to offer different lines that some of your loyal customers might be interested in, but may not necessarily have the required room to house it all. This is where the use of rented temporary buildings can come in handy, as if people don't respond that well to the new lines you're not hamstrung by having invested in a whole new location. There are plenty of different temporary building options here that would be easy to keep surplus stock in.

If you haven't already, expand to the internet

The internet is absolutely the place to be with millions of people logging on each and every day. An effective website and an online offering in terms of social media is an integral part of any business and if you don't have such a thing at the moment you really will be losing out on revenue streams.

Expand overseas

This is perhaps the most fanciful of all the options previously listed, but it is certainly a good one to think about. You don't need to acquire another business to expand globally; you just need to prime your offerings for an international market. Gain a foreign distributor that will carry an inventory of your products and resell them in their domestic markets and you could see how popular your brand might become.

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Until my next post on Wednesday on profiting from your hobbies, have a great and productive week ahead! See you back here on Wednesday!

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