5 Ways to Expand Your Business

Taking the next step and expanding your business is both exciting and intimidating. One expansion model does not fit all businesses and there are a series of ways to increase your asset. If you're looking to take the next leap, here are five ways to expand your business.

1. Build from Within

If you're a start-up looking to expand quickly, the key is delivering your service or product well and ensuring you are competitive in the market. ‘Competitive’ does not necessarily mean cheaper across the board; rather, it can include cheap introduction deals and specials rewarding customer loyalty.

If you're an existing business and your services are in demand, chances are you're looking to offer more of the same but increase your staff base. Bringing extra staff on can be a major step, but the right people in the right jobs can expand your business swiftly.

Generally, any business owner will know when they're ready to make that jump – demand will outstrip their ability to supply services with the existing staff base.

2. Increase Your Offerings

When you have a product or service that's working well, it's time to look at expanding your range, whether that means adding upmarket or bargain options of what you supply or simply bringing in new similar products. A classic example would be a battery shop that stocks batteries but introduces a new rechargeable power charger to complement their range.

3. Diversify

Big business does this all the time: they have one income stream and diversify to reap the rewards. For example, if you sell mobile phones, why not expand into being a full telecommunications provider? Companies such as Telcoinabox offer the opportunity for businesses to have recurring income streams from telco services.

4. Embrace Different Methods

If you're a mainstream business operating from a shopfront, there is room for expansion by simply offering internet sales. For the right business, the internet can open your door to a whole new customer base, nationwide or internationally.

And that extends further than just physical products. If you provide services such as graphic design, having a website or internet presence also increases your exposure and ability to attract customers from farther away. These days, many traditional shopfronts, such as printers, have a whole new income stream derived from the internet, where customers can place their orders for business cards or pamphlets online, receive proofs via email, and await their products in the post.

5. Advertising

From good old leaflet drops to television, newspaper or internet, advertising remains a great way of attracting new customers. Whatever your preferred platform, this lets potential customers know what you offer and how you provide it. The aim of the game is to have them think of your name first when they want a specific item, be it lawn mowing, web design, pool supplies, car parts, or whatever you happen to sell.

Whether you are starting business or looking to grow larger, expansion is an exciting step towards increasing your income. Few companies start big, but with a little innovation and targeted expansion, they can rapidly grow to become empires.