Once your company is thriving and you have saturated your existing market, you will be keen to grow your business. There are several ways you can do this, but there is one important point to remember. You can add another product/service to your business, or add another market. Trying to do both at the same time is not the safest route to go, so just choose one to begin with.
Adding an Additional Product/Service
Choose a product or service that complements what you offer already. Think of products or services that your existing customers may need. Ask them what products they might be interested in. Also, listen to feedback. If clients are regularly asking for something that you don’t offer, you may have identified a need.
Expanding to Different Market
Expanding to another market is one of the easiest ways to grow your business and there are several options available to you.
You may decide to offer your products or services to another market that exists in your current geographical area. For example, you may choose to work business to business, as well as business to customer. Or you may identify a different group of people who need what you offer, so you could start marketing your business to them and reach more customers.
Reaching Further Afield
If you want to reach further afield, you have several options. You could:
Open a Branch in a Different Location
If you choose another geographical location, with the same target market, you simply have to repeat exactly what you have done in your existing business to be successful.
Franchise Your Business
You could franchise your business to others who want to start up on their own. You will be able to charge them a joining fee and they will pay ongoing royalties. Setting up a franchise can be costly and you will need to make sure you have an excellent system in place before you choose this option. But if you do it right, it is one of the fastest ways to grow your business.
Offer Your Products/Services on the Internet
Very few businesses can survive without an online presence. So if you don’t have a website, or the site you have is basic, you need something better. An online presence and clever marketing can open up your business to new markets. Use social media sites like Facebook and Twitter to connect with potential customers and market your business to new and existing customers. This works well if you can persuade your existing clients to like your Facebook page, as this will enable you to connect with their friends too.