After all the hard work, planning, headaches and late hours, your business is finally a success. Unfortunately, you can’t rest on your laurels. Now is the time to reach new customers and new markets. The next move is to select an expansion method. There are several strategies to choose from on way to expand your business without money and we will explore them in this article.
Introducing a New Product
Introducing a new product is an excellent way to grow your business. The trick to this is to select a product that doesn’t distract customers or makes older products seem obsolete. Choosing a product that compliments, your current product works well to your advantage. A product that has no connection to what you are currently selling is extremely dangerous. You can also use your existing customer base to get a reaction to a potential new product.
Licensing Your Product
Another expansion idea is to license your product. This shifts the financial risk from the product’s registrar to a company. The burden of marketing, advertising, production and distribution is shifted to the company. The profits also shift, but it is a good price to pay for a chance at national recognition. Before you shop for a licensee, make sure you patent your product. A good licensing partner should have an established reputation for quality, service and an aggressive plan for marketing.
Launch A Chain
If your business has expanded so much that you can’t keep up, it is time for initiating a chain. In doing this, you need to know what makes the original store work and what won’t easily transfer to a new site. When considering the option, you need to define your operating procedures to the last detail. Moving one or two loyal staff members between your locations will help the company’s culture in the new place of duty. You should also develop a training program for new employees.
Franchising Your Business
Franchising your business will allow you to set back and collect fees and royalties. It is also an efficient way to expand brand awareness while pooling financial resources, business acumen and power buying. You have to make sure there is a market for your products. You can do this with competitive analysis and plenty of capitalisation. It is advisable to keep in contact with your franchises or at least delegate a trusted member of staff, to report to you regularly with updates on parts of your business you can’t be physically present for.
A business Merge
A merger can also be a good way to expand your customer base, capital, and operational efficiency. You do have to find the right partner, however. The two of you need to have similar business practices, ideas, and dreams. This will only work if both businesses are established companies. If a merger is too much then cross promotion where you both benefit from exposure, from a different audience than your usual clientele.
By going global with your business, you can reach a growing market, rising consumer spending, and an improved business climate. Cultural differences are about the only drawback to this expansion idea. Online access helps global businesses with time zone problems. An up to date website is a definite requirement, however, with this type of expansion.
Using Your Customers
Use your customers to your business’ advantage. If you have a loyal and steady client base, why not try offering them incentives when they refer new customers? There are many companies which have doubled, or even quadrupled the number of their clients by employing this technique.
For every five patrons your loyal customer A brings in, give him a 10% discount on your products and services; for another 5, give him 20%. Eventually, when he brings in 25 new buyers, he gets to avail of a free product. This entails planning, of course, as this technique may cost your business some money – but think about all the new clients your loyal customer A can bring in if they all did the same thing! Your customer base is increased a hundredfold – which, of course, translates to more profit. In the long run, the cost to give away one free product in exchange for the 25 new patrons will be more than affordable for your business.
Trusting your employees
Delegating Tasks To People Don’t try to do everything yourself. The purpose of hiring employees is to help make your life easier – so why try to do everything yourself? It’s your business, it’s your capital, it’s your reputation at stake – of course, it’s natural to try to be on top of everything. But there’s no reason to be obsessive-compulsive about power and responsibility. Delegate tasks to your people. This is only if you are confident enough that you’ve hired the best people for the job. Give them the privilege of proving themselves worthy of the positions you gave them. Allow them the opportunity to show you how valuable they are to your business.
You not only get your money’s worth for every dollar you pay them, but you also help them achieve a sense of fulfillment for doing well in their jobs. Who knows what wealth of other opportunities your employees can bring you? You may even also offer to give them incentives for bringing in more customers. Once you have delegated tasks, you keep your mind and body free to focus on searching for more clients – or other ways to expand your successful business.
If you want to embark on any income-generating endeavour, you ought to consider having your own business. But before you venture into this kind of project, you must have the knowledge about how it must be run appropriately. A good background will help you achieve what you want for your business which is to succeed and be known to the consumers, and somehow this would then be one of your satisfactions in life.
The most important aspects to consider in this kind of project is that you must know how to manage is your sales. Even if you have a small business or own a large company, you must know how to keep track of your sales. The records of the business sales are vital in telling you the progress of your business. Following the tips mentioned above will provide you with practical ways to expand your business.