If you started a successful small business and looking for a significant increase in the number of customers or the amount of sales, it means you want to grow your business. There are many ways to do this, but choosing the right way to grow will depend on the type of business, the resources available and how much money and time you are willing to invest. Check out 8 strategies that follow.
If you feel certain that the current point of sale is under control, consider expansion by opening a new location. Increase sales outlets will allow you to expand the places you can offer or sell your products. To increase sales points, you can open new stores or branches, you can make use of new intermediaries or distributors, or you can create new sales channels.
The franchise model is one of the most successful to grow a business. Franchising is a way of doing business, through which is given to a third party the right to use a trademark and operate a business through transmission, better known as know-how expertise. This system will allow you to grow without having to manage a new location. This will help you maximize the time you spend looking for new opportunities and improve your business.
This can be an effective and low-cost growth, especially if you have a product or service trademark. Licensing is an agreement between a company that allows another to use its trademarks, patents, technology and any other valuable properties. In return, you (who gives the license) receive fees for sales of products or services provided or sold under license. To find a partner interested in your license, start by researching companies that offer products or services similar to yours.
Two is always more than one. Investigate companies that are similar to yours, or have deals that are complementary to yours, and consider the benefits of combining forces or acquisition of the company. Aligning with an interest rate similar to yours can be a powerful way than expand rapidly company. These partnerships could include, for example, in agreements to combine resources (financial, human, technological), combine functions (production processes, product distribution), share information such as knowledge of the market share distribution channels or outlets, or customers such as in the case of both companies have different types of products, but similar types of customers, and each company can offer their combined or complement each other products.
You your current market is responding well. There’s others? Probably. Use your imagination to determine what other markets or consumers could use your product. Address new types of consumers means redirecting your products or services so that they are aimed at different types of markets that are already attending, but still serve past these. For it may be necessary to create new products or services, or simply adapt the products you already have, so they can also meet the needs or desires of the other types of consumers.
Investment in advertising is another way to grow a business, for which you do not need to spend much money. In addition to making use of brochures, posters, cards, participate in fairs, give gifts with your company name, etc., remember that the best advertising is word of mouth. A product or service of very good quality and excellent customer service will allow you to always be recommended by your customers.
also consider advertising on the Internet. Often, customers discover a business through a search engine on the web. Make sure your company has an internet presence to maximize your exposure.