How to Grow Your Small Business
So you started your own business? Each sale, each new client and each business connection you make grows your small business just as you dreamed right? But maybe you want to continue to broaden your client base. There are many options to consider when thinking about expanding and growing your small business no matter what field you are in.
What are some of the most effective small business expansion tips to grow a business beyond its current status? Let’s take a closer look at steps you may want to initiate to grow your small business.
- Social Media – If you are looking for a fairly cost effective and easy way to reach more of your targeted audience try a social media campaign. Do some research on which social media platform attracts your demographic and start posting in that medium. The more your name is seen the better. Social media can be an invaluable tool for engaging with consumers and expanding your brand recognition.
Open Another Location – This is often the first way business owners approach growth. If you feel confident that your current business location is under control, consider expanding by opening a new location.
Merge With or Acquire Other Businesses in Your Market – There are bound to be other companies in your field who may have similar goals. Explore merging, partnering or possibly even acquiring those companies as a way to expand.
- Stay Competitive – Technology changes so rapidly these days that it would be easy to be left behind if your new company does not keep up with the latest and greatest technology. This is especially true if your company is in anyway related to the tech world or relies on technology to provide a product or service.
- Target Other Markets – Your current market is serving you well. Are there others? Probably. Use your imagination to determine what other markets could use your product.
License Your Product – This can be an effective, low-cost growth medium, particularly if you have a service product or branded product
Diversify – Small-business consultant McGuckin offers several ideas for diversifying your product or service line:
- Sell complementary products or services
- Teach adult education or other types of classes
- Import or export yours or others’ products
- Become a paid speaker or columnist