If you’ve 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 the 8 strategies that follow.
Open another Place
If you feel confident that current POS is under control, consider the expansion by opening a new location. Increasing outlets you will expand the places where you can offer or sell your products. To increase sales points, can open new stores or branches, you can make use of new brokers or dealers, or you can create new sales channels.
Offer your Business as a Franchise
The model franchise is one of the most successful for growing a business. Franchising is a way of doing business, through which a third party gives the right to use a trademark and operating a business through the transfer of expertise, better known as know-how. This system will allow growth without the need to manage a new location. This will help you maximize the time you spend looking for new opportunities and improve your business.
Give your Product License
This can be an effective and low-cost growth, especially if you have a product or service mark. Licensing is an agreement between companies allows another to use its trademarks, patents, technology, and any other valuable properties. In return, you (who give the license) receive royalties on sales of products or services made or sold under the license. To find a partner interested in your license, start by researching companies that offer products or services similar to yours.
Form a Partnership or Acquire another Business
Two is always better than one. Research the companies that are similar to yours, or that have deals that are complementary to yours, and considers the benefits of combining forces or acquisition of the company. Align with one type of business similar to yours can be a powerful way to spread out quickly. These partnerships could include for example, in agreements to combine resources (financial, human, technological), combine functions (production processes, product distribution), share information such as market knowledge, sharing 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 products combined or complement each other.
Addressing other Markets or Consumers
Your current market you are responding well. Are there others? Probably. Use your imagination to determine what other markets or consumers could use your product. Serve new types of consumers means redirecting your products or services so that they are aimed at different marketing types we are already taking, but still serve the latter. This may be necessary to create new products or services, or simply adapt the products they already have, so that they can also meet the needs or desires of the other types of consumers.
Search External Markets
To export requires a dealer in the foreign country that you can take your product and sell it in their domestic market. You can locate foreign distributors beginning to find out if in your own city or there is a foreign company with a representative of the United States. Another option is to find customers to purchase from you directly, for it is the easiest way to create a website and promote your products online. Another way to start exporting is participating in international fairs.
Increase Advertising
What is advertising? Investment in advertising is another way to grow a business, for which you do not need to spend much money. Besides making use of brochures, posters, cards, participate in fairs, giving gifts with your company name, etc..; remember that the best advertising is word of mouth. A product or service of high quality and excellent customer service you will 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 a presence on the internet to maximize your exposure.
