Tips on Expanding your Business
Posted by BizTV
Part of the entrepreneurs’ dream is to build a business that expands. But, how do you know when, how, or why to expand?
Here are some tips on conquering the questions around expansion.
1. Figure out the nearby markets
In this day and age, word of mouth is one of your best forms of marketing, be it from current customers or social media followers. If you’re going to expand, you want to do it in a place where you already have this audience in place. Don’t think about having a location on the East Coast and West Coast, think New York and New Jersey, or New York and Buffalo. Use the nearby markets to your advantage.
2. Don’t forget about your customers
Expansion is an exciting time for any business, but you don’t want to forget about your customers in the process. If you’re focusing too much on your expansion, you may need to slow down.
Another thing you want to do is listen to what your customers want. If people are crying out for a new location in a certain area, there’s no reason to ignore them. Follow demand.
3. Do it organically
You don’t want your business to expand faster than your brand. You can do this by focusing on organic expansion. Don’t try to grow too quickly. You want to set a pace that keeps things in balance while you move forward. Think of it this way.
Amazon was big in books before they started expanding to include other markets. They were able to use their brand recognition to help with their expansion.
Now, Amazon is an online business as opposed to a brick-and-mortar business, so take that as inspiration. You can use the Internet to help build your brand and expand as well as gathering research to help determine a direction.
4. Have a reason
Arbitrary expansion is a bad idea. You want to define a reason as to why your business is ready to expand. Defining this reason can also help you set a reachable goal for your expansion. You’ll know where you’re going, when you get there, and when to stop.
What are questions you have about expanding your business? What helped you reach your expansion goals? Share it in the comments!
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Posted on September 18, 2013, in Biz Tips, Entrepreneur, Small Business and tagged Amazon, expand, expanding your business, expansion, Internet, roi, social media. Bookmark the permalink. Leave a comment.