Starting up a small business can be overwhelming at first. You have that initial interim period where you aren’t sure if it will work, but determination and a few right decisions see you get over the hurdle of that one-year trading and you are rocking it. So what next? Many entrepreneurs won’t be happy with just sticking with this sort of success and will want more. So now would be an ideal time to consider expanding your small business, but how? I thought I would share with you five ways you could do it.
Take your business mobile
These days we love the convenience, which is why online shopping, next day delivery, and even ready meals have become a huge success. But, how would you be able to make your business more convenient to potential new customers or clients? Make your business mobile. You might already offer delivery and online shopping methods, but getting a vehicle and installing some van racking could be a great step in a different direction to some of your direct competition. Being out on the road enables you to sell, demonstrate or even provide a service. The options are endless, and it could be a natural step for your business without too many overheads or costs.
Expand your business globally via the online market
Perhaps you have conquered the online shopping world within your local vicinity or even nationally, so what would be the next logical step? Go global. Offer international postage and sales and expand your business online. It could be a great way to naturally take the next step for your business without too much change to your current business model.
Could you franchise out your business model?
Maybe your business model works well that it could be duplicated easily, then franchising it out could be a great step to expand your small business. Normally, this will be bought by someone for an upfront fee, and then additional fees for support ongoing. It’s a great way to expand your business model, without the overheads of doing it yourself.
Can you branch out in a different direction?
Maybe you are quite focused on what you sell, or the service your provide, and it could be working out really well for you, but if you are unsure how to expand then maybe consider whether there is another market you could branch into? For example, you might be a boutique shop selling ladies fashion, but expanding could mean branching out into menswear or kids clothing. If you have a cleaning business and you focus on domestic properties, then maybe a logical step would be to offer services to commercial properties as well. Think about your business and what would work well with it.
Open up in a new location
Finally, a small but great expansion idea would be to simply open up a store in a new location. Maybe in the next town or even in different counties. There are plenty of options to consider, and it could be a great way to slowly expand your business nationally.