If you are considering expanding your small business, you might be a bit unsure as to how to go about it. There are many things you can do to ramp up sales, venture into new territory, and increase your customer base. Here are 4 ways to expand your small business.
Financing your expansion
Perhaps you have a new product line that you want to launch, or move to bigger premises but are not financially equipped to do so. If your business is growing and you can prove that your plans will reap a good return, a business loan might be a good idea. Taking a loan will allow you to put your expansion plan into action far quicker, with payments being spread over a set term making it more affordable month to month. Many companies can arrange business loans from their offices in Chicago, Sacramento, and many other locations throughout the U.S. You can also apply online, so accessing their services will not be an issue.
Sponsor a local event
Is your business known locally? Many businesses focus so much on online sales that they neglect the fact that there are thousands of potential clients on their doorstep. Many local clubs and events regularly seek sponsorship from local businesses. There will be an outlay but usually, it’s minimal and may prove fruitful in terms of sales. Do some research, and if events are being held near you, see if you can get involved and use it to promote your business. Be sure to make an appearance at the event you are sponsoring and have business cards and informative flyers at the ready. Take details of potential new clients, where possible, and make contact with them a few days after the event. Being known locally may do wonders for your business.
Targeted marketing campaign
If you are going to expand, you need to generate new customers and increase sales. You probably have a list of current and potential customers details on file somewhere. Are you doing anything with them? Sending out targeted mailers is a good idea, not only to make contact with existing customers but to create new ones. Many social media sites allow you to specify your preferred demographic, so you know that the right people are being made aware of your business. This is a great way to generate new interest and also allows you to analyze what’s working and what perhaps isn’t worthwhile. Don’t give up after one attempt. It can take a few tries before you see any results.
Streamline your systems
If you intend expanding, it will create a lot more work for you, so use your time wisely. Streamlining your current systems by using third party technology such as bookkeeping software and customer record management systems could free up your time considerably, leaving you to concentrate on the bigger picture stuff. Expansion can take lots of work and a lot of time but, if done correctly, you will reap the rewards in the long run.