After several years of challenging work, you’ve finally reached the point where your business is ready to grow. Here are ten ideas for growing a business.
- Target Other Markets – As your current market continues to thrive, look outside your customer demographic for ways your business can serve others.
- Get Online – If you haven’t already, establish an online presence and offer your products through a webpage. Doing so keeps your business in front of thousands of local smart phone users, potentially expanding your customer base.
- Expand Your Offerings – As your business thrives, add additional products or services to maintain customer loyalty. Consider things that complement your current business or reinvent your offerings to meet new needs or a wider demographic.
- Bid on Government Contracts – Government contracts are great ways for small businesses to enjoy a boost in profits. If you have the means, bid on local contracts and if you win the contract, watch the rewards flow into your business’s profits.
- License Your Product – If you sell a product, licensing it can give other businesses the right to sell it, getting your name in front of a wider market, further boosting your sales and profit.
- Open Another Location – A second location is a classic way of growing a business, putting your product or services in front of more customers and potentially doubling your profits.
- Partner with Other Area Businesses – Forming mutually beneficial alliances with other businesses is another fantastic way to grow. By supporting a business that offers complimentary services or products, you can enjoy referrals and other benefits.
- Offer Franchises – If opening a second location is daunting, consider offering franchises instead. This will allow you to grow your business and expand service area without the risk of a second start up.
- Merge with Another Business – If your business is really thriving, consider making an offer of a similar or complementary business to expand your offerings, reduce competition, and boost your customer base.
- Go Global – Today, expanding your business on a global scale has never been easier. This can be accomplished by simply providing overseas shipping for your products, or as complex as opening a physical location in another country.
Let Us Help
For more ideas on growing a business, please contact the professionals at Leeds Grenville Small Business Enterprise Centre today and join hundreds of other Ontario based businesses who have enjoyed their support and growth.