By Brian McKay
Every business owner wants to expand, to make their business better and of course make more money in the process. Though it isn’t an easy thing to do, it carries certain elements of risk that need to be mitigated as far as possible. There are always different ways to expand your business. You need to find the best route for you and take it. Be clever and don’t dive into anything without doing your research. You may have considered some of these tips, but if not think about them and see if they are applicable to your business.
Platform
You need to look at your platform and see if you can make it any wider and better. Are you online? If not consider getting a website developed. You can reach lots more people online. If you are already online consider an ecommerce mobile app. Lots of people browse through their phone or through an app these days so tapping into that side of things could pull some more custom your way. Consider selling through other mediums too. Amazon and Ebay are popular platforms for businesses to sell their items through, just be weary of any additional costings that may eat into your profits.
Employment
Are you turning away clients? If so, you need to recruit. It can be daunting. What happens if you recruit, and then the clients stop coming and you are left with more overheads? It’s true, it can happen with ease. However, risk is part of business. Another body means more work completed and someone else to push for other kinds of work. Do it slowly. Recruit one person at a time. You could even consider recruiting someone part time if you think it will be enough to cover a higher workload. Don’t go overboard and hire more than two people unless you are sure your business is going to expand in a big way. You also need to make sure you know how to recruit people, especially if you are doing it for the first time. They need to have the right to work in your country and you need to do proper checks to ensure they are right for the role in question.
Product Expansion
You may sell products, you may sell services. Whatever it is, if you offer more you may appeal to more people. Offering different products pulls other people in who are looking for those in particular. It can make a huge difference to your business because you’ll be making more sales. Be careful and add lines at a slow rate. This is because you’ll need the space to store them and the logistics to enable their delivery. This is likely the most effective way of expansion. If you cover more bases you’ll be more attractive to buyers. Just look at Amazon, they started with books then over the years they branched out into almost every other kind of retail aspect available. Do it slowly, and you’ll start to see the traffic seep its way in.
