by Nigel Hilton
Often a small business starts with just one idea and one person. For a while it remains at that while that person develop the idea, nurtures it and thinks about how they might bring it to life. Once they do, it can often be like the snowball effect. You start to see the idea blossom, you work hard and you're once very small venture turns into a viable small business to be proud of. But what next? Are you happy with that? The truth is many want to expand their business, and they look at other ways they can do it. With that in mind, here are some of the ways your business could be showing signs that you are ready to take the next step to expand your small business.
Image source - Pixabay - CC0 License
Is it time to start wholesaling?
One of the things you could consider would be to sell your product at wholesale so that other retail outlets or stores can stock and subsequently sell your product. This can be a great way to sell in volume. Agreeing a wholesale price above the cost, and then ensuring that your recommended retail price is adhered to. Knowing that you are protected means that your product is opened up to a new audience and even a mass market if you get into the right type of stores.
Could you add more products to your range?
Expansion might simply mean expanding your current business model and keeping doing what you are doing in other aspects. A good way to do this is to consider adding to your already existing product range. It might be something of the same niche or genre, or you may want to branch into another area and release a product or service that is different. Ensure the same level of care goes into the production and development of this idea as it did your first.
Do you need extra help?
Your business may start to grow at a rapid pace, but if you are still trying to keep every plate spinning then you are soon going to crack. So it may be time to start thinking about the ways you can help yourself, and placing some sort of value on the time you put into the business. Outsourcing certain aspects of your business such as having Managed IT Services, website development, social media management, logistics etc, could be a huge sign your business is expanding and heading in the right direction.
Expand into your own retail premises or in a new location
Finally, if you like the idea of having other sites, but want to keep the business yourself then you could consider expanding your business into your own retail premises. If you already have one, you could branch out into another area or town. This can be excellent for your business and enables you to take on a new market of customers.
Let’s hope that this has given you some of the lightbulb moments that mean you are in position to expand your business.