Starting a business takes blood, sweat, and tears. During its creation period, you may have done many things to ensure that you are on the right track. Using advisors, media monitoring tools, and finding information online would have been part of your daily routine. Then it happens; your business begins to grow, and you start seeing the fruits of your efforts. But what exactly do you do now?
After successfully getting your business noticed and growing in size what steps do you need to take to continue to see its growth whilst not foregoing stability? There are multiple options available to see your company grow leaps and bounds. Which option you choose to utilise should be a careful consideration of what would work best within the industry that you operate.
Open another location:
Depending on the type of industry expanding your company to another location might be the next best step to take. Find out where your product is most popular or needed using a media monitoring tool and start to research the logistics of opening a new office or store.
Opening a new location takes careful planning and a lot of research. Before taking this step, it is important that you are consistently making a profit and are certain of the longevity of your company and industry. In addition to this, you need to make sure that you have the finance available to open this location as well as the staff to make sure it is completed as quickly and efficiently as possible.
Create product licensing:
This is probably one of the best low-cost methods of growing your company, especially for tech and medical industry related products. By selling licenses to your software or technology equipment, you can start to receive royalties and upfront payments for the use of these products. Start by researching whether licensing is even an option for you by talking to people in the industry, conducting media monitoring to see if this conversation is going on about products that are similar to yours, and finally, research companies that offer similar products to yours.
This option requires less risk than simply opening a new location or other methods of expanding your company. It is important before taking the plunge to ensure that you have discussed your options with an attorney and taking the right steps to copyright your product. This ensures that you still have full control over the use and features of your product.
Create product diversity:
We see all it the time. Companies reach out and grow within the market by selling products that are associated or similar to the ones that they are already selling. This is known as product or service line diversification.
You can diversify your company by adding additional products that are related to your company, or by exporting and importing other products that are linked to your company’s USP. Alternatively, you can start to offer your knowledge within the industry by offering classes, writing pieces and publications. Another idea is to speak at public events.
Start by researching which option would be best for your company and industry. By using a media monitoring tool you can see what your customers are talking about on social media and in other forms of media. This can help you to find out what is already doing well within the market and can help you decipher what your customers want. This also allows you to pinpoint any issues that your customers are facing with your competition, and rectify them with any future diversified products. Additionally, you can discover what your customers like about your competition’s products.
Franchise your brand:
Keeping your business local is great for the initial growth stages. However, when you hit the point where you need to start expanding, it might be a good idea to expand nationally or globally. While opening a new location is a good option for this, it may not be feasible for everyone. If finances are tight, the logistics of opening so new stores can be a daunting prospect. Franchising, therefore, might be the option for you.
Sign up with a franchise broker firm to allow franchising your company to be an easier and faster experience. Research where your product is most needed, or where you might find your largest consumer market using word-of-mouth, online statistics and monitoring media online.
Create an online presence:
Since the internet has been created, brick and mortar is not the only option for expanding your business. If you have not already done so creating an online shop can be beneficial and a very lucrative method of expanding your business or keeping your costs lower.
Creating an online shop allows you to not only minimise overhead costs, but also to reach a larger market more easily and faster the more traditional methods. Be certain to create methods in which to direct people to your online shop. Methods that can be used to make your shop visible to your target market more prominently include:
- Using page search ads
- Creating social media and posting relevant information
- Hiring influences to promote your product
- Posting regularly on all online platforms
- Creating a blog
- Guest posting on already prominent blogs
- Registering yourself on online directories
Whilst creating an online shop requires less financial resources and allows you to reach more of your target market, it does require a little bit more work and research. It is important to know what attracts your target market online and do things accordingly. Media monitoring helps make this research faster and more streamlined. Using one of the many tools available on the market you can quickly and efficiently search the best hashtags to make sure your content is seen, the trending topics related to your industry to make sure all your content is in line with what your target market needs, and the leading influencers within your market. Using influencers allows you to tap into their followers that already trust them. They will, therefore, be more likely to buy a product compared to opting for a business that is completely unknown to them.