The growth of a small business in the middle of a competitive market challenges to business owners, even the most experienced. Often, the efforts of a company to grow simply focus on doing more of what is already being done. Owners of small businesses can find their best success by changing their approach, either thinking big and trying new ways that their competitors have lost.
Create separate distributions or sales franchises
No matter what you’re selling, you can drastically expand the scope of your business through the recruitment of partners for your business. Rely on independent sales channels not only brings greater sale, but that brings training and marketing support.
Develop a partnership with a complementary business
You can form a partnership with a company that complements what you have to offer. For example, if you produce and sell fitness equipment, a complementary business could be gyms or personal trainers. Partnering with a complementary business exposes you to a new base of customers and allows you to share marketing and promotion expenses.
Open another location
If your business involves a retail location, consider opening a second location in a new part of town or another town. Additional business place can help you reach new customers, which could double its volume. Additional business place can also help you benefit from the extension, i.e., the purchase of materials and supplies in greater volume at lower prices for each location.
Move your business online
If you have not already, take the power of the Internet to boost your business. Internet exposes your small business to a worldwide audience, allowing you to open new markets, find cheaper suppliers and collect new ideas about your industry. Through the delivery of your products or the provision of remote services, you can serve new customers around the world.
Complement product line and increase sales per customer
Opportunity for growth (and often overlooked) rests with your current customers. Because your current customers already trust you and the cost of acquiring new customers is high, maximizing your current customer base is the way to grow your income. Start by grouping products or services that complement each other, and offer them to your customers. For example, if you sell computers, you might offer computer training and consulting services. These additional sales could reach to overshadow the volume of your original product.