So, your business has become a success; what do you do now?
You expand! If you offer a service or product that has given you success in one area, then think of the success it could have further afield.
But expanding a small business isn’t an easy task. There are various aspects you need to think about and plan before you begin. Once you have thought about them all, the expansion process should be much more manageable.
To give you a helping hand into the world of expansion, here are ten need-to-know things that’ll see you continuing your success.
1. Do your research.
Once you’ve decided where to expand, you need to do your research.
Find out what is already in that area, who your competitors are, and what they are doing. This will help you find out what type of expansion you will be facing. For example, if you are in an area where you are the only professional business in the area, then you may want to make changes to your product or service to make it different or better than your competitors.
Related: 15 Successful Business Ideas for Women
If you are in an area where there are many professional businesses, then this is a good area for you to expand to as it will be more beneficial to you.
2. Find out about the area.
Before you think about moving your business to another area, you need to know what the area is like. You will have to think about how you can market your business, what public transport is like, how much it will cost to move and if there are any businesses nearby that will help support your business.
If you are planning on moving your business, you might want to think about renting a property first. This way, you can see how it works out before you buy.
3. Look at your marketing.
Once you have found the perfect place to expand your business, you will have to think about your marketing. The service or product that you offered in your first location may not be successful in your new location.
This is because you will have to create a new identity for your business in this new location.
4. Think about your branding.
Your branding is very important in your advertisement. The way you brand your business will show if you are professional and trustworthy.
You may want to think about your brand identity before you expand so that your brand is consistent between your two locations.
5. Delivery options.
You need to think about if you can deliver your product or service to your customers in your new location.
If the products or services you offer are heavy, then you may want to think about hiring a delivery service to take your products to customers. This would have to be a courier company that you can trust, especially when customer feedback reflects on your business – not the courier.
By choosing a dedicated delivery service that offers a variety of options, like same-day delivery and tracking, your customers will have peace of mind knowing their order will get to the safety. Try to read reviews to find the best one in your area.
If you are expanding out of your state, there are couriers which cover the entire US, like Reliablecouriers.com, and this would really benefit your business and customers.
6. Increase the number of staff.
When you expand, you may need to take on more staff.
If you take on more staff, you will have to think about what they will do, how much they will cost, and how you will get them to your new location.
It will also fall on you to keep the team motivated, so consider what incentives you can offer.
7. Keep your customers happy.
Your customers are your main source of income.
You need to make sure that when you expand, you keep your customers happy. If they are happy, then they will continue to use your services. If they are not happy, then they may decide not to use your services again.
When you are expanding, you will have to think about how much money you need.
You will need to think about the cost of the move, how much your bills will be at your new location and how much you will need to put aside for advertising.
9. Think about the future.
Before you expand, you need to think about how long you will stay at your new location.
You will need to think about whether you will stay there for good or if you will move again after you have established yourself.
You need to think about the future of your business and whether you will expand again. If you do, you will need to make sure you build the expansion into your business plan.
10. Keep expanding!
Once you have expanded your business, you should continue expanding. There are many different ways you can do this.
Think about the type of expansion you could do. For example, if you offer a service, you could expand your business by offering your service in another area. Or, if you offer a product, you could expand your business by selling it in shops where it isn’t currently stocked.
You could also expand your business by adding something to your product or service that will make it unique and better than your competitors.
Your business can keep growing and, as long as you continue to work hard and think creatively, it will continue to be successful.