As a business owner you’ve probably thought about expanding your business at some point in the future, but the real question to ask is when is the right time to do it? Unfortunately, there’s no cut and dry answer to that question, but if you’ve got the profits, the ideas and the bravery, then you should definitely go for it! While expanding your business isn’t going to be easy, the rewards and profits at the end of the road are worth it.
Allow remote working
Remote working is becoming more and more popular around the world. Not so long ago, business owners couldn’t even imagine a world where their employees were totally remote, but since the pandemic, entrepreneurs worldwide have realised that it’s totally possible. Not only that, it makes sense! You save on hiring office space and your employees are more content. So, if you’re thinking of hiring, post remote jobs and you’ll find that you have a ton more applicants.
If you already have a team, give them the option to work from home if they want to. You might find that everyone would prefer to work from home, leaving you with the chance to downsize the office and free up more funds for your business expansion.
Understand that you will need to make investments
The saying is “to make money, you must spend money” and that’s totally true! Whether that be a new piece of software to increase employee output, or an upgraded machine on your factory floor, you’ll need to put the cash in to cash out further down the road. Don’t be scared to take the leap on purchases that can only improve your business.
Expand your target audience
If your target audience is fairly niche, or you’ve noticed that you only get a certain crowd within your customer base, now is the time to expand who your products and services appeal to. For example, if you sell men’s clothes, why not add a women’s section or children’s clothing?
You should also think about your branding when it comes to expanding your target audience. Do some research and ask questions to your customers to get their feedback on your branding. Perhaps your branding is inadvertently turning away potential customers.
Put product and service ideas into action
You’ve probably got lots of product and service ideas tucked away in your office, ready for a later date. Why not dig them out now? If possible, try and create something revolutionary that your competitors aren’t doing. Creating a line or products or services that are one of a kind will generate lots of excitement and bring in plenty of new customers to your business.
Consider collaborating with another company
If you’re stuck on how to excite your customers, then why not team up with another business for a crossover? You could create an exclusive range of products or services that will benefit both businesses. Not only that, people love nothing more than seeing their favourite companies working together.
