Growing a business is one of the most challenging tasks you will face as an entrepreneur. You must accurately assess your current performance and limitations to grow your business successfully. Attempting to expand operations too quickly has historically led to the demise of countless otherwise perfectly good businesses.
If, on the other hand, you grow your business correctly, you will find that when the time comes, you will be in a solid position to embark on a serious expansion. Here are some words of wisdom from Christopher Salis on effectively growing your business.
Startup Growth Strategies from Christopher Salis
Grow Your Business By Opening in Other Locations
This is usually the ultimate goal when a company embarks on a rapid growth program. Expanding to a new location will give you access to new markets and clientele, which can have several consequences for your company. For example, this can result in a sustained increase in sales, and sometimes entering a new market can also provide funds for your next expansion venture.
Diversify Your Services and Products
Diversifying implies broadening your scope. Similarly to how opening in a new physical location will give you access to new markets by virtue of geography, diversifying the range of products and services you offer will give you access to new markets that previously would not have been interested in your business. Diversifying also gives current customers more options and reasons to spread the word about your company.
Study Your Competition
It is an essential consideration for all businesses, regardless of their expansion plans. If you don't understand what your competitors are doing, it will be much more challenging to compete with them effectively.
You should look for information on who your competition is appealing to, whether these demographics overlap with your own customer base, and how the competition is allocating its marketing resources. Knowing what markets your competitors are attempting to enter and how successful they've been is helpful.
Promote Your Business Online
A professional online offering is required for any business hoping to compete in today's market. By far, the internet represents the greatest potential in terms of the number of people you can reach. You should prioritize online marketing over all other forms of marketing.
Consider Franchising
If you believe you have a winning formula for success in your field, you should think about franchising. Franchising means selling the essence of your business to interested buyers who will run their own outlets based on your formula. Offering your company for franchising is a great way to make money while expanding. Every franchise you sell will pay you a monthly fee to continue using your setup.
The Takeaway
These strategies are tried and tested. Christopher Salis suggests startups use them if they want to grow beyond their potential.