Imagine you start the business of your dreams and enjoy getting it started. However, you start to stagnate, and you wonder how to expand your business.
Before you stress too much about where your business is going, consider a few business growth strategies. Then, you can choose one or more options to help take your business further.
Keep reading to learn more.
Find a Business Partner
One way you can grow your business is by bringing on a business partner. You can ask them to invest a certain amount of money in exchange for equity in the business.
For example, you might offer them 50% of the business if they pay the value of half of your company. Then, you’ll get a bit of cash to use to help expand your company, and you’ll get help running the business.
Your business partner might know other businesses in the industry. So they could help you build connections and get more clients or customers than you could get on your own.
Another option for how to expand your business is to outsource things. Write down all of the tasks you do in your business, and consider what you’re good at and what you’re bad at.
You can also list out what you like doing and what you don’t like to do. Then, compare the list of things you’re bad at and that you don’t like doing.
If there’s any overlap, you’ll know what to outsource first so that you can focus on what you enjoy. For example, maybe you don’t like hiring new employees but know you need to.
You can learn what makes a PEO employer unique and work with a company like that. Then, you won’t have to worry about finding perfect candidates yourself.
Hire Employees or Contractors
Speaking of hiring, another excellent growth strategy is to hire more people to work for you. If you know you need a lot of help or you want to control the work more, you can hire a traditional employee.
However, hiring a contractor can be nice if you just need a bit of assistance. Be sure to consider how employees and contractors compare so that you can choose the right type of worker for you.
Luckily, you can hire both employees and contractors if it makes sense. Hiring either type of worker can be scary, but it can be worth it to give them more responsibilities so that you can do more work and grow your business.
Another fantastic way to grow your business is to operate online and in person. So if you currently take clients in person or have a retail store, consider starting a website to offer your services and products over the internet.
Then, you’ll be able to reach more people and increase your sales. You may even find that your online store does better than your retail location.
If you currently have an online business, consider how you can operate in person. For example, you might rent a pop-up shop for a few days or weeks to sell to people in your community.
Another option is to sponsor local events or set up a booth at a craft fair. Then, you can talk to people and access more of your local market.
Offer Something New
You can also offer a new product or service to fuel business growth. For example, a photographer might start to offer a new service, such as pet portraits, or they may sell stock images.
Ask your current clients and customers what they’d want to see from you. Then, you can figure out a service or product that people are ready to buy.
When you launch the new offer, you may get a ton of sales. Of course, you’ll need to be ready to fill those orders, but it can still be an excellent way to grow your business.
Settle on a Niche
If your business is relatively general, focus on a business niche or a specific type of customer. Using the photographer example, you could focus on taking pictures of families instead of anyone and everyone.
Then, you’ll be able to tailor your marketing materials to that specific person. When someone finds your website, they’ll know that you can provide the service they need.
It might feel like you’re excluding people and limiting yourself. However, you can build your expertise in your niche to help gain trust from your ideal customers more easily.
Invest in Ads
Another thing to consider to kickstart company growth is to invest in paid advertising. You can get a lot of reach and results from organic marketing on social media and in search engines.
However, paying for ads allows you to reach even more people than you have been. You’ll need to target your ads to your ideal client or customer so that you don’t waste money showing ads to just anyone.
If you can do that, you might get more sales from people who don’t already follow you. Many ad platforms also allow retargeting, so you can show ads to the same people a second time to see if they’ll buy.
Set Up a Passive Sales Funnel
Automating things is another amazing option for how to expand your business. If you haven’t already, set up a sales funnel for your main product or service.
You can usually build the funnel in an email marketing program. For example, you might create a free download to encourage people to join your email list, and you can then send them emails to promote your offer.
Many email marketing tools let you send those emails automatically. Once you build the funnel, all you have to do is get people to give you their email.
Deciding How to Expand Your Business Is Easy
If you’re tired of working all day and night, consider how to expand your business. Company growth can be scary, and it might require you to take a risk.
However, you can do a few things to grow your business and increase sales. Be sure to consider hiring help, paying for ads, or setting up a sales funnel that works automatically.
Do you want to learn more about running a successful company? Head to our business section for more content.