Once your small business is off to a strong start with an excellent product and a small base of loyal customers, you may be ready to start growing your business. There are many ways to expand your customer base and increase your sales; here are four.
1. Diversify Your Products and Services
Diversifying your products and services is a great way to get more business from current clients and gain new clients with slightly different needs as well. If you own a cloth diaper store, you may start selling natural living products for moms. If you own a gym, you may start offering more fitness and nutrition classes.
2. Target New Audiences
If your advertising efforts are limited, you may want to consider advertising in new places or to new people. Your advertising efforts are only limited by your creativity. You can advertise on Facebook and Twitter, place ads in local publications, advertise at local restaurants or hand out fliers at events related to your business. Have your clients advertise for you by offering refer-a-friend deals they will want to pass out to all of their friends.
3. Merge With or Acquire Another Business
Merging with or acquiring another business is a great way to take a competitor’s client base and add it to your own. When another company goes out of business, their customers are left without a company to fill that company’s particular role, whether they need a place to buy a product or a company to provide a service. Be that company and you can easily double or triple your client base overnight.
4. Open a New Location
Another common technique for growing your business is to open another location. With two locations, you serve twice as many clients and do twice as much business. Plus, since you already have your concept, products and services developed, opening the second location should not be nearly as labor intensive or expensive as opening the first.
Whichever road you choose to take, our agency wishes you luck. Also, do not hesitate to reach out to us about your business insurance and how it may be affected by your decisions!