Growing your Business

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    Chapter 1: Growing Your Business

    You've launched your company and have probably experienced a variety of highs and lows since then. You persisted in spite of the difficulties; I applaud your efforts. You are contemplating expansion now that things are finally going well at your company.

    Business growth takes time    

    The expansion of your company might be compared to tending to a plant. You need the proper environment for your company to take root in, as well as the appropriate amount of water, sunlight, and other nutrients to support and foster growth. You want it to be consistent and long-lasting in order for your company to not only expand but also prosper.

    Get ready for business growth.    

    The information that you require prior to expanding your firm is covered in detail throughout this book.

    1. Varieties and epochs of business development

    Find out what you should anticipate at each stage of the growth process.

    1. Create a strategy for the expansion of your company.

    Create an outline of your long-term growth objectives and the plan to get you there.

    1. Forecast demand

    Prepare for future demand.

    Ways to grow your business    

    You may expand your company by putting the tools and advice in this guide to use.

    1. Increase sales

    Either increase sales to your already established clientele or find new ones.

    1. Drive more visitors to your website.

    Encourage a greater number of clients to go to your website.

    1. You can sell your stuff on the internet.

    Consider marketing your wares or services via digital channels, such as the internet.

    1. Expand the range of products you offer.

    Enhance the quality of your products or services, widen your audience appeal, or provide something unique.

    1. Develop your company's presence in additional markets.

    Create opportunities for yourself by penetrating new markets.

    Persistence is key    

    You probably won’t experience growth right away. Don’t get discouraged. If you keep at it and put in the hard work, you’ll see progress and reap the rewards.

    Chapter 2: Are you ready to grow your business?  

    Goals-Objectives  

    (Credit: Xero.com)

    Find out if you are prepared for your company's expansion by working through the questions on our checklist for business growth before you go to the next level of your firm.

    Before you begin your path towards progress, you should make certain that you are well prepared for it by having the appropriate mentality, the appropriate resources, and the appropriate preparations in place.

    Six things to do before growing your business    

    If you are prepared to expand your company, you should first cross the following tasks off your to-do list before jumping in:

    1. Do your research    

    If you want to know if your company is truly prepared for expansion, you need to conduct a risk analysis, a market analysis, and an analysis of your competitive advantage as a firm. It is important to review both your sales projections and your financial plan. Before moving on to the next stage of development for your company, you and your accountant should go through the figures.

    2. Get professional and peer advice    

    You should seek the assistance of as many accountants, advisers, and lawyers as you can in order to expand on and validate the findings of your investigation. You may be required to pay for their expert counsel, but rest assured that the investment will be money well spent.

    Have a conversation with other proprietors of small businesses who have been through the same or a similar situation. Discover how they were able to overcome challenges and achieve success in order to expand their firm.

    3. Set goals    

    Ask yourself the following questions before embarking on the journey towards expansion: What am I working towards accomplishing here? In what ways do I anticipate that expanding my business will benefit me? What do I envision the future of my company is like in one, two, or even five years?

    If you start out with well-defined objectives, it will be easier for your company to continue progressing in the right direction as it expands. Create objectives that are SMART, which stands for specific, measurable, attainable, relevant, and time-bound.

    4. Create a business growth plan    

    Experiencing the expansion of your company is an exciting time, but there is always the risk that something will go wrong. Because of this, you need a practical plan that outlines distinct methods for expansion as well as particular means of achieving your objectives.

    You'll need to keep a record of your accomplishments and make a note of any red flags that may indicate your strategy isn't working. Make sure you have a fallback strategy in place in case things don't go as planned.

    5. Factor in time, energy, and cost    

    Be mentally and physically prepared to invest a significant amount of time, labour, and emotional investment in the expansion of your company. In order to keep your firm solvent and pay for the expenses associated with expansion, you will require a sufficient amount of financial resources.

    6. Consider building your team    

    It will become increasingly difficult for you to keep track of every minute detail as your company expands. You will have a greater need to engage your employees in the process of delegation. They will take over some of the day-to-day responsibilities at your company so that you can concentrate on the more crucial aspects of expanding it.

    Your team will need to expand in a different method if you are not yet prepared to bring on additional members of staff. Increasing the capabilities of your existing staff members requires either providing them with more training or adopting new methods of operation and procedures.

    What if my business isn’t ready for growth?    

    It will become increasingly difficult for you to keep track of every minute detail as your company expands. You will have a greater need to engage your employees in the process of delegation. They will take over some of the day-to-day responsibilities at your company so that you can concentrate on the more crucial aspects of expanding it.

    Your team will need to expand in a different method if you are not yet prepared to bring on additional members of staff. Increasing the capabilities of your existing staff members requires either providing them with more training or adopting new methods of operation and procedures.

    Chapter 3: Stages of business growth    

    Are you looking to map out your expansion plan? Gain an understanding of the different stages of business growth and the obstacles that might be faced at each step.

    You've done your homework, figured out what you want to accomplish, and come to the conclusion that you're ready to expand your company. It is now time to formulate a plan for your company's expansion. This chapter provides an overview of the various stages of a business's growth, as well as the obstacles that arise at each level and suggestions for overcoming those challenges.

    Launch and learn: the startup stage    

    Here is the stage that you came from; this is the stage that you made it through. It was dangerous and challenging, but in the end, your efforts were successful.

    During the early stages of your company's development, you most certainly faced problems such as:

    • breaching the spending limit you set initially
    • following through with your business plan while simultaneously creating your presence in the ideal market

    You persisted in spite of the various challenges that you would have been up against, most likely by:

    • maintaining a vigilant watch on the movement of your funds
    • putting your attention solely on your current objectives
    • adjusting based on the comments and suggestions of your clients

    Sure and steady: the growth stage    

    You have succeeded in launching your own business at long last. You are currently experiencing consistent revenue as well as a steady stream of consumers coming through your doors. Put yourself in a position to take advantage of the guaranteed and ongoing growth.

    You will need to overcome these obstacles while you are in the growth stage of your business:

    • satisfying the demands of growing sales as well as an increase in the number of customers
    • dividing your attention as a business owner between the many different possibilities and problems that arise in order to continue growing successfully

    You'll need to do the following in order to get over these growth obstacles:

    • Develop a growth plan for your company, and construct a growth strategy.
    • Make your procedures and approaches more effective by refining and improving them.
    • Put in place methods of management, accounting, and reporting that are more efficient.
    • Recruit individuals that have a strong interest in the field in which your company operates in order to free up more of your time for leadership responsibilities.

    Bigger and better: the expansion stage    

    Your company has solidified its position as a significant player in the market. Even when everything is operating normally and without a hitch, there is still room for improvement. It's time to take things to the next level.

    During the expansion stage, you will run into the following challenges:

    • getting a higher market share
    • entering into previously untapped markets
    • identifying more profit centres or sources of revenue to pursue.

    You will need to do the following in order to overcome these challenges:

    • make sure you have everything planned out, and do a lot of research.
    • be practical about the resources you have available in relation to the investment's cost and the potential return on that investment.
    • instead of focusing on unconnected areas that have increased risk and a bigger chance for something to go wrong, shift your attention to markets and channels that compliment your existing capabilities and company activities.

    Navigating the stages of business growth    

    Every company is unique in its own way. You might be happy with the consistency of slow growth and decide against expanding in a significant way. On the other hand, you might decide to bypass the stage of gradual growth entirely and move right to the period of more rapid expansion.

    Understanding each stage of business development, from the one your company is presently operating in to the one you decide to move it to next, will help you prepare for the obstacles that lie ahead and improve your chances of being successful.

    Chapter 4: Write a business development plan    

    Sample Business Plan

    (Credit:Xero.com)

    Develop a strategy for the expansion of your firm to get the ball rolling. You won't have any trouble getting started, figuring out what to include, or formulating a workable plan with our help.

    It's time to go to work now that you've entered the growth stage of your company's development. Prepare a strategy for the growth of your company, and then put it into action.

    What is a business development plan?    

    A business development plan is identical to the business plan you drafted when you first established your company, with the exception that its primary focus is the expansion and the strategies necessary to realise it. It is a long-term strategy that describes strategies for the steady and sustainable growth of the business over the next few years.

    Before you start, do a SWOT analysis    

    Complete a Strengths, Weaknesses, Opportunities, and Threats analysis before you start developing your business development plan to ensure that you are concentrating on the appropriate factors. Find your organization's key advantages, disadvantages, opportunities, and dangers, as these will serve as the foundation of your plan.

    How to write a business development plan    

    Your business expansion plan should be the foundation around which you build your expansion strategy. You should make sure that it is understandable, detailed, and attainable so that it can hold you accountable and keep you on track. Examine and adjust your strategy as frequently as time and resources allow. In addition, continue to expand upon it as your company develops.

    What to include in a business development plan    

    1. Opportunities for growth

    Research your ideal customers, the businesses they buy from, and your own trajectory up to this point. From there, it is necessary to identify prospects for growth, which may include the development of new goods, the expansion of existing services, the entry into new markets, or any combination of these or other options. Think about the different paths you could take, and determine which one would benefit your company the most.

    1. Funding plan

    Determine how you intend to finance the expansion of your business. How much money do you already have in the bank? How much more do you require, and what are your plans to acquire it?

    1. Financial goals

    You should make predictions of your profits, revenues, and costs, and then utilise those projections as the foundation for establishing your short-term (quarterly) and long-term (yearly) financial goals.

    1. Sales and marketing activities

    Determine which sales and marketing strategies will effectively support growth, as well as how these strategies will need to adapt as your company grows larger and more successful. Check to see if your sales and marketing strategy is robust enough to keep up with the expansion of your company.

    1. Team needs

    Evaluate the capabilities of the team you already have and think about ways to strengthen those capabilities so that you can fulfil your growth goals. Think about employing new staff and deciding what kinds of talents they should have.

    Avoid these common business development mistakes

    • Having a focus on the immediate rather than the distant
    • Incorrectly calculating the amount of capital required to expand the business.
    • Having insufficient funds in the budget to pay the costs of expansion.
    • Putting too much emphasis on having a presence in numerous development areas; remember to prioritise quality over number.

    As your company expands, it is important to monitor your progress and continue to revise your business development strategy on a regular basis to ensure that it remains applicable and satisfies your most recent requirements. The expansion of a company takes time, so you need to be ready to put in some hard work.

    Chapter 5: How to forecast demand

    Get familiar with the fundamentals of demand forecasting, including what it is, why you need it, and the many approaches you may take in order to make accurate predictions of customer demand.

    Your customer base and the demand for the goods or services you provide will grow in tandem with the expansion of your company. You will need to gain a sense for what customers will want from your company in the future and how to plan for it in order to satisfy that demand. A demand forecast is what you need in this situation.

    What is a demand forecast?    

    A demand forecast is an estimation of the number of products or services that clients will purchase from your company in the coming years. You will need to look at historical sales as well as other data from the past in order to produce a demand prediction. This will allow you to determine what the demand from customers will be in the future.

    Why you need to forecast demand    

    An accurate demand forecast:

    • guarantees that you have the appropriate quantity of items or services available to meet the demands of future customers
    • eliminates any potential problems that could cost you money that could have been avoided, such as last-minute adjustments to operations or product shortages or surpluses.
    • lets you make educated judgments around pricing, budgeting, inventory management, and personnel selection
    • provides you with helpful information regarding the potential of your company in the existing market as well as in other markets

    Three ways to forecast demand    

    The following is a list of three methods that can be used to forecast customer demand: Find the one that is most beneficial to the operation of your company. You can also combine these approaches to achieve results that are superior and more accurate.

    1. Qualitative methods    

    When you don't have a lot of data to work with, such as when you're trying to predict the demand for new products or services, these strategies are your best bet. The following are some examples of qualitative methods:

    • Expert opinions
      Establish a group of professionals with specialised knowledge, such as accountants, business consultants, investors, lawyers, and others. After completing their individual demand forecasts, the experts gather together to discuss their findings and come to a conclusion regarding a single forecast that will apply to your company.
    • Sales team forecast
      If you have a sales staff, you should ask them to generate a demand prediction for you by drawing on their expertise, knowledge, and observations of the market.
    • Market research
      You should conduct surveys to gather information about your clients, discover their preferences, and determine how interested they are in the products or services you currently offer or plan to offer in the future. However, conducting market research can be time-consuming and costly, and even clients who indicate an interest in purchasing from your company during surveys might not end up making a purchase.

    2. Causal methods    

    These methodologies investigate the ways in which variables like as a morphing economy, shifting patterns of consumer spending, rising prices, and the presence of rivals affect demand. The following are some examples of causal methods:

    • Seasonal trends
      Examine the data for your sales over the course of the previous year to determine the reasons why certain months have a greater total while other months have a lower total. In the case of a firm that sells gelato, for instance, summer months may bring in more customers, whereas winter months may bring in less customers.
    • Lifecycle model
      Take a look at the lifecycle of a product or service, starting from the moment it was shown to the public all the way up until the present day. It's possible that you'll find that buyers purchase your product at various times throughout its existence.
      For instance, a gelato shop discovered that when it debuted a new flavour, in the first month following its introduction, very few consumers tried it out. This was the case even though the new flavour was very popular. However, after a period of three months, there was a discernible increase in the demand for the new flavour.

    3. Quantitative methods    

    These methods, which are founded on mathematical principles, are a suitable fit for corporations that have data spanning a number of years to work with. By analysing this data, you will be able to recognise any patterns or trends that have occurred in the past, which will allow you to forecast future demand. Here are a couple of illustrations of quantitative methodologies:

    • Time series
      Create a line graph in which each point on the graph represents the number of sales that occurred at a particular moment in time over the course of a specified amount of time.
    • Moving averages
      In order to calculate the demand for the following month, first, add up the actual demand for the preceding three months, then divide that sum by three.

    Quantitative methods provide you with precise numerical results. But if you want answers that are even more accurate, combine them with one of the qualitative or causal methodologies to take into consideration the various factors that could influence customer demand.

    Top tips to improve your demand forecasts    

    You will have a deeper understanding of your clients with each passing year, which will allow you to fine-tune your projections of future demand with more accuracy. Your efforts to forecast will continue to increase in tandem with the growth of your company.

    The following are three suggestions that will help you enhance your demand forecasts:

    1. Numbers are key:  Focus on the figures that will provide you with the knowledge you need to make an accurate demand forecast.
    2. Take other variables into account:  A demand can be affected by a number of different things; you should be aware of these aspects, capture as much information as you can about them, and account for them in your forecasts.
    3. Use your instincts:  Sometimes your gut instinct will let you know whether the upcoming week is going to be a slow one with low demands or a busy one with high demands. Pay attention to your gut impulses since no one else knows your company as well as you do.

    Chapter 6: How to increase sales    

    How can you increase sales to your existing clients while also attracting new customers to your business? We have some suggestions and advice that can assist you in increasing your sales.

    Boosting your company's revenue is a fantastic strategy to contribute to its expansion. But how can you make more sales to your existing clients, as well as how can you attract new customers? The following hints and suggestions should help you increase the number of sales you make.

    Nine ways to increase your sales

    1. Look after and learn from your existing customers    

    If you want to grow sales, a smart place to begin is with your existing customer base; therefore, make it a habit to check in on them on a regular basis to find out how they are doing. Do they face any new challenges that your product may be able to help them overcome? What is it about your product or service that people enjoy the most, and how can you improve upon it? Do they have any ideas for ways that the business could be improved to appeal to new customers?

    Customers who feel they are being listened to and cared for are more likely to leave a positive review. And remember that satisfied clients are more inclined to speak your praises to their friends and family, which is the very finest type of advertising there is.

    2. Do your research    

    Through conducting market research, you may improve your understanding of both your existing and potential customers, as well as the position of your product or service within the market. In addition to this, it can provide you with a more accurate picture of how your good or service compares to others that are similar to it, what customers are willing to pay for it, and how to calculate the appropriate pricing for it.

    You can perform market research on your own by sending out questionnaires to both your existing and prospective clients, or you can hire a third-party service provider to carry out the study and report the findings to you when they are complete. For additional information, have a look at our how-to guide on conducting market research.

    3. Clearly identify your ideal customer    

    Developing buyer personas is a necessary step in order to accomplish this goal. A buyer persona paints a detailed image of your ideal consumer, providing information such as their age, job title, the challenges they face, and the solutions that will simplify their lives, among other details. When you have a clear picture of your ideal client, you can explain how your goods or services may improve their lives.

    4. Hone your competitive advantage    

    You have been successful up to this point by advocating for the qualities of your product or service. It is time to put your attention, now that you are expanding, on the advantages that you can provide. What sets your product or service apart from others in the market? What sets you apart from others? Which of your competitors can come close to matching the value that you provide? In what specific ways may your product assist clients in resolving their issues?

    5. Bundle your products or services    

    If you have multiple products or services, you can increase sales by packaging them together and selling them as a bundle. You have the ability to boost the total transaction price through the usage of bundles; yet, your clients will still have the perception that they are receiving a good deal from you because you are providing a discount for purchasing many products or services.

    One example of this is the Usual Suspects Clothing Company, which sells t-shirts for either $20 for one or $30 for two. Customers receive a discount on their purchase of two t-shirts, making this an appealing offer. Make sure that you are still turning a profit, though!

    6. Introduce a loyalty or rewards program    

    When you show appreciation to your consumers for their continued patronage of your company, they are more likely to come back in the future and tell others about the quality of your goods or services. Prepare yourself for the additional time and money that will be required for the additional administrative work.

    The following is an illustration of the loyalty programme as well as the rewards programme that is offered by the Usual Suspects Clothing Company:

    7. Add giveaways and special offers    

    To bring in new clients and keep the ones you already have as devoted patrons, use giveaways and special incentives. For example, Asha gives new clients two free training sessions, while a gelato shop uses stamp cards to offer return customers a free gelato of their choice after ten visits to the shop.

    8. Make the most of social media    

    Because virtually everyone uses social media these days, expanding your business through this channel can result in significant revenue gains. Through conducting research on the market, you will have an understanding of the social platforms that are most frequently used by your existing consumers and new customers. After reaching that point, you will be able to pick the appropriate social network to target.

    For instance, research into consumer behaviour reveals that the majority of clients of the Usual Suspects Clothing Company are active on Facebook and Instagram. In order for the organisation to be able to add a 'Shop' button to their Facebook page, where users will be able to view the newest and most popular products, They might also conduct a promotion on Instagram in which consumers who share a photo of themselves wearing one of their products receive a discount equal to five per cent of their subsequent purchase from the company.

    9. Increase your prices 

    Increasing your prices can be a really nerve-wracking experience. What if people stop buying from you because they don't want to pay the higher prices? However, if you handle the situation correctly, increasing your costs won't be an issue.

    Make sure to give your clients adequate notice before increasing your prices and offer them the opportunity to buy your items or renew their contracts before the new prices go into effect. Be straightforward and honest about your reasons, and let your clients know about any additional value you'll be providing, such as more services or support, increased availability, or a quicker turnaround time.

    Your customers will be more willing to accept a price increase if you can show them that the value they are receiving has improved, and they will also have a better understanding of how an increase in your prices will allow your company to expand while maintaining the same high standard of its products and services.

    Chapter 7: How to increase website traffic    

    Increase Web Traffic

    (Credit: Xero.com)

    What strategies can you employ to transform site visitors into paying customers? The following are our top ten suggestions for increasing the amount of website traffic.

    Your website serves as the virtual storefront for your business. It highlights your products or services, responds to the fundamental questions that customers have, and stimulates sales. Consequently, it is vital to develop a website that is engaging and user-friendly in order to maintain clients' engagement, persuade them to make a purchase, and urge them to return. Your website also provides you with the opportunity to convert visitors into consumers; sales are directly proportional to the number of customers.

    Top 10 tips to increase website traffic

    1. Optimise your site    

    Because you want your clients to have an easy time finding you, you should strive to be among the first websites that come up in search results that are pertinent to your business. You will need to optimise your website for search engines in order to accomplish this goal.

    Find out which keywords are pertinent to your company, and then work them into the content of your website pages in a way that sounds natural. Check out our guide on SEO for small businesses if you want to learn more about optimising your website for search engines.

    2. Create a responsive site    

    When people surf the web, they do so on a variety of devices, but a growing percentage of them are doing so on their mobile devices. In 2018, mobile phones were responsible for more than half of the traffic that was generated to websites worldwide. By 2021, mobile will account for roughly three-quarters of all sales made through e-commerce platforms. The data is convincing, so you should make sure that your website is accessible and user-friendly across a variety of platforms and devices.

    Your website also needs to make it possible for users to have a positive experience from the very first click to the very last one. This comprises a clean layout, clear user interface, rapid load times, and intuitive navigation among other features. In the absence of these, prospective clients may become dissatisfied, abandon your website, and never come back.

    3. Be social    

    Take full advantage of everything that the various social media platforms have to offer. Make sure that every one of your social media accounts has a link to your website, and urge others to check it out. In order to increase the amount of visitors to your website, you should hold competitions and promote any new items or services.

    Another fantastic approach for potential clients to become aware of your company is by maintaining a consistent posting schedule and utilising trending hashtags, particularly on social media platforms like Instagram and Twitter. When communicating with clients on social media, do everything you can to be authentic and responsive to their needs.

    4. Advertise    

    If you have the financial means, you should consider paid advertising solutions such as the following:

    • Paid search: You can use Google AdWords Express to manage your online advertisements in an automated fashion. You can also send retargeted advertisements to people who have previously visited your website but have not yet purchased anything from your company.
    • Paid social media: You can boost posts that have received a lot of engagement, purchase advertisements on Facebook or Instagram, or show sponsored posts to users who fit a specific demographic.
    • Display advertising: You can promote your business by placing banner ads or advertisements in formats that include audio or video on other websites or on social media networks. Because you need a creative idea or team in order to pull this off, it will likely require more effort and will almost always cost more money.

    5. Build an email list    

    Email marketing allows you to develop a list of subscribers who are interested in learning more about your business and its offerings at regular intervals. It is an efficient method for establishing a connection with prospective clients and encouraging them to check out your website. To understand more, have a look at our recommendations for marketing by email.

    6. Get listed    

    Because you will have your own profile on the online directory as well as a link to your website, getting your company listed on an online directory that is specific to your location or industry (like Google My Business or the website of your local Chamber of Commerce) can increase the visibility of your company. People have the ability to offer input about your company on review websites such as TripAdvisor or Yelp; consequently, receiving positive ratings can bring in additional clients.

    7. Engage influencers    

    Find bloggers, social media users, and other influencers in your field who share the same values as your company and seek to collaborate with them. In order to persuade them to write about your service or post about your product, you might need to offer them gifts or woo them a bit, but their enormous audience and following will ideally generate more people to your website.

    8. Test your content    

    Try out several kinds of material with your customers and observe which ones get the most positive responses from them. It may be a brief essay or a longer one, an image slideshow, a video, or an infographic, for instance. Make sure that your material is helpful and important, even if it is presented in a variety of formats, so that people will want to share it.

    9. Use Google Analytics    

    Google Analytics provides a wealth of information on various parts of your website, such as the origin of your website's traffic, the demographics of your site's visitors, and any patterns or trends in the website's traffic. You may put this information to use to inform your marketing strategy and bring in clients who are a good fit for your business.

    10. Research your competitors    

    Investigate the methods that your rivals are doing to attract visitors to their websites. You may analyse where your competitors' traffic is coming from by using competition analysis tools such as Alexa or SimilarWeb. Then you can adopt a similar strategy or tap into the same sources of traffic. It is also beneficial to have a look at what your competitors are posting, promoting, and sharing on social media in order to gain insight into how you might improve upon what they are already doing.

    Chapter 8: How to sell your product online

    Have you given any thought to marketing your goods or services on the internet? We will walk you through expanding your customer base and expanding your business using the internet.

    Are you considering opening an online storefront in addition to your traditional storefront? Or maybe you're interested in going the digital route entirely. Building your company's presence online broadens your market, enabling you to offer to a greater number of clients in a variety of locales. If you want to conduct all of your business on the internet, you will not have to worry about the expenses associated with running and maintaining a physical location.

    The process of selling your product or service online may be broken down into the following parts.

    Planning

    In the planning stage, research is essential, thus it is important to educate yourself about internet selling. These questions can assist you in getting the ball rolling:

    • What kinds of things do people wish to acquire when they shop online? What method of purchase do they prefer?
    • How do consumers wish to have their purchasing needs met?
    • Do you want to sell your products using an already established eCommerce platform, or would you rather incorporate that platform into your existing website so that you may begin operations more quickly? Or, would you rather develop your own online store with eCommerce website builders so that you have more control over your business?
    • What are the prices that you charge for shipping your items? How do you plan to handle the various aspects of the logistics?
    • What kinds of internet marketing and sales strategies do your rivals employ for the items and services they offer?

    Consider the planning stage to be the phase of discovery.

    It is possible that you will discover that selling all of your items or services online is the best way to proceed; otherwise, you may realise that it makes more sense to sell simply a portion of what you have available.

    It's also possible that you'll come to the conclusion that selling things online isn't for you. Take the time to do some research and formulate a strategy for expanding your business on the internet, whichever path you decide to choose.

    Branding    

    Your identity is your brand, and that includes everything from your logo and colour palette to the layout of your website and how it makes you feel. Maintaining coherence in this area is important since it helps define who you are.

    When you sell things online, you want people to think of your brand whenever they purchase one of your products or use one of your services. Writing up product descriptions is a vital component of this process. One successful strategy for marketing your brand is demonstrated here:

    Promoting    

    You need to get people to visit your website if you want to make sales of the products or services you offer. It is in your best interest to market your company using a variety of different channels and strategies so that you may achieve this goal.

    Selling    

    If you want to be successful at selling things online, you need to make the purchasing experience simple and straightforward for customers. With the help of these helpful tips, you may make the process of selling as simple and stress-free as is humanly possible:

    Chapter 9: How to grow your product line    

    Growing the variety and number of products you offer could be the key to giving your company the boost it needs. Here are five different ways that your product range can expand.

    Growing your business requires you to continually add new offerings to your product catalogue. It can be less risky than developing an entirely new product or service from the ground up, and it enables you to cater to the ever-evolving requirements of both the market and your individual customers. It's possible that expanding or refining your product or service offerings is all that's required to give your company the push it needs.

    Five ways to grow your product line

    1. Listen to your customers    

    You can gain a lot of insight from your customers about what to offer next, so listen and learn. Ask for feedback in person or through email and social media. Host polls and take surveys. Your customers may not only have ideas on improving your existing offerings but also suggestions for completely new products or services.

    2. Go broader and better    

    Expanding your product line involves taking it in a more diverse and improved direction. The following are some suggestions on how you might go about doing that:

    • Look at ways to make your product or service appeal to a broader market
      How can you expand your reach to more people? Exists a space in the market that hasn't been occupied by anyone yet? Feedback from customers and research into the market can be helpful in this regard, as can analysing what your competitors are doing and determining how you might do it better. For instance, the Usual Suspects Clothing Company may provide a greater selection of clothing sizes, and a gelato company could sell wholesale to supermarkets or offer a supply of flavours to restaurants. Both of these examples are just two examples of how businesses can expand their offerings.
    • Offer varying price points to suit different customers
      How can you price your goods or services in a way that will entice customers to purchase them? For instance, Asha can package her services into three different pricing tiers: a basic plan for one-on-one coaching, a standard plan for coaching and online training, and a premium plan at the top of the pricing tier that includes both nutrition and exercise regimens. Customers will find that Asha does not provide anything novel, but rather more options to satisfy their financial and physical requirements.
    • Look at what you can offer new markets
      What can you make that will make new markets interested in what you offer? The study of markets can be of assistance. For instance, the Usual Suspects Clothing Company may introduce brand new styles for infants and young children. In the same vein, a gelato shop could provide tailor-made flavours for special occasions and gatherings.

    3. Build on market trends    

    Find out what's going on behind the scenes in your business to get a sense of the direction the market is heading in. Read trade magazines, news publications, and trend reports related to your sector. Draw motivation from the ground-breaking work being done in other fields. After that, you can adjust your existing product or service so that it better fits in with these trends.

    For instance, the food industry is moving towards more nutritious options, which means that a gelato business can provide flavours that are low in fat and sugar by reducing the amount of both ingredients. In the meantime, the health and fitness business is becoming more tech-savvy, which means that Asha may provide consumers with personal training software that allows them to track their progress in relation to their goals, link wearable devices or fitness trackers, and make bookings or payments.

    4. Team up with other businesses    

    Join forces with a company that shares your ideals or one that operates in the same market segment as the one you intend to dominate. For instance, The Usual Suspects Clothing Company could approach traditional brick-and-mortar retailers in other areas to expand their market, or they could work together with other companies that are committed to being ethical and environmentally responsible to fulfil bulk orders of company t-shirts and presents for customers.

    5. Expand your distribution channels

    Do you only sell on the internet, or are you also open to working with wholesalers, distributors, or retail businesses? Would you be able to set up a temporary shop or participate in the local weekly market or fair? If you own a traditional store, have you considered becoming digital or selling your products on online marketplaces? If you want to expand into new areas and bring in more clients, you should investigate alternative distribution channels for your goods or services.

    Chapter 10: Expand your business into new markets    

    The process of penetrating new markets can be fraught with difficulties. We walk you through the steps you need to take before expanding your company into new areas so that you may maximise its potential.

    You've been successful in increasing your sales, broadening your product offering, and establishing your product or service in the market you operate in. It's possible that entering new markets should be the next logical step for your company to take. But getting it properly requires a lot of effort and study, so you should take your time with it since you want to ensure that your company will be successful in the new market.

    Before you can expand your company, there are some things you need to do first.

    Define the market you want to sell to    

    Because you will need to have an understanding of how the market operates, you should think about developing buyer personas for clients in the new market. The next step is to ensure that you have a solid understanding of market growth rates, barriers to entry, existing competitors, and customer demand.

    Researching the market is something that may assist you with all of this. Instead of handling it internally, it might be more beneficial to engage in the services of a professional. They are equipped with the requisite experience to conduct an analysis and evaluation of the possibilities for your company to grow into new areas. They will be aware of what to look for, what questions to ask, and who to ask for assistance.

    Choose your mode of entry.    

    Here are a few ways to enter a new market:

    • Build
      This may be a whole new product or service introduced to the market, or it may be the opening of a new business in the area. You'll need more money and resources, and it's a high-risk method of entry, but you'll be the one in charge of the situation.
    • Buy
      You have the option of purchasing a franchise or an already established company in the market. It is an easier way to enter the market, and you will almost immediately gain a sense for how the market functions, but it can be expensive.
    • Partner, You may link up with another company in the area, collaborate with a distributor or agent operating in the market you're targeting, or both. You will have less control over the situation, but there is less risk involved, and it may be a good approach to become more familiar with the market. Spend some time cultivating a relationship with your spouse and earning their trust so that you can move forwards together. Inform them of the benefits that they will receive as well as the ways in which your product or service is distinctive enough to compete successfully in the market. In addition, make sure that your agreement is documented so that there is no room for misunderstanding.

    Work out if you have enough resources   

    This encompasses monetary assets, stock, personnel, technological advancements, and other elements. What options do you have if you do not have the necessary resources at your disposal? In order to support your expansion, you may need to boost production, build new processes, recruit more personnel, or outsource certain duties. You may also need to obtain additional finances.

    Consider the overall effects that increasing your firm will have on its operations. Are you prepared to accomplish it in a relaxed manner? Is Will entering a new market be beneficial or detrimental to the success of your company? Will it create a considerable amount of financial stress for your company? Before you start, you need to be sure that you have honest answers to these questions.

    Develop a solid market entry plan    

    As soon as you have concluded that you are prepared to enter the market of your choosing, it is important to develop a comprehensive strategy for market entry. Because entering a new market is analogous to beginning a new business, the plan you develop to enter the market will be quite similar to a business plan.

    Check to see that your strategy is tailored to the market that you will be entering. Include how you will determine success, how you will price your product or service in the new market, your financial strategy, as well as your sales and marketing efforts, in this section. Check out the section of our guide to beginning a business that is devoted to writing a business plan so you can get into the swing of things and begin making plans.

    Educate your team    

    You will need to brief your staff on the ins and outs of the target market that you are aiming for. Set up training sessions for your existing personnel in order to bring them up to speed, or think about building a new team either out of the employees you already have or out of new recruits. Collaborate with them to design innovative procedures that are tailored to your market.

    If you plan to extend your business to a new location, your team will need to learn how to interact effectively with the local clients there and respect any specific traditions or customs that they adhere to. If you want to make it easier to educate your workforce, you might want to think about partnering with local partners or employing local personnel.

    8 ways to grow your business
    • Know your customers. It is important to have a thorough knowledge of who your customers are. ...
    • Give excellent customer service. ...
    • Grow loyalty. ...
    • Network. ...
    • Keep on learning. ...
    • Host events. ...
    • Use social media. ...
    • Measure your approaches.
    The four growth strategies
    • Market penetration. The aim of this strategy is to increase sales of existing products or services on existing markets, and thus to increase your market share. ...
    • Market development. ...
    • Product development. ...
    • Diversification.

    Customer service and customer experience are major focuses of the most successful businesses. The first step is creating products and services that customers want. But focusing on customers goes beyond your products. Customers are tired of dealing with companies through phone menus and automated chat bots.

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