Are you overwhelmed by everything you need to do to keep your business afloat? And because of that, taking your business to the next level became a lower priority? You know you need to take this step, but hesitant to it as you have no idea what to do first?
Here’s some advice that every handmade business owner should know, especially if you feel lost.
First, ask yourself why you need to take your business to the next level?
- You can build an empire – Providing your family a stable income, pride pride, and job position for family and loved ones are just a few of the many advantages of business expansion.
- You can dominate your market niche. – You can move into new geographic markets, acquire more customers or provide the next level of service to your present customers – perhaps, a service they have been asking you for. Growing your brand brings value to your business and quality to your customers.
- Hire and keep good employees – When you expand your business, there will be more business opportunities for you and new work opportunities with your present employees. You will be able to help people and keep your good employees
- Achieve economies of scale – This means that bigger businesses achieve lower costs per unit and stretch administration dollars over a larger product line: marketing, professional fees, insurance and banking charges, to name a few. This economy of scale contributes to having more money for R&D, sponsorship, employee training and education, investment in new technology and creating more productivity out of employees.
So what you should to first to take your business to the next level?
1. Physical Expansion
This might not be your best choice for taking your business to the next level, but it’s listed first here because that’s what often comes to mind first for to many business owners when talking about boosting a business.
Business expansion will help you other customers who are from different interests, or different locations from where you currently operate.
If you have an online business, this type of expansion will likely involve opening new locations in different geographic areas whether across town or across the country. Doing so will require a significant investment of both time and money, so perform thorough market research first to make sure there is enough customer demand in the new territory to justify the expansion.
2. Diversify
Diversifying your product or service line means:
- Selling other related products or providing required services.
- Participating in webinars, local workshops or other ways of sharing your knowledge and expertise with others.
- Import or export yours or others’ products
- Become a guest writer or accept guest posts.
3. Consider International Markets
If you want to reach more people, you need to also try international markets. You can find a foreign distributor who can manage your product inventory and resell it in their local markets.
So how can you find a reliable reseller?
You can find them by scouring your city or state for a foreign company with a U.S. representative. Trade groups, foreign chambers of commerce in the United States, and branches of American chambers of commerce in foreign countries are also good places to find distributors you can work with.
If you can’t find any opportunity, the simplest move you can make is to start accepting international orders and provide international shipping.
4. Hire Help!
Yes! Get some help. It could be from your family, friends, or a virtual assistant from the Philippines.
The idea here is to market and sell your existing products and services to new customers. To do that, you need additional help!
Check this video from Marie Forleo to learn how you can easily get some help:
However, it is important that you do your research and consult with experts and other available sources like books and magazines before taking your business to the next level. That will help you get vital direction and guidance before you proceed.
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