The first years after you open your small business are some of your most stressful, as you wait to see if you’ll make a profit. Once you’ve survived this trying time, though, you’re ready to think about expanding your company in one of these ways.
Sell Your Goods to a Wider Market
At first, most of your customers are local because you don’t have enough products or advertising to reach a larger market. Now that you have some funds to spare, try extending the region that you serve. For example, if you own a corn farm and you usually sell your products at a farm stand and local grocery stores, use hopper bottom carriers to transport your food to grocery stores outside of your state. If you manufacture clothes or trinkets, open an online shop so people can buy your products without coming into your store.
Open a Second Location
Since you know that your current business model works, why not duplicate it? Open a second location in a town near your current business, and offer the same products. You can use the same vendors and even some of your current employees, creating a better link between your branches.
Offer New Products
When you have extra capital, consider developing new products. Customers are intrigued by new items, and investors like to see that your business isn’t stagnating. For restaurant owners, this means offering more choices at each meal or having pricier options, since you can afford to purchase crab and lobster now. For people who sell home goods, ask an expert to design something new for your store.
Once your small business is secure financially and you have extra room in your budget, use one of these expansion methods. By continuing to grow your company, you ensure that you remain relevant to your rapidly changing market.