For those of you who have survived the startup stage and achieved success in putting up your businesses, you may be wondering what the next step would be for business growth. According to the Small Business Association, today's economy presents opportunities for startup companies and business expansion.
If you are looking to expand your business, part of the process would be careful planning and preparation for a new set of challenges. Six different entrepreneurs who have all experienced difficulties in expanding their businesses offer valuable tips on how to take your business to new heights.
1. Expand locally, set up shop in nearby locations.
Word-of-mouth is the best type of marketing and according to CoFoundersLab founder Shahab Kaviani, if you can get people talking about your business, it will be easy to set up shop in strategic locations.
2. Expand at your own pace.
Don't give in to the pressure of expanding your business just because others around you are on a rapid building spree. Holley Murchison, founder of Hall Pass Tour, tells us that good business isn't a race. Make sure that you've thoughtfully set your goals and strategies before setting out to expand.
3. Keep your customers happy.
Hello Flo founder Naama Bloom reminds us that no matter how excited you are with the expansion, without your customers you will not have a business so it is important to keep them happy. Maintaining transparency strengthens your relationship with your customers.
4. Create a balance between building your brand and your business.
Hint CEO Kara Goldin points out that focusing too much on building your business without building brand affinity results to a downfall. Make sure that there's a balance between building customer loyalty and expanding your business. Come up with strategies that work for both your customers and sales team.
5. Know your basis for expanding.
DailyWorth founder Amanda Steinberg's advice is that you should understand why you're expanding, and make sure that it makes sense. What are your motives for expanding? Are you expanding to benefit from current market opportunities or to generate revenues? Expanding might not be a very good idea if your core business didn't generate enough revenues.
6. Maintain consistency when expanding.
Brothers Leo and Oliver Kremer of progressive taqueria Dos Toros teach us that maintaining your core values and remembering why you started your business in the first place is the key to growth. Fast growth ruins consistency, so in all of your stores, see to it that the standards you started with are maintained with utmost vigilance.