The early phases of setting up a business are always the hardest—from writing a business plan to conducting feasibility studies, to establishing and operating your business. One of the cold hard truths entrepreneurs must accept is that there is no guarantee for success. Entrepreneurship, as everyone knows, is about taking risks. It entails dedicating a considerable amount of hard work, time and resources to build something from the ground up despite the lack of assurance on what the outcome would be.
So what is next for those who are fortunate enough to survive the tumultuous early stages of running a business? Surely, deciding on the next step is inevitable. This usually involves leaning towards growth and expansion. There are many ways in which a business can expand and grow its operations. In this article, you will find a few tips in expanding your business.
1. Opening another branch. Often the first option of entrepreneurs when considering growth is putting up another branch. If you are confident that the business is stable enough, has a considerable customer base, and has enough demand, then this is an ideal option.
2. Diversifying is a great way of expanding your business. Knowing who your clients plays a crucial part in determining how to diversify your products and services. By gaining an understanding of their pain points, needs and interests, you will be able to formulate actionable insights that could be applied in diversifying your business. Offering complimentary products or services, importing, or selling thematic, seasonal products are just some of the many ways you can expand your current offers.
3. Franchising will allow for growth without having to micro manage each branch, giving you more time to improve your business and look for other revenue streams. Engaging with franchise owners and groups in your community to gain advice and professional support will prove to be helpful when venturing into this expansion vehicle. This is especially ideal to enterprises that can easily attract potential franchisees through its business model, services and products, current consumer base, and relevance to the market. It would be more convenient if the business nature and model can easily be adapted and replicated.
4. Expand to the internet. Building and growing the online presence of your business, when done right, can be an effective way of expanding your business. Nowadays, more and more entrepreneurs are taking their businesses online. Having an online presence is highly important especially since consumers are almost always connected to the internet. Without a proper website, your business can easily be dismissed as outdated, leading to missed business opportunities. Seek expert help to ensure that the design and content perfectly conveys and markets your business’ message. Once you have the website covered, you can start establishing a presence in social media platforms where your target market is present. Not only is it a great avenue to connect to potential customers but it can also promote brand affinity and loyalty.
5. Enter a merger. As the old cliché goes, “Two brains are better than one”. Merging with the right company can give your business a boost in terms of expanding reach, services offered and increasing consumer base. Scout for businesses that either offer similar products and services or those with products and services that compliment your current offerings.
Looking for more ways to expand the reach of your business? Setting up a business or establishing a foreign branch in Singapore may be a viable option. The city-state is known for having the most enterprise-friendly environment in the world. Richmond specializes in Singapore company formation, secretarial, accounting and tax services. Should you need assistance in your Singapore company incorporation, don’t hesitate to contact us or schedule a free consultation with one of our specialists.