As well as providing a range of different office spaces to suit the needs of individual businesses, here at McCue House we are focused on supporting local businesses and helping them to achieve their goals. When setting up any new business the ultimate goal is success and growth, but with this there is an element of risk involved. The best way to address these risks is to ensure they are calculated and built into the overall business plans. Let’s have a look at how to expand your business.
Expand Into New Territories
To begin with, most new businesses start selling their products or services within the local area, to drum up local interest. In order to grow your business, you need to start looking further afield and open up your mind to new horizons. If you have an online business this is definitely easier as the only main things you will need to think about are the tax implications of selling products internationally, and of course your shipping costs.
If you are selling a service as opposed to a product and are looking to generate leads from a different geographical area, a virtual business address could be the perfect solution. It will help you to build credibility within the new area, and allow you to reach a new target market without having to pay office rental costs.
Add New Products/Services
The more items that you have to sell, the more profit you will make (as long as you can still sell a larger volume). Once you have built up a loyal customer base and a good reputation your sales should start flowing. Your current customers will appreciate the value of your products and the level of customer service you provide, meaning that when you add to the range they will be interested in purchasing more.
When introducing new products it is important that you take the time to carry out market research too. Try and opt for trending products that fit the niche of your customers, otherwise buying more stock will be an expensive exercise if you can’t sell the products. If you haven’t sold many products it can be hard to identify which are going to be your best sellers, so take the time to research the range carefully.
Marketing Is Key
To sustainably grow your business, you will need to invest in marketing. By reaching a wider target audience more people will see what you sell. This means that more people will buy from you (as long as you get your marketing message right!). It is a snowball effect from there as more people become advocates for your business and help to spread the word to their friends and followers. Marketing can be in the form of traditional (flyers and leaflets) and digital (search engines and social media). It is important to understand your customers and what they are more likely to respond to, so you can invest in the channels which will give you a higher return.
At McCue House, we will be offering a range of extra services to help grow your business. From IT support to bookkeeping and website development, we have an extensive network on hand to help. Contact us today for more information. We hope this blog has given you some ideas on how to expand your business, do let us know if you have any other suggestions that we can share!