There are 28 million small businesses in the US alone. The question is how many of those businesses grow out of their “small” title. The majority of those that do, start with a business expansion plan.
Breaking Down Your Business Expansion Plan
If you’re ready to expand your business, it’s important to know there’s no magical formula here. It’s a series of small steps taken daily, that grows your business over time. Read on to find some of our favorite methods to incorporate into your business expansion plan.
1. Build a Sales Funnel
You may have heard of a sales funnel before, and chances are it was from a self-proclaimed marketing “guru” that was offering you the key to gaining insane traffic if you sign up for their course. While yes, sales funnels do have the ability to greatly increase traffic and sales, you don’t have to be a rocket scientist or a “guru” to get one going.
In it’s simplest forms a sales funnel is a series of landing pages, or in some cases emails, designed to grab audiences with a free or low-cost product that eventually leads them to a much pricier offering. With a little practice and research, you could set one up for yourself. If it seems way out of your wheelhouse we can help you find someone that can set one up for you.
2. Utilize a Customer Management System
There’s a reason why so many of the top sales teams in the world rely on a customer management system to help boost sales. That’s because repeat sales (or closing larger sales) often requires a more intimate relationship with your customer. However, when your clientele gets into the 100s (or thousands) it can become difficult to do so.
This is where a customer management system comes in to help keep track of birthdays, little details, or your customers favorite product so you can give them a heads up when it’s back in stock.
3. Check Out the Competition
After all, they’re your competition for a reason right? We’re not saying go and copy what your competition is doing, but it’s important to know if they’re speaking to a demographic or part of the market that you may be ignoring.
On the flip side, it’s great to know where your market is falling short, and a little customer research can go a long way. If your competition has limited product options then it’s time to open up your stock, if they lack in poor customer service make sure all of your employees are trained to be kind, welcoming, and courteous.
4. Get Loyal
Customers love being rewarded for their loyalty, and there’s nothing you love more than seeing clients coming back for more! That’s why a loyalty program is key for expanding your business.
Whether you set in place a members program, punch card, or even offer a discount after a certain number of products purchased find some way to let your clients know you notice and appreciate their continued loyalty to your business.
5. Be on the Lookout for New Opportunities
One of the fastest ways to stunt growth is to have tunnel vision when it comes to your products and services. While we don’t suggest going totally off brand and offering something that has nothing to do with your original product, it does pay to think outside the box.
Give haircuts? Start selling hair products and hair accessories that you personally recommend. Sell flowers? What about offering greeting cards as well to save customers the extra stop. Thinking about the little details will open up your business to a world of opportunity.
If you don’t have the funds to invest in new products you can always look into personal loans no credit check required.
6. Grow Your Email List
In a social media world, many people have fallen under the belief that email is no longer effective. However, email is still one of the strongest sales tools available to you, provided you use it effectively. That means knowing where, when and how to grow your email list. You can do this through content grabs or by asking for emails during check out.
Once you’ve grown your list, remember that consistency is key! Keep the emails frequent enough and with valuable content (like exclusive discounts and deals). Use your customer management system from #2 to send out a special email on birthdays!
7. Create Passive Income
Passive income is one profit stream you don’t want to miss out on. That’s because passive income typically comes from investing time upfront to collect profit for a prolonged period of time. It may sound too good to be true, but countless entrepreneurs are making money doing just that.
So how can you incorporate passive income into your business? Start by focusing on your area of expertise. For example, if you’re a real estate agent you may want to also sell an e-book that serves as a guide for those who are new to the area. Once you’ve written the e-book you can sell it as many times as you like without added work involved.
We really want you to succeed, so we’ve thrown in a couple of extra tips to incorporate into your plan.
Host a Webinar
You have a wealth of information to share, and it doesn’t hurt to give some of it away for free. In fact, taking a little time to place yourself as an authority in your genre is a solid investment choice for bringing in more business and expanding your clientele.
The talk doesn’t have to be long, and if you’re not comfortable with public speaking you can even host a pre-recorded webinar. The important thing is that the audience is left thinking “wow if that’s for free, imagine what’s paid for”.
Create Partnerships or Mergers
Don’t be afraid to make new friends! If there is another business in your market that compliments what you offer, reach across the aisle and see if an arrangement can be made that benefits both of your businesses!
In some cases, a partnership may even turn to your merger, which is another great way to expand your business.
Start Growing Your Business Today
You’ve created a solid business for yourself, but if you plan on growing it you’ll have to commit to taking daily steps towards the goals laid out in your business expansion plan.
The good news is, you don’t have to do it alone. There are a number of tools and services to help you continuously improve your business.