Expand Your Business In 3 Simple Steps
If you have launched your startup and you are turning a profit and making a success of your venture, you might not be too keen to rest on your laurels. Instead, you might want to expand your money making startup to enable you to compete with your already well established industry rivals. Reaching a certain point as a sole trader, working from home should be celebrated. However, how do you take the next step and become a household name or a global force? Read on to find out how you can expand your business.
Go Global
The easiest way to try and send your venture global is to conduct some thorough market research. This will cost you money up front but it will be worth it in the long run. Market research will inform you of any tweaks that you may need to make to your product or service to make it fit an international context. Just because something works in your home nation doesn’t mean that it will be successful overseas. Take on board any feedback you receive and act accordingly. You may feel very protective over your idea and be reluctant to change it. However, you cannot be resistant to change, otherwise your business will fail. Sometimes, market research will suggest that your idea isn’t viable in another country. If this is the case, you could consider expanding in a different way.
Stock And Orders
As you expand, you might be keen to extend your product range or the amount of services that you offer. Perhaps you design and make custom tee shirts for toddlers. Why not extend this to teenagers or expand your range by adding socks, bibs and toddler hoodies to the mix. As such, you may need to instruct a company like Stosius to build you a new warehouse to store your new range of stock. You need to think of the logistics of expansion. Receiving more orders is fantastic but you also need a supply chain and storage that are fit for purpose to ensure that you can deliver on time.
Staffing
As you grow your capability, you will need to hire staff. This can be daunting as you move from employee to employer. You need to try and create a cohesive team around you that works to fulfil your business vision. Don’t be seduced by the glowing resumes with decades of experience or the top notch qualifications. Personality and drive are more important. Interview any potential candidates and get a feel for their work ethic. Will they fit into the team that you are trying to create? Ensure that you probe with meaningful questions and that you give the odd in tray exercise or two to ensure that they are capable of doing the job.
Expanding your business doesn’t just mean gaining more likes on Facebook or having your content retweeted more often. You have to spend money to expand and make your business a viable global power with a greater product range and a larger customer base.
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