By Laura Harrison
So, business is booming and it’s time to expand and take that next step on the business ladder. Having reached capacity in your current market there are various ways that you can decide to expand, this article will examine how both geographical expansion and consumer expansion can help your business grow.
Geographical expansion
Whether you want to expand to a neighbouring city, or want to book an international removals and try your hand at overseas markets, it’s best to start small. Before you decide to take on the world, expanding a little more locally is advisable.
Growing your business into new locations takes a great deal of planning, organising, research and logistics. If geographic expansion is for you, try and start with something you know such as replicating your exact business model in a location very similar to where you currently are. Aim for the same demographics and customer profile to maximise chances of success.
If you do decide to expand abroad remember to bare in mind that businesses could operate very differently to the way your business is operating in your current location. There will be different laws and taxes and your consumers will likely expect slightly different service or products. It’s extremely important to research this in detail before you make any hasty moves.
Consumer expansion
It is also possible to grow your business by targeting a new audience. Try to expand your products or service offerings to appeal to a wider target market. For example if your current product or service is aimed at a particular demographic, think about how it can be adapted to appeal to consumers from a different group. It is likely a few subtle changes will help you to reinvent a product or service for a new market, for example, another age group.
Another fantastic way of expanding your consumer base is to consider attaining an ISO Certification. These business certifications are highly recognised across the globe which can really help give your organisation a competitive edge and help you appeal to wider audiences. For example, the ISO 9001 is the most widely used ISO standard, and research conducted by QMS International Ltd has found that 44% of companies that became ISO 9001 certified won new business because of it.
These are just a few tried and tested directions you can head in to help your business grow. The route you decide to take will be dependent on the sort of business you are in.
Laura Harrison enjoys writing about a broad range of topics, in particular business. You can find Laura at @Laura_JHarrison.
