4. Form an alliance.
Aligning yourself with a similar type of business can be a powerful way to expand quickly.
Diversifying is an excellent strategy for growth, because it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins. Here are a few of the most common ways to diversify:
- Sell complementary products or services
- Teach adult education or other types of classes
- Import or export yours or others’ products
- Become a paid speaker or columnist
6. Target other markets.
Your current market is serving you well. Are there others? Probably. Use your imagination to determine what other markets could use your product.
One of the best ways to grow your business is to win business from the government. Work with your local SBA and Small Business Development Center to help you determine the types of contracts available to you.
8. Merge with or acquire another business.
Two is always bigger than one. Investigate companies that are similar to yours, or that have offerings that are complementary to yours, and consider the benefits of combining forces or acquiring the company.
9. Expand globally.
To do this, you’ll need a foreign distributor who can carry your product and resell it in their domestic markets. You can locate foreign distributors by scouring your city or state for a foreign company with a U.S. representative.
10. Expand to the Internet.
Very often, customers discover a business through an online search engine. Be sure that your business has an online presence in order to maximize your exposure.