There are several ways to grow your business. Before setting up one, you have probably researched a number of times on whether such business you have in mind is feasible in your community or perhaps doable in your part.
You thought of a product or service that you think is well needed in your community or perhaps something that would ignite interest amongst your prospective buyers/customers.
The whole process itself is complex that it took you months to consider the place, price, product, people and the promotions that you want to invest on.
Finally, the business has been launched. Now you ask yourself, what’s next?
According to business experts there are 10 major steps you need to do to grow your budding business. Of course, the entrepreneur in you may be young and still needs to mature. Hence, you may want to consider these tips:
Looking for another location and opening one will increase the chances of you getting more income and promoting your products to another communities. This is also a way to reach out with other market segments.
1. Offer your business as a franchise or an opportunity to earn extra-income
There are many other people who are interested in franchising. Once you let them earn through your franchise you get to earn as well because of the supplies you will provide them. Plus, the business would definitely grow in no time!
2. Form an alliance amongst other related businesses
Being friends with other business owners give you an opportunity to collaborate with them. Your suppliers may have other clients who in turn would need your products or services. You’ll be surprised with how connection works.
3. Diversify your product/service
One of the ways to grow your business is by diversity. Diversity provides opportunity. Don’t make your products sit idle. Experiment on what sells and doesn’t.
4. Target other market segment
Other market segments may just be interested with your products and services. Little adaptation or modification may also be done to suit their market.
5. Bid and win a government contract
Winning a government contract adds credibility to your business when you try to pitch for other big companies. It may be a challenge in the beginning but it will be worth it.
6. Merge with or acquire another business
Acquiring another business provides opportunity to earn and grow more. While merging with another business could just bring good partnership with your own. Conduct studies and see what may work.
7. Market globally
International marketing is always a good opportunity since your product would be known more in other countries that may have a greater chances of availing it. With today’s technology this will be much easier than before.
8. Use the Internet community
One of the most proven ways to grow your business is using the internet. The internet is such a powerful tool to utilize. Make your products and services be available online and see how your business grows amazingly! Make sure that your websites are developed by professionals.
9. Consult a Feng Shui Expert
Amongst these recommendations, consulting a feng shui expert is probably the best, in fact, before you take a move, it is best to consult with a Feng Shui expert such as Eugene Tan.
Feng Shui is ancient art and science of arranging elements in your internal and external environments with the objective of enhancing health, wealth, and happiness for you, your family and business.