With research showing that nearly 20% of all U.S. businesses fail in their first year, you have already beaten the odds by launching a successful business. Now, you are ready to take your business to the next level. Following these steps can help you get there.
1. Research Your Market
Just like when you first started your business, before you expand you must do market research. This step helps you understand what your existing customers want from your business and what potential customers want. This should give you insight into what ways your business can expand and change to better meet the needs of customers. It is also helpful to examine what your competitors are doing and use what is and isn't working for them as a guide.
2. Improve Your Sales Funnel
Your sales funnel describes the journey your customers go on from when they first interact with your business through when they purchase a product or service. Finding more efficient ways to move people through your sales funnel can help you grow your customer base.
3. Form Strategic Partnerships
Strategic partnerships help you expand your reach by pairing your business with a complementary business. For example, if you sell donuts, you might consider partnering with a company that sells coffee. Many customers enjoy consuming these two products together, so partnering with a company that offers popular coffee drinks both exposes customers of the coffee shop to your product and adds value that may attract new customers to both businesses.
4. Acquire Other Businesses
Sometimes, when you want to expand your business into a new market it makes more sense to purchase a company that is already established in that market than to start from scratch. Acquiring another company allows you to enter a new market with a customer base already established. You can also take advantage of the resources the company you are acquiring has. Bringing on the employees of an existing company can be a fresh source of ideas and provide a pool of expertise you may not currently possess.
5. Reconsider Your Business Structure
Some business structures are more flexible than others. Flexible structures, such as limited liability companies, can make it easier to expand a business. Before you expand, it is a good idea to evaluate whether changing your business structure could make it easier to grow your business.
Forming an LLC in Texas requires less paperwork than other business types. Additionally, they protect your personal assets, which could be important if your business expansion does go as planned. You can save money on attorney's fees by filing yourself or by using a formation service (Zenbusiness is currently offering LLC formation for free, plus any state fees). Different states have different rules, so do your research before you start.
6. Attend Networking Events
Attending networking events can help you make your brand more visible and attract new customers. Local professional organizations are a good place to look for events to attend. You can use the event to meet other business owners, speak as an industry expert or set up a booth to promote your business.
Revise, Review, and Reconnect
Expanding a successful business can be both an exciting and an anxious time for any business owner. Taking steps, such as reconsidering your business structure, can help you succeed at this task. And don’t underestimate the value of networking through your local Bryan-College Station Chamber of Commerce. You may find that some of these connections have surprising benefits. Plus, every connection counts when you’re trying to expand your business.
This Hot Deal is promoted by Bryan-College Station Chamber of Commerce .
