If you’re a business owner, there’s a good chance you’ve thought about expanding your business at some point or another. But, the big question is, when is the right time to do it? Growth and expansion is a common goal between many business owners, but in today’s world where people don’t have much money to spend, is it really even possible? While expanding your business isn’t necessarily going to be an easy undertaking, the rewards you could be reaping are so worth the time, money and effort. So, with that in mind, let’s take a look at some tips to help you turn your business into your own little Roman empire.
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Consider allowing people to work remotely
Now, this might sound counterproductive, but hold tight. You’ll obviously need money to expand your business, whether you’re bringing in a new line of products or moving to a new location for more space. And, when people are working in your offices, you’re spending money on utilities like heating and electricity, as well as running the machines your team needs to work on.
If it’s possible, consider allowing people to work remotely. This will free up space in your office for any storage you might need as well as reduce the costs involved with running one. Not only that, if you’re having work done around the office, allowing people to work from home will prevent them from having any distractions from the noise of construction work.
If remote working isn’t possible but your business will be out of commission for a few days, consider asking your team to get involved with any moving of furniture or decorating to help things go a little smoother. Not only will they be thankful for the income during your expansion, but you can also cut the cost further by not having to hire movers or decorators.
Always prioritise safety
As a business owner and employer, safety should always be high on your priority list. However, it’s especially important when there’s work being carried out on your business premises. While you might have external contractors that can supply their own safety equipment and clothing, it’s your responsibility to make sure that everyone else is safe from harm too. That means you need to put in place some safety measures like high visibility jackets, hard hats, safety harnesses and even by making sure that people wear Skechers Work Boots, Shoes & Trainers to prevent any trips or falls.
It might seem like a lot and maybe even an overkill, but not only will you be preventing people from getting hurt while work is being carried out, but you’ll also be protecting yourself from any potential lawsuits. Remember to have signage around the premises to warn people of potential hazards as an extra precaution.
Be prepared to spend money
You want to expand your business so that you can bring in more profits. However, you won’t be able to achieve that without spending money in the first place. While there might be some changes that you can make to improve your business that don’t cost much, you’re not truly going to reap the benefits unless you splash out some cash.
This will mean spending money on things like upgrading machinery and appliances so that your team can work more efficiently, or it might even mean spending money on employing someone with a particular set of skills that’s going to help take your business further. Whatever it is, making calculated investments will pay off in the long run!
However, sometimes actually finding the money to invest into your business isn’t always easy. But, you could consider taking out a business loan to help you make the changes that are going to increase your profits. While taking out a business loan might not have been something you were ever considering, it might just help take your business to the next level.
Prepare for new products and services
Business expansion can quite literally mean moving to a bigger location or opening up a second store. However, now is the perfect time to dig out any product or service ideas that you’ve got tucked away. The expansion of your business is likely to become the talk of the town, and if you don’t have anything new or exciting to offer your customers, there’s a good chance that the buzz will quickly fade. And, if you can bring a completely unique product or service to the table, you can pretty much guarantee that people will be lining up to get a slice!
You can also drum up excitement before you launch your new product or service by giving “sneak peeks” or behind the scenes content on social media. Posting countdowns to your big relaunch will also help get people excited and help with foot traffic when you reopen your doors.
Accept all forms of payment
The last thing you want is to work so hard on your business expansion and then lose customers because they cannot pay in their preferred way. While a lot of people pay by card – especially since the pandemic – there are some people that prefer to use different methods of payment.
Some businesses have made the mistake of now only accepting card payments, but you should avoid this option! Make sure you accept all forms of payment, including:
- Cash
- Card
- Cheque
- Money order
- Bank transfer
- Wire transfer
- Direct debit
- Digital wallet
- Cryptocurrency
- Buy now, pay later
- Gift card
- Store credit
- Contactless payment
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Expand your target audience
An expansion or grand reopening of your business is the perfect time to expand your target audience. For example, if you’re running a cafe, why not be more inclusive and offer vegan, vegetarian, and even allergy friendly options to your customers? Or maybe you’re a store that sells men’s clothing – why not add a women’s range or a junior range to attract a whole new set of customers?
It might take some time to research and develop a completely new part of your business, but the effort you put in now will pay off in the long run. You can start by doing some market research to find any gaps in what you’re currently offering to find out what people might be looking for. You can use surveys in store or on social media to find what kinds of products will bring in a whole new range of people.
Once you’ve found an area that you think will work, start small to test things out. For example, if you’re thinking of introducing allergy-friendly options, start with just a few products to see how well they go down before introducing a full menu. Similarly, if you’re launching a women’s or junior range, start with a few select pieces and then expand as you get more demand for them. And, don’t forget to let people know that you’re making these changes! Hang signs in your store and use social media to shout about your new offerings!
Be present on social media
Speaking of social media, if you’re not currently using it for your business, then it’s about time you do. Everyone is online in today’s world, and if you’re not using it, your business is missing out. Social media is the fastest, cheapest and most effective way of reaching out to current and potential customers.
Take the time to research hashtags within your niche to help organically find people that will be interested in your content. And, make sure you’re present when you’re posting too. This means that you need to interact with your followers. Ask questions, respond to any comments, and be sure to post plenty of behind the scenes content. Not only do people love that kind of content, but it makes you seem more human as a brand, which instantly makes you more likeable too.
Team up with other brands
A really great way of making the most out of a business expansion is to team up with other brands. Whether that means something as simple as a social media campaign where you promote each other’s products and services, or whether you team up to create a brand new product or service is completely up to you!
People love nothing more than to see their favorite brands team up together, and by having another brand on your side, you’ll be exposed to their customer base too! So, why not get in touch with some local businesses and see what excitement you can drum up?
Give things a makeover
Finally, as mentioned earlier, a business expansion can quite literally be creating more space because of supply and demand. However, to truly make the most of the effort you’re putting in, why not give things a makeover? This might mean sharpening up your logo with a little redesign and crisper colors, or it might even mean redesigning your staff’s uniform to look fresher and more modern. Either way, people absolutely love seeing brands reemerge with a fresh new look and ideas. Don’t forget to give your store a bit of curb appeal to help bring more people in once you relaunch!