Expansion is critical to business success, allowing you to grow your operations to cater to a larger customer base. However, scaling up a business isn’t always easy. It requires an investment of time and money, plus careful planning on your side. There are many points to think about when growing a business. The following guide covers some of the most important considerations and explains how external professionals like DigitalWires can support the various steps of the expansion process.
Take care of logistical details before you expand
Before you take steps to expand, make sure your business is set up to grow from an administrative standpoint. For example, if you haven’t yet registered your business as a legal entity, now is a good time to take care of this critical step. An entity like a limited liability company, LLC, offers tax perks and administrative flexibility. If you don’t want to do the filing yourself, use a business formation service. It’s cheaper than a pricey lawyer. Just make sure to research your local LLC laws before proceeding, since every state has its own rules.
Decide on an effective growth strategy
Do your research to determine an expansion strategy. Maybe you should add a new product or service, for example. Or perhaps it would be better if you partnered with another company to expand your offering. One way you can determine the right expansion strategy is by conducting surveys. Incentivize participation, for example with gift cards, to get more respondents and high-value input — this may be the ideal solution. A web design company like DigitalWires can help you add a survey to your website, where people can easily find it.
Figure out how much expansion will cost you
Once you know what kind of expansion strategy you want to pursue, tally up the cost. Consider needs like software, production, and employment. You can save money by using freelancers instead of hiring people in-house. For example, if you need to revamp your website, look to a provider like DigitalWires. There’s no need to hire someone full-time. Once you know how much money you need, figure out how to acquire it. According to the Small Business Administration, sources range from crowdfunding to bank loans.
Ramp up your marketing efforts
Marketing is essential to promoting new products or services and attracting new customers. Your website is a critical marketing tool and the first impression potential customers give you online. Make sure it’s user-friendly and attractive with the help of web design pros like DigitalWires. They also provide web hosting and search engine optimization services, which help make your website more visible in search engines. Hubspot offers additional ideas for cost-efficient ways to market your business, including blogging, social media, email marketing, and more.
Expand your professional network
Networking is a great way to gain new customers, business partners, suppliers, and more. By getting your business name out there, you also boost your professional profile. Look for industry events relevant to your business field to attend in person. You can also network digitally, for example using platforms like LinkedIn. This comprehensive guide to online networking can help you get started. First, make sure your website looks professional and user-friendly since this will be where you direct people when meeting them online.
Starting a business is a big step. However, the work doesn’t stop there. You want to keep growing your company to attain greater levels of success. The above guide covers some key steps you need to take to ensure a seamless expansion and explains how external experts like web designers and SEO pros can help throughout the process.
Get more tips for business growth and entrepreneurial success via the blog.
Guest post by Lance Cody-Valdez
Photo credit: Pexels.com
