If you are a startup business owner, one of the things constantly in
your mind aside from business sustainability is the possibility of business expansion.
Business expansion generally refers to the broadening of business
operations which results in growth in one or more areas of the business. Expansion
can mean several things and can be carried out in a number of ways.
You can expand your startup business through the following:
Introduce a new product/service
Create local/foreign partnerships
Add distribution channels
Open up new physical stores
Offer a franchise
Though expansion is often recommended, its success also depends on various external and internal factors, such as timeliness and the current health of the business. You can opt to seek the advice of a Business Coach before you make any major decisions for your business.
Expanding in Detail
The first two above both focus on your business’ product line. You
can either make an existing product appeal to a new market, or you can create a
new product to appeal to your existing market. The first is called ‘Market
Development’ and the second is called ‘Product Development’.
Creating local and/or foreign partnerships is a way to further
your business and establish relationships with other related businesses and
even your competitors. As a business owner, it should be already clear to you
how valuable relationship building is when it comes to operations.
The fourth, fifth and sixth is all about expanding your product’s reach.
Whether you are adding distribution channels or setting up new locations (your
own or through a franchise), your product’s reach is expanding. Because of this
expansion, you may also need to increase your marketing spend to support your
The last, ‘Go global’, can actually be part of number four, but is in a category of its own. This is because going global is not only creating a new sales and delivery channel, but it is also about creating new markets and new opportunities. There is a lot of effort that needs to be invested in going global and maintaining it. Going global means selling online, advertising online, engaging with your customers online, building credibility online, etc. The VGC Group is an expert in this field, as it has championed startup businesses since its inception in 2016 to rise up to the next level in business.
To know more about how to go global and expand your startup business, email firstname.lastname@example.org