So you’ve started your own device repair business. Congratulations! Simply by taking that step, you’ve proven brave and entrepreneurial, not afraid to jump into unknown waters to follow your dream. But what’s next? Once you’ve gotten your business up and running, where do you go? We’d love to help you figure out that important next step, so here are 5 tips to expand your small business.
1) Add New Products
Sounds like an easy step, but this is more difficult than you think. You’ve probably spent months and maybe even years perfecting your knowledge in the products and services you currently sell, and you won’t have that time when adding products.
What you do have, though, is crucial: an existing customer base. If you’re looking to expand your business, you’ve likely made that choice because you’re successful at what you’re currently doing. That wouldn’t be possible without a happy customer base, and they’d love to help you grow. Ask them what types of products and services they would like to see in your business. Conduct preliminary research before investing any resources into a new product and service. If you offer them something new they asked for, they’ll be even more likely to come back.
2) Diversify Your Customer Base
The inverse of adding new products, try exploring what other customers may also be interested in the products and service you currently sell. Again, market research is absolutely crucial here.
Diversifying your customer base may mean opening a new location, or remarketing some of your products to customers that simply aren’t aware of your company yet. Your cell phone repair business may have focused on targeting the 18-34 demographic of heavy smartphone users, but what about letting retirees know about your services?
3) Acquire and Merge
Business is booming, customers are coming in the door, and you’ve become known as the premier name in your local industry. At the same time, you simply don’t have the time to invest in a new location. In that case, you may want to consider acquiring or merging with a similarly company in the same industry but a different location, which expands your customer base and offers the mutual benefit of increased brand awareness. Depending on your industry, offering the opportunity to franchise your business could be a successful and cost-effective endeavor.
Opening a small business should not be the last step in your entrepreneurial career. Instead, it should be a first step to slowly grow out of the “small business” category. Following one or more of these three steps can help you get there. Contact us today for more small business advice!