When your business has been established for a while, you may be thinking of taking it to the next level. Scaling up your business will become essential once you get busy and start getting a higher demand, otherwise, you can miss out on opportunities.
Here are some ways you can start to expand your business, without taking on too much risk and losing money.
Move into a new market:
If your current market is saturated, or you feel you’ve gone as far as you can go, then you might want to consider moving into new markets.
For example, many western companies are now opening branches in emerging economies, as this can give them a huge new potential client base.
You might want to look at expanding your business in Asia with Acclime, who can give you expert advice, as they’ve worked with lots of businesses looking to move into this area.
Up your PR and marketing strategies:
Once you have your sights on taking your business to the next level, you’ll need to adjust your marketing and PR accordingly. Digital PR can help increase sales, as can the right marketing, but your budget needs to be spent carefully to get the best ROI.
As your business starts to expand, you might want to look at:
- Aiming for different markets
- Spending more on advertising to get a better return
- Looking at newer ways to advertise – i.e. moving into TV or radio
PR and marketing are the keys to expanding your business, so it’s important to keep investing in them, and considering upping your budget as your business grows.
Hire new people:
As your business gets bigger, you’ll have more and more on your plate. So that might mean it’s time to hire someone to help you out.
Of course, hiring people comes with obstacles, and it’s about more than simply paying their salary each month.
You should make sure you follow the hiring employees’ checklist, to make sure their employment is legal, and that you sign them up for things like income tax and follow employment law.
Move to a bigger location:
You might also want to consider moving to larger premises, as this will give you more space to carry out operations.
Bigger premises come with bigger bills, so it’s important to budget for this step up. It can be a bit of a risk, so you’ll need to make sure you’re prepared for expansion, but in the long term, it can work out and increase your profits.
Turning a start-up into a scale-up can be a scary prospect, and in some ways is more nerve-wracking than the actual process of starting a business.
Like anything in life, it’s important to weigh up the pros and cons and ensure that you have everything in place before you take the leap. Having financial advisors and business experts on your side can help with this, as they can give you an objective view of your plans and help you decide whether they’re worth pursuing.