Even if you originally created your business with the intention of keeping it small, there is no reason that you cannot expand it in order to increase your revenue. In fact, there are several different techniques that you can use to take a small local business and turn it into a successful nationwide or even international entity. The following ideas are some tips on how to help expand your small business.
1. Open an Online Store
Many small businesses initially place their focus on working within a limited geographic region. However, the best way to improve your profit margin is to find a viable way to open up your products to a wider group of people. Therefore, it is a good idea to consider operating an online store as long as you are able to produce and ship a high quantity of products in a timely enough manner to keep each of your customers happy. Keep in mind that companies that do high-volume shipping can often work out discount deals with providers such as UPS, and this can make the process of your expansion more affordable.
2. Franchise Your Business
Even the biggest chains such as McDonald’s originated in one location. Because of this, it is important to consider whether or not your business model would work well as a franchise. Fortunately, you can easily utilize digital marketing materials in order to reach out to potential new business owners.
For example, computer A/V services such as those offered by DVD Duplication make it easy to create multiple copies of your marketing materials, and you can also use this process in order to provide each of your franchisees with a copy of your successful business plan. Keep in mind that one of the main perks of franchising your company is that you will collect a fee from all of your franchisees without needing to be financially involved in each of their locations.
3. Launch a Second Location
In some instances, it might make more sense for you to open your own second location than to franchise your business. After all, if your first location is making a lot of money, you will be given the opportunity to duplicate this success somewhere else. However, it is important to note that you will also take on the entire financial burden that is associated with launching a new location.
4. Look into Outsourcing Opportunities
As previously mentioned, outsourcing the duplication of your digital marketing materials is a great way to save money and capture the attention of potential franchisees. Additionally, there are several other outsourcing opportunities that you can take advantage of to help you save money so that you can pay for the expansion of your business. For example, many companies outsource their printed marketing materials, and this is often much more affordable than printing in-house or going to your local copy shop.
As you can see, there are several viable techniques that you can utilize to take your small business to the next level. By capitalizing on at least one of these options, you should be able to increase customer awareness and improve your bottom line in a relatively short period of time.
Lisa Coleman shares some tips for a business owner to use that can help expand their small business. She recently read online how marketing through computer a/v services, and DVD duplication services, is a great way to reach out to others about franchising a business.
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