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7 Sure Shot Ways To Grow Your Business | Business Broker in Grapevine, TX

Do you think it’s time to take your small or medium sized business to the next level? Are you looking for ways to expand and grow your business for the better?

We’ve got 7 ways you could do that! Check them out.

Explore New Markets

Now this could be done in several different ways. Let’s assume you are a local business selling scent-free organic soaps for people with sensitive skins, skin allergies/problems, or skin cancer. Your market at this point is strictly limited to people seeking organic soaps for their skin-related health problems – but organic soaps are good for everyone – don’t you think?

When we talk about exploring new markets, you can start selling your product to the same market niche present in neighboring cities. Alternatively, you could introduce a scented range of organic soaps for ladies looking for a chemical-free replacement for their beauty soaps. So, whether you’re expanding into a new geographical location or selling your products to an entirely new set of customers – either way your business is growing.

Remember, you can’t expand into newer markets overnight. Consumer dynamics differ from place to place and between different age groups. Make sure you conduct thorough research before taking the plunge!

Introduce Complementary Products/Services

Taking the same example we used above, another way to expand your business is to introduce a complementary range of products and services to bolster your business operations. For organic soaps, you could think of introducing organic lip and body scrubs, bath bombs, body butters, scented bath candles and more to sell.

For someone who is already buying organic soaps from you, to be able to buy other skincare and wellness products that you offer could be a turning point for your business. Your revenues will automatically increase as people spend more in the new products you introduce. It will bring you customer loyalty and help build your business name into a skincare and wellness brand.

Join Forces

Ever heard of cross-selling? There may be tons of businesses around you (excluding your competitors) that have customer bases similar to yours. Collaborate with these businesses – like a wellness spa or dermatology clinic. Bring their collective experience and skills onboard to help your businesses grow together.

Not sure how that works?

See, when you collaborate with a spa, you allow them to market your skincare and wellness products on your behalf. They use those products in their spa services and create awareness about your brand to their clientele. For most small businesses, it is difficult to reach out to customers in their target market. Collaborating with other local businesses is a fantastic way to overcome this slight glitch and help the business grow.

Enter the Online World

Probably the biggest mistake small businesses make is their absence online. The internet has literally reduced the world to the size of your screens (laptop, computer, tablet, smart phone). There is a whole new market niche out there waiting to be explored – all you need is a proper online presence. Set up a website. Let people know what you do. Create an e-store and sell your products online.

Who said you have to limit your business to just Southlake or other cities in Texas, when you can actually sell to the whole world. Go global – market, sell, and deliver your products online. Believe us, this is a smart and cost-efficient way of expanding your business and diversifying into new market niches.

Consider Franchising

If you have worked your business to the point where it now has a proper structure and work module, you always have the option to franchise it. One thing you need to ensure before you consider franchising the business is whether or not your business model is one that can operate from multiple locations – if yes, we say go for it.

The plus point with franchising is that you don’t have to bear the risk of setting up the business at a new location. That is something the franchisee will take care of. However, the responsibility to manage and ensure similar high standards of your business in the franchise lies with you. And that can prove to be a lot of hard work.

Sell to the Government

For small businesses, growth is all about expanding the market niches they operate in. If you keep selling the same goods to the same people, there is little chance that your business will grow the way you want it to. You need to constantly explore new markets and horizons to sell your products and/or services to. The public sector is just one of these options.

The state government operates a comprehensive website that allows local vendors and state purchasers to connect and enter into trade contracts. There will obviously be a list of compliance requirements, but as long as you’re adhering to them and have products that the local government wants to procure – you have a great opportunity to exploit here. Greater market means higher revenues and better growth prospects.

Purchase a Business

Even though your business is still not-so-big, but there are always new businesses starting out. A large number of small businesses close down within the first 5 years of starting out – some because of poor management and others because of stringent competition. While the situation may not present a positive outlook for these sapling start-ups, it does bring you an opportunity that you can capitalize on.

Buy a business in Southlake, TX. If you think the business has the potential to grow and can add substantial value to your business, it is worth investing in. There are two reasons for that: one, you can simply skip the whole “setting up a new business phase” and dive right into operations; two, you get an already existing clientele that you can further expand on.

This move however, could prove to be a big strategic risk. Buying a business anywhere in Texas could involve a considerable amount of money, time, and legal complexities. But once you get past the initial hassle, you can bank on a greater market share and the acceleration in business growth – just like you wanted!

We at Kirksey Business Brokers can help you buy or sell a business in Southlake or anywhere else in Texas. With our comprehensive databases, credible valuations, and unmatched negotiating skills, you are guaranteed the best deals in the market.

We can help your business grow! Get in touch with us today.

 

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