5 Business Expansion Ideas and Ways to Fund Them
In the present world where start-ups and entrepreneurship are becoming more frequently used than ever before, it wouldn’t be wrong to say that markets are flooded by innumerable small and medium-sized enterprises. In such a scenario, the only way to stay relevant to your customers and stakeholders is to take the right steps towards expansion and do so before it gets too late. If you are perplexed and don’t know how to expand your business, here are a few ways that will help you do so:
1. Introduce New Products and Services
Well, this is easier said than done, but rest assured that the results of this step are far more rewarding than the time, effort and resources you need to put toward achieving it. To begin with, you will need to understand what is it that your customers want and whether they will be willing to shell out any money towards this desired product. If yes, then you ought to check the financial viability of the production, distribution, and marketing of the same. Only if you can churn out a profit in the long term, can you use this idea of expansion!
However, if your business is service based, adding a new service to the mix shouldn’t be as cumbersome. Say, you happen to own a salon and offer services for women, you can almost always tweak the space or add on new furniture to accommodate male clients as well.
This is one of the most promising ways of growing your business and is especially helpful if you are unable to offer any new products or services. Here again, the direction that you choose to diversify in should be in line with the needs of your current and prospective clients. By doing so, not only will you gratify your clients, but also earn an enhanced reputation in business circles. And of course, you will stand a chance at making higher profits.
3. Target Other Markets
Once you believe that you have exhausted your capacity to market your products or service in a given area, chose a new market and target it. For instance, if you have been serving Mumbai and its suburbs till date, maybe it is time for you to try out your product in Pune markets as well. Or, if you have been offering landscaping services for private homes and bungalows, you may now want to cater to larger residential and even commercial projects. This will help you do what you are already good at, at a bigger scale and will eventually help you rake in greater revenues.
4. Form Collaborations
When a business within your industry has access to a larger pool of clients or has more resources under its belt that yours, you can seek a mutually beneficial alliance. In return for their offerings, you could probably help them with something that your business is exemplary at, such as supply chain management, or after-sales service. The key here is to fill in the gaps in each other’s business models, and come up with a collaboration that is as close to flawless as is practically possible.
5. Formulate a Strong Marketing Plan
Regardless of the business type or the scale of your organisation, one aspect that can always help you push your dream project to the next level is marketing. Given the expansion is a long and cost-intensive project, it is best to kick-start it with a marketing plan in place. This will help you follow the stipulated timelines while ensuring that you invest your resources with added care. Moreover, it will help your existing, as well as prospective customers, know and understand what your business is about, what are your offerings, and how and where can they access your products and services. All of this combined will help you give that much-awaited boost to sales as well as increase the profits substantially!
Now that you are aware of the how to expand your business, you ought to know a fool-proof way to fund these expansion ideas, and that is nothing but to Apply for Low Interest Rate Business Loans Online. A Business Loan essentially helps you gain access to additional funds, which can be used towards the expansion of business, purchase of new assets, execution of new marketing plans, and so on. Funds for such investments can usually be borrowed from a lending institution. This is an unsecured loan which can be taken by a self-employed professional or a business owner. The average amount of this loan varies from a minimum of 3Lakhs to a maximum of 1 Crore, while the tenure of repayment may range from 1 year to a maximum of 5 years, depending on the terms and conditions of the loan.
There are mostly three types of Business Loans:
Meant for business expansion, capital infusion or acquisition of long-term fixed assets including land or building, machinery, and so forth.
Special Business Loan for Women Entrepreneurs:
Low-interest loans meant for female entrepreneurs with more than 50% ownership in the business.
Working Capital Loans:
Meant to meet the operating expenses of a business.
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