Startup India is an initiative that acted as a blessing to many small-time entrepreneurs, giving them courage and capital to be able to get started with their businesses. But, as an entrepreneur, are you truly going to be satisfied by just starting and doing business? Or you will be looking for ways to expand your small business? Well, the answer to this question completely depends on your preference. That being said, I can bet that when you started out, you wanted to be big.
There is nothing wrong with wanting more, and it is, in fact, necessary if you want your small business venture to survive. It is this reason why we have comprised the top 6 tips to expand your small scale business in India.
6 Mantras to expand your business
Mantras are not merely tips – they are the key factors that every entrepreneur needs to take care of if he/she wants to be successful. For your small business, expansion requires diversity, versatility, presence of mind and being able to understand what people need. Keeping these in mind, here are the tips using which you can expand small business to a large scale.
- Provide more services and products:
Diversity can only be achieved by giving different options to customers. You can only do so by providing them with more options for products and services. It is easier to say than do it. It requires patience and a whole lot of research on the needs of the customers. Once you have researched enough bring products on an incremental basis (meaning bring new products one by one). Each new product can give you new feedback and new insight into your customer’s needs. It can help you diversify faster and more accurately.
- Apply Remarketing Strategies:
Remarketing means marketing to your current customers again. They might need one product today, but they can find a better alternative tomorrow. Therefore, your goal should be to market and sell more products/services to your current customer base. Take their feedback on the new products and the more you will know about their needs, the better you can apply the remarketing strategy.
- Look for new territories in which you can expand your market:
If you don’t want to be a small business forever, you need to expand into new territories. For this, first you need to know where you can find the perfect demographic for your products. You also need to consider the price of establishing your outlets into such locations. The most important part about expanding into new territories is to be able to convince the customer base there that your products/services are worth their time. Create a message for this purpose and you can expand small business in different territories.
- Look for new markets to target:
The most basic factor that answers the questions – how to expand small business – is looking for new markets to target. Niche marketing, as difficult as it is, can be quite comfortable. Looking for new targets to market your product can be extremely difficult as it involves coming out of the niche a bit. Fortunately, digital marketing strategies like targeted marketing and geographical marketing has made it easy to target new markets.
- Expand the ways to deliver to your customers:
Small businesses often rely on customer’s coming to them. However, if they even consider expansion, they need to consider ways to deliver to their customers. Internet, since it was introduced to the public, has acted as a channel for sales and delivery. When you deliver online, you can reach out to customers that you won’t necessarily consider approaching.
- Take over another business:
Now, this idea might be a bit radical for a small business owner, but it is effective. Merging one small business with another can create vast expansions. It can allow you to pool in more human resources, more sales opportunities and therefore, you can earn more profits. But, you need to be careful when you are deciding the business you want to take over. Therefore, perform your research thoroughly beforehand.
- Use word of mouth through social media:
Word of mouth is an old expansion technique. However, with the use of social media, you can employ it in a whole new way. To expand your business, you will need more associated, and LinkedIn is the best B2B (Business to Business) marketing tool there is. You can connect with other professionals and leverage your skills to expand small business.
If you want to expand a small business, you need to understand that through market research, combined with the willingness to diversify your business is the key. Have courage, take risks and sooner than later, your small business can grow into a large business giant.