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Expanding Your Business? Here’s How To Do It

If you’ve started a business in the last couple of years and it’s going well, chances are you’re getting feet and you’re starting to look around for your next big challenge. Don’t sell up just yet and go into something completely new – instead, consider expanding your business instead. Here are a few easy ways to do it.

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Look For New Staff

First of all, it’s always a good idea to get some new brains around your office. When you’re running your own business it can be very easy to only focus on your own ideas of what it could be – but this is short sighted and means that you’re shutting out a lot of people who could do great things for you and for your company. Start talking to new possible staff and headhunting people who have demonstrated that they’re full of interesting and creative ideas for ways that you could expand your company.

Invest More Money

Let’s face it: if you want to make your business bigger, you need to start pouring more money into it – just make sure that you’ve hired an accountant to advise you if money and finances aren’t your favourite thing about business. Investing more money in your company means that you can expand and get bigger and better in no time at all – you can hire more people, move to better premises, and invest in new technologies and equipments.

Diversify Your Business

A lot of people start their business with a great idea – for instance, the crew at Fuelbox who supply oil in an environmentally friendly way. But if you want to expand then it’s important to look further than your initial idea. Consider new groups of consumers that you’d like to be able to appeal to, and think about what their needs might be. One easy way to diversify your business, particularly an online one, is to open an online store with related products. You could also look into working with a similar company with a related product and bringing them on board.

Develop Your Marketing Plan

It’s important to make sure that you are able to reach out to as many people as you can, so if you aren’t a big expert on communications then you could always hire someone who’s a marketing expert and who you can work with to develop a new marketing plan. This will ensure not only that you’re spending your money wisely and at the right time but that you’re reaching out to the right audiences and consumers. It might also be a good idea to hire a social media expert to work on your online presence to reach out to a different crowd of people.

 

Get Bigger Ideas

Finally, it’s always important to keep reaching for the stars. Remember that although obviously you always need to try to be sensible, the only way to succeed is by having big ideas. Keep networking and talking to people and reading and learning and relying on your own entrepreneurial spirit in order to do well.

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