Expanding your business is a natural progressive move for continuous growth. But how exactly do you go about it? Here are some tips on how to expand your going concern.
Include Similar Products/Services
Start by including new products or services that still lies within your specific niche. For example, if you’re selling primarily clothes – the most natural progression is to include bags and shoes in your product line. It makes sense to get the additional products from the same supplier for a discount but finding a lower-priced one can be better in the long run. Make sure that your supplies or primary materials are enough to handle increased orders.
Find a Bigger Market
With the expansion of your products and services is an expansion of your existing market. The customer line you have now won’t be enough if you’re planning to add more merchandise to your inventory. Your demographic might change a little, depending on what you’ve decided to add in your line. For example, if you’re now selling men’s clothes as well as women, then your advertising strategy would be a little different. Try to figure this out beforehand.
Find New Channels
The Internet is perhaps the best example of this new channel. Expand your market by simply promoting your exposure through the help of a new medium. It also pays to tweak the channels you’re using now to fit your current needs. For example, you might want to negotiate lower principal costs for your products because you’re now ordering large amounts of the item. This should help lower your overhead costs and give you additional funds for the expansion you want.
If you’re thinking about increasing your market to include MENA countries, it makes sense to hire master distributors in the UAE, such as SalesMENA.
Located nearby and with an excellent idea on the markets in places like Qatar, United Arab Emirates, and Kingdom of Saudi Arabia, you can tap into the specialized services of companies with a good grasp of the unique market and culture. They should be able to assist you in this expansion move.