Often a small business starts with just one idea and one person. For a while it remains at that while that person develop the idea, nurtures it and thinks about how they might bring it to life. Once they do, it can often be like the snowball effect. You start to see the idea blossom, you work hard and you’re once very small venture turns into a viable small business to be proud of. But what next? Are you happy with that? The truth is many want to expand their business, and they look at other ways they can do it. I wanted to share some of the ways you could consider taking the next step to expand your small business.
Selling your product to other retail outlets to stock
One of the things you could consider would be to sell your product at wholesale so that other retail outlets or stores can stock and subsequently sell your product. This can be a great way to sell in volume. Agreeing a wholesale price above the cost, and then ensuring that your recommended retail price is adhered to. Of course, this will need to be checked, and this is when MAP monitoring, or minimum advertising price is essential. Companies like Trade Vitality can do all the hard work for you, ensuring that your guidelines of sale is adhered to. This ensures that you, as the company, remains credible. Knowing that you are protected means that your product is opened up to a new audience and even a mass market if you get into the right type of stores.
Adding more products to your range
Expansion might simply mean expanding your current business model and keeping doing what you are doing in other aspects. A good way to do this is to consider adding to your already existing product range. It might be something of the same niche or genre, or you may want to branch into another area and release a product or service that is different. Ensure the same level of care goes into the production and development of this idea as it did your first.
Franchise your business out
Another viable option is to turn your current business model into a franchise. This is something that could be sold as an entire business plan and includes the products to sell and even the website layout. This is for a price, and then the products or anything to do with the services provided would need to be bought through you. However, any profit that site makes is for the person who bought the franchise, as that enterprise becomes their business.
Expand into your own retail premises or in a new location
Finally, if you like the idea of having other sites, but want to keep the business yourself then you could consider expanding your business into your own retail premises. If you already have one, you could branch out into another area or town. This can be excellent for your business and enables you to take on a new market of customers.
I hope that this has offered you some options to help you expand your small business.