So you have launched your online business, it’s been around for a few years and it’s doing well. This is a very impressive feat in and of itself and you should be proud of yourself, your business and your employees. But now you might be wondering where to go next – how can you expand on your successful or moderately successful online business? This guide will go over four strategies that tend to work.
1. Join Forces With Another Business
Joining forces with another business can be a great way to expand your own, because any weaknesses you have could be covered by them, in exchange for your business covering their weaknesses. It’s like forming a symbiotic relationship, and it can be a recipe for success. For example, you might have a good product but lack the distribution network of another small company that might love to sell your product in exchange for a fair cut. Both of you could end up profiting.
2. Use Social Media
If your business is not already on social media, it needs to be. Social media is one of the best ways to update and engage with your customers. Your business does not have to have a profile on every social media site – so pick and choose the ones that best match your industry. For example, if what you do is best suited to being presented in video form, have a large YouTube presence, or if images or photos are better, use Instagram or Pinterest.
3. Expand Your Product Line
You should not be doing this if you do not already have a solid product or service that is selling well and has been reasonably perfected. But if you’re ready to start growing your business and trying new things, this is one of the best ways to do it. Keep your brand in mind when you expand – try new things but continue to focus on what you want your business to be known for and associated with. If you sell through Etsy, you can make Etsy banners and advertise any new products in your store banner to entice people to buy.
4. Hire A Marketer Or Business Analyst
You might not have the funds or the need for a new full-time employee, but that’s okay – you don’t have to in order to take advantage of the advice from a professional. An outside business analyst, hired as a consultant, can come in and quickly analyze your business to give you advice on how best to proceed with your expansion. A marketer can do something similar – suggest and implement new ways of marketing your existing products or services in ways you hadn’t thought of before.
At some point, sooner or later, your business is going to need to move forward and expand. Even if you are currently enjoying good sales and stable income, that is not likely to last forever and the best companies are ones that can innovate and continue to offer something a little new. So don’t let your business get left in the dust, and don’t get complacent. Take advantage of strategies and opportunities to expand your business, so it will stay relevant for many years to come.