How You can Expand Your Business With These 4 Unique Strategies

How You can Expand Your Business With These 4 Unique Strategies

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You probably did some research before starting your business. You might have gotten a lot of information from magazines, books, and even advisers. And you might have invested a lot, in terms of cash, time and sweat, to get it off the ground.

But growth is stagnant.

So what is the next thing possible thing you can do?

Many who survived the startup stage and built lucrative businesses may wonder how to grow their venture beyond its current status. We outline 4 possibilities below.

1. Forming an Alliance

A powerful way to quickly grow your business is to align with a similar business.

If you’re uncomfortable with the thought of paying commissions for the sake of a business alliance, you need to rather look at the big picture and see what you stand to gain.

A prime example in this regard is when Jim Labadie, a fitness professional, purchased a CD seminar pack from Ryan Lee (a fellow fitness instructor) which would inspire Labadie to form lucrative alliances within the industry.

The Florida entrepreneur, Labadie, revealed that these alliances increased his sales by 500% since he started selling in 2001. He advised that the fastest way to success is to align with similar ventures that already have the prospective customers lists.

2. Diversifying

According to business consultant McGuckin (who diversified from accounting to public speaking and publishing), “Diversification is an excellent growth strategy……”. Some of the ideas for diversifying offered by McGuckin include:

  • Selling complementary products and services.
  • Teaching adult education.
  • Becoming a paid public speaker.
  • Importing or exporting your products.

Diversifying will invariably create multiple streams of income for you to fill seasonal voids and increase profit margins.

3. Targeting Other Markets

Are there other markets that can serve your business well?

Have you given this a thought?

McGuckin, who we referred to earlier, said that his other markets were what made him money. Entrepreneurship programs, speaking events, foreign rights, and software offerings from multiple markets are what produce multiple streams of income for McGuckin.

Just let your imagination wander a bit and take you where you need to be. Then, take your products to those markets that need them.

4. Merging

Creating mergers or acquiring other business is another proven way of growing your business quickly.

For example, FatWire – a New York content management software company, acquired Divine in 2003. Afterwards, it’s customer base increased from 50 to 400. The company also expanded by 250% from $6 million to $15 million. Key ways in which mergers bring instant success to businesses are in:

  • technology blending
  • customer retention
  • staff retention.

So how do you choose a suitable strategy for your business? Well, it depends on the type of business, available resources, and how much effort and time you’re willing to commit all over again.

Image Credit: Pixabay

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