Expansion can be an opportunity for massive success if you have the business savvy and tools. In location expansion, business owners must be cognizant of multiple facets including renting vs. owning, the needs of their customer base, insurance, financing, and the staff to keep it running.
Owners must also consider their own capacity to handle staff and consumer needs from multiple locations. While location expansion can be an exciting prospect, there are other ways to expand your business.
Taking Your Business on the Go - Mobile Payments
You don’t have to commit yourself to a second location if your business is mobile. There are a growing number of business owners who are utilizing the power of mobility to open a pop-up shop or to vend during high traffic seasons. This can be done with relatively low cost and minimum risk. A mobile swiper can cost less than $50 to get you started. More and more businesses are tapping into the power of mobile technology to expand their services, reach, and customer base.
Get Into Franchising
Given that your business model can support it, franchising may be a lucrative option for your business. This will require extensive documentation of your processes and branding so it can be accurately replicated from location to location. You may want to consider finding a mentor to help your franchise find footing to grow. You’ll need to consider hiring efficient managers and staff that will embody your business’ mission and culture. All in all, franchising is considered to be a low-risk and high reward and has many applications for expanded growth and opportunity.
Take Digital Further with Online Credit Card Processing
Even if you have an existing website, chances are you can propel your brand even further online. Expanding your online presence doesn’t take knowledge in coding, but rather knowing whom you can align with. Co-branding and influence marketing drives brand further and further. Find a complementary partner that can share some of your products online or a service industry that could endorse your projects. You can also implement retargeting ads to capture prospects who visit your website. With over 205 million online shoppers in the U.S. alone, you can’t afford not to take advantage of omnichannel marketing.
Think Outside the Box
The ultimate goal of the expansion is to make your business more accessible to more people. This can be accomplished beyond opening another location. Use a creative approach and see how your business can attract and retain more customers. If you have something useful to teach, you can hold classes at your establishment for additional revenue streams. Think about hosting community gatherings, or hold an open house for some of your most loyal customers.
