What is the best way for a small business to expand?
- Add New Offerings. One of the most obvious ways to expand your business is to add new products or services to your mix. ...
- Optimize Your Existing Market. ...
- Claim a Niche Market. ...
- Move Into New Markets. ...
- Seek Referrals. ...
- Launch an Ecommerce Website. ...
- Partner With Other Businesses. ...
- Acquire a New Business.
How can a business expand by expanding to new markets?
- Review your current business model and target audiences. ...
- Think about future goals for your company. ...
- Research competitor markets. ...
- Complete market research on related product markets. ...
- Identify one target market to focus on. ...
- Get feedback from existing customer-bases.
What are the different ways in which a company can expand itself?
Common routes of small business expansion include: Growth through acquisition of another existing business (almost always smaller in size) Offering franchise ownership to other entrepreneurs. Licensing of intellectual property to third parties.