6 Ways To Expand Your Business

Some businesses are thriving at this very strange and unprecedented time, and others have had to close. Whether you’re struggling, looking to start up something new, or you are indeed thriving, it’s essential to know more ways that you can make money and expand your business. There are plenty of options out there for you, even during the global pandemic, it’s just important to find the right one for you and your business. 

Create webinars

While everything has moved online more than ever before, it is essential that you are making the most of what the online world has to offer. One of these things is webinars, which are a great way to promote your products or services. Webinars allow you to reach a wider audience very quickly, and they are great for captivating audiences and clinching sales. 

Franchise

Rather than opening up new business locations yourself, if you have a successful company, why not try franchising your business? While franchise costs can be high and moving to a franchise model can be challenging, there is plenty of support and franchise software available now, so you don’t need to feel like you’re on your own. Of course, you need to know your market, but if you do it right, franchising could be the perfect way to expand your business. 

Make the most of global platforms.

Since the global pandemic, people have conducted meetings from different parts of the world more than they ever have before. Thanks to the internet, location is no longer an issue, so why would it be when finding your customers and audience? There are online services that can help your product or company reach a far wider audience; take a look at Amazon’s FBA service, Upwork and Airbnb, to name a few. These companies are trusted and have a vast customer base, so if you use them to advertise your product or service, then your business may grow a lot faster than it is now.

International expansion

Is it possible for you to expand internationally? Would your current offers work in other countries? If the answer is yes, then international expansion could be a quick way to grow. While it will incur some initial costs, the potential for profits could be massive.

Diversify 

Think about your current offering and what else you could add to it. For example, are there complementary products, services, or information you can provide in your business? It could be whitepapers, accessories, books? It’s hard to give specific examples when there are so many different businesses but think about gyms and how some sell water bottles, gym clothes, protein shakes, etc. What could you sell or offer that would add value to your service or product and set you apart from the competition?  

Find passive income streams.

In line with the above point, think about what else you can do, which could create a passive income for you; this way, you can get paid over and over again for work that you did once. For example, even better. Can you create an online course to put on your website? Is there any affiliate marketing you can do? You might have to think outside the box a little, but it will be worth it.