After a couple of years of seamless operations, growth, and income, it’s only natural for business owners to expand their brand. Although branching out your business may involve some risk, so it’s wise if you consider your choices first before diving into a new sector.
To make it easier for you, here are five effective and risk-free ways you can branch out your business, allowing you to experience more success, profits, and growth.
Opening a Flagship Store
If you have a more established company and have several available locations, setting up a flagship store is a big step in branching out your business, exceptionally growing brand awareness, and encouraging client engagement. However, this method can be relatively expensive as it requires a much larger investment than just expanding your business to a second location. Luckily, you can get plenty of affordable business loans from trusted SBA lenders to achieve this efficient branching out tactic.
When you get the funds, ensure the flagship store’s location is accessible, contains all your products, and additional elements that improve customer experience and interaction. The store will be your company’s ‘one-stop-shop,’ so it’s best if you go all out.
If you consider your company to be in a strong financial position, buying another company is a great way to expand. During recessions, many firms go out of business, so take advantage of this and bring your business to new levels. However, before diving into an acquisition, ensure you do thorough research to get the most of your money. Although this method can be risky, the rewards are usually well worth the trouble at the end.
Test the Market with Pop-Up Stores
Although having market research on paper is useful for you to see what your target demographic is going for, it’s always worth to pair that up with testing your findings in practice. An affordable way to achieve this is by setting up small and temporary pop-up stores at your local malls or supermarkets. It allows you to test the market’s reception and appetite for your goods while sticking to minimal costs. Doing this helps you make a better-informed decision if investing in the products in a more long-term arrangement is worth it or not.
Release a Mass Market Version of Your Product
Creating a mass-market version of your most popular products separated from your initial business model is a great and lucrative way to branch out your brand. The most common example is popular restaurant chains expanding their products into grocery store food goods. For instance, Starbucks now offers their famous brews in bottled products at several supermarkets globally, effectively gaining an additional source of income while raising brand awareness.
In today’s contemporary world, most companies now have an online presence because more people rely on the internet, with 85% of consumers conducting online research before buying a product. It’s best to take advantage of this and build your online presence by releasing a professional website with complete information about your business and having profiles on popular social media platforms like Facebook and Instagram.
Just because you’ve reached your goals doesn’t mean you shouldn’t explore more opportunities as a company. That’s why when you have the chance, do any of the methods mentioned to make your business even more successful and profitable.