Company Expansion 101: How to Grow Your Business and Reach New Markets

Establishing your business is the first challenge that an entrepreneur faces. But the biggest challenge is how to expand your company once you start growing. 

If you want to grow your business and unsure of how to reach new markets, we’ve prepared this guide to help you.

You have to first come up with a company expansion blueprint and then figure out how to execute it.

The first step is to consider a makeover:

Makeover

When you first launched your business you probably didn’t give too much thought to the cosmetics of your business. You might have hurriedly made a logo and even a company name just so you could get the ball rolling.

Now, things have to be different. You have a reputation to defend and as a result, your company has more to lose now. Change the company logo if you find it doesn’t meet your artistic standards. Add a tagline or mission statement to your company’s website. Remove any archaic or low-quality content from your website and/or social media profiles.

If you have a physical business, you might want to look into an industrial painting to give your premises a more refined look.

Next, you want to research a new market:

Researching Markets

To find new markets you have to first look at your current market. For example, your products might reach an older market. But you know that a younger market can bring more business and more capital.

You have to research how you can reach this younger market. For example, you might need to focus on a different social media platform to reach this market. You might need to shift from written content to video content to reach this market.

Researching markets involve knowing the likes and dislikes of this group. You need to research their spending patterns to see how you can sell your products/services to them.

Finally, let’s see what else your company can offer to the world:

Company Expansion Means Product/Service Expansion

Most company expansion plans involve expanding what your company offers — both to current customers and potential customers.

For example, Apple has continued to expand its market by expanding its product offerings. It started out by providing personal computers with a different operating system to Windows.

Since then, Apple has created software applications for creatives — such as iMovie and Garageband. Then it branched into reaching out to audiophiles by creating the iPod. Now, it can reach any type of customer because of the iPhone and iPad.

Think about what new products/services you can create that will reach out to a new audience. For example, if you sell alcoholic beverages but want to reach a younger audience, you can also consider selling soft beverages as well. 

If you are a book publisher that appeals to adults, you might want to expand your company by publishing children’s books as well. 

The opportunities are endless and this is the time to experiment with your company expansion.

Grow Your Business

Now that you know the basics of company expansion, you are ready to grow your business. Follow these 3 steps and make sure to share this article with your fellow entrepreneurs.

You can also read more great business advice on our website.