Tips for expanding your business

woman sewing clothing can grow business with tips for expanding

In an article on fox business they offered six tips for expanding your business, this included things like adding new products and services which will broaden your customer base, up-selling to existing customers, expanding into new territories, tap into new sales and delivery channels and so on. We’re going to touch the topics of expanding into new territories and delivery channels on this post as it pertains to technology. An easy and cost effective ways of expanding if you sell products is moving your business online, this can include selling your products on sites like eBay, Amazon, Etsy, or on your own e-commerce store.

Each of these platforms will allow you to take your business online and reach a wider market and each has its advantages and target market. One of the advantages of the is that they already have a market and customers that search their list of products for what they need because they have already deployed a marketing strategy to attract those customers. Managing your own e-commerce site on the other hand means you need to market it and attract shoppers which is more challenging however this also allows you full control on how your items are displayed, the format of your site, and it allows you to build brand recognition something which is hard to do on the other platforms.

successful business owner after reading expanding your business

When a person is asked where they purchased a product and they respond Amazon sellers don’t get recognition. You are now competing the brand Amazon and all other sellers who sell your product or similar products. Since you don’t really build brand recognition this way your only tool over the competition is selling at a lower price which means lower profit margins. Managing your own e-commerce site allows you to offer your customers something more in the form of added value. Added value may come in the form of a blog where you share personal experiences utilizing the products. You could also provide instructions for using or assembling your products in your blog. The point is to add value by making it easier on your shoppers to find the information they need. By adding value to your customers you get return customers and build brand recognition which can help in expanding your business.

Learn more about blog writing here.

Expanding your business to another physical location.

For expanding a more traditional brick and mortar store you can consider ways of lowering your up-front expenses, when it comes to technology consider leasing your equipment. Leasing allows you to conserve capital which you can utilize on further marketing efforts to drive up business. Leased technology may even be 100% tax deductible although you should consult your accountant on this beforehand. Leasing your equipment allows you to avoid having old obsolete equipment as you can upgrade when your lease ends. Depending on the type of lease you get and your credit rating you can likely get better rates than if you were to get a business loan to purchase the equipment and because you don’t actually own the equipment the savings continue if anything breaks as the supplier will fix or replace the equipment at no additional cost to you.

For more information on e-commerce sites or I.T. leasing program call us or send your question through our contact form.

About the author

Josue Nolasco – VP of Green Shield Technology.

Graduated from ITT Technical Institute with a bachelors in network cyber security. I attended the Travel Channel Academy  which was great fun and have been working with small businesses owners for years helping them implement new technologies for a better and more productive management of their business.

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