The economy is still showing strong signs of growth, despite the recent changes and developments happening across the country. Experts believe that we’re still looking at 5 to 10 more years of economic boom, which means now is the perfect time to grow your business and tap into more market potential.
There are plenty of resources that can help you scale your business. However, scaling a business – particularly a home business or a small enterprise – can be very challenging. You’re taking a business that’s run from home with minimum overhead costs to a more mature business that’s facing the market head on. To make the process of scaling your business simple, here are the three tips you can try.
Take Advantage of the Internet
Before you start thinking about opening new stores or expanding your production workshop, the best -and first – thing to do is explore the growing market. This is something you can do without investing a lot of money or taking big risks thanks to the internet and the online market.
If you’re a small business operating from home, chances are you already use internet marketing to reach customers. You may even have an online storefront set up and running, taking customer orders on a regular basis. It is time to take it up a notch and expand your online presence to gain more customers.
Revise your internet marketing efforts to reach customers from other parts of the country. You can even choose to expand your operations and start catering to international customers. This is a relatively easy thing to do. You just need to start by getting the distribution channel figured out and you will be able to sell to more markets almost immediately.
The internet is also a great way to build a network. Instead of selling the products and services you have in store from just one website, you can take advantage of marketplaces and ecommerce platforms to expand your reach. Investing in marketplaces such as Alibaba and even eBay could lead to a massive boost in reach and exposure.
At this point, you will start getting more orders and generating more sales. It is time to move on to the next step, which is….
Expand Your Manufacturing Abilities
Exploring more markets and attracting a larger volume of orders are just the first steps. Next, you need to expand your business to cope with the increased number of orders. You can do this by either outsourcing your manufacturing process or expanding your own by investing in better equipment and efficient solutions.
Outsourcing is something that can be done easily now that there are companies around the world that offer access to their manufacturing lines at reasonable prices. You can, for instance, manufacture more products for less by working with a company based in Vietnam or China. It is not the easiest way to expand – since you will be dealing with communication issues and other common problems – but it is a cost-efficient solution that is worth considering.
On the other hand, you can also invest in a more efficient production workshop. Thanks to new technologies such as the laser cutter machine and efficient warehousing solutions, boosting efficiency and production are things you can do rather easily. Besides, you can also use your production workshop as a marketing tool; you’ll be able to say that all products are manufactured in the US, which is a huge plus in the eyes of many customers.
Focus on Steady Growth
As mentioned earlier, we’re seeing a steady growth that will continue for the next several years. The focus of scaling your business must also be steady growth. Sustainable growth is much easier to manage than a one-time jump in sales. You don’t have to worry about the increasing overhead costs due to the increased production capacity, since there will be more sales to cover them.
Steady growth also makes scaling your business a lot easier to do. As a business owner, you have the time and resources to adapt to the changes you’re making. Risks such as mismanagement or sudden loss of income can be minimized. You can focus on keeping the business healthy and maintaining a steady flow of sales to support it.
Keep these tips in mind and you will have no trouble at all keeping up with the market. As the market grows, your business will have the ability to grow alongside it. Before you know it, you will have a company that’s comfortable handling thousands of orders from international customers without a single problem.
