If 2020 was a year when everything shut down, 2021’s theme is reopening. Many businesses that were on life support last year are roaring back to life, and many new ones are opening. Some customers will mourn the ones that didn’t make it, but life has to move forward, both in the business world and in everyone’s private lives.
If you have a business that suffered last year, you might feel like 2021 is your time to expand. That’s frequently easier to say than to do, though. We have a few suggestions if growth is your mindset for the year’s remainder.
Find Yourself Some New Investors with Deep Pockets
Finding expansion solutions might be as simple as checking out a growing Infoblox competitor, but some businesses are more ambitious than that. For instance, maybe you feel like you don’t have the monetary resources to expand, and you must find some investors if you want to make your dreams a reality.
You can approach a venture capital firm if you have already established your business and have a viable expansion plan. Before you do, try your elevator sales pitch. You’re going to need to wow these potential new investors immediately, or else they’ll feel like you’re wasting their time.
If approaching venture capitalists intimidates you too much, you can also look to a credit union or bank for a more traditional loan. Again, you need to have a viable plan that will lend credence to the money you want, or else you’re never going to secure that loan when the time comes to make your sales pitch.
Look at Overseas Markets
Maybe you feel like you have conquered the US market, and you have nothing further to prove in the states. You are a known commodity within your niche, and you’re a household name on US soil.
If you’re in this position, expanding overseas makes a lot of sense. Try to think about how you might introduce your products to an overseas market. Look at distribution options, and think about making a trip to the foreign country you’re targeting so you can persuade potential new partners in person.
Come Up with New Products and Services
You might also want to expand your company’s reach by introducing new services or products. If your niche already knows who you are and what you offer, you have done well with your branding. That will help if you start adding new products to your line because you can utilize the trust you’ve already gained.
Make sure the services and products you introduce are different from what you offer already, yet not so far away that your customers won’t understand why you went in that direction. For instance, if you manufacture car parts, it makes no sense to get into deli meat production all of a sudden.
Invest in Your Research and Development More
You can also dedicate more money to your R&D department. If you have some creative individuals working for you, you can meet with them and suggest ways to expand or amplify your current product line.
If you can secure a loan, as we mentioned earlier, putting that money into R&D makes sense. However, you have to make sure you end up with some viable new products. If the money you commit doesn’t produce a new product line, you’ve wasted it, and you’ll have a very tough time paying back what you borrowed.
Go to an eCommerce Business Model
Looking into an eCommerce business model is one more thing that you can do this year. Maybe you have several brick-and-mortar locations, but you have never sold anything through your website before. Now could be the right time to get in on that trend.
You can either figure out how to offer products or services through your website, or else you might go through a platform like Etsy or Amazon. You’ll have to look at what it is you offer before you decide which one makes the most sense for you.
Business expansion takes a concerted effort on your part, and not every company can accomplish it successfully. If you are not expanding, though, that could mean your sales are stagnant, and that’s certainly not something you want.
Don’t be afraid of taking a couple of risks, but make sure they’re calculated ones. If you have partners or other company heads, meet with them to discuss any new venture before you fully commit to it.