Want to find creative ways to expand your small business? Think about ways to diversify products, expand your marketing and sell to different markets.
If you are a small business that sells merchandise or handmade products, these tips will be especially useful to you.
1. Expand Marketing and Online Web Presence:
- Create a website or update your existing website. Make sure all information is timely, accurate and engaging. Put up new photos, and don’t forget to add current promotions or activities: customers want to see what is happening right now.
- Get your name out there by Creating or re-vamping your social media presence. Get on the big social media sites (Facebook, Twitter, Pinterest) or start your own blog. Make your sites’ posts are engaging, informative and fun. You want to pull in more people that love the things your business loves.
2. Diversify with a specialty product line: Diversifying is an excellent strategy for growth, because it allows you to have multiple streams of income that can often fill seasonal profit struggles and, of course, increase sales and profit margins.
- Introduce new hand-made, creative, or specialty products, as a new quality or specialty branch to compliment your regular product line.
- Customers love this because it shows your talent and offers a new and different selection. Whether it is with jewelry design or a pizza shop, put a lot of care and quality into it, release the new product line during a slow year, and it’s sure to be a success.
- Sell complementary products or services
- Teach short workshops or other types of classes in your field
- Import or export yours or others’ products
3. Predict your future market, identify a demand and fill it! This is similar to creating a specialty product line, but even smarter. With a bit of economics and a lot of creativity, you can look into your market and identify what’s missing. Do people need this? can you fill this need in a new and reliable way? Then do it!
A great example is Tristan Walker, founder or majorly successful Bevel, a shaving company –and one of the first in it’s kind– specifically designed to target black men and the most persistant problem they have with shaving: preventing razor bumps and finding even-tone moisturizing skin care.
4. Target other markets/ in stores or online: Your current market is serving you well, but are there others?
- Sell specialty products or best-sellers to other markets. Partner with other businesses to get your product out there!
- Try selling products at weekend shows, city or holiday festivals, opening game-days, concerts, picnics, holidays, trade shows, public parks. The more specifically you target the right market, better you’ll do.
- Sell your product online: Launch a store on your website, post your product line on Etsy.com, Amazon.com and others,
- Email the editors of the biggest blog or news site on your industry in the area, and ask to get an article written about your small business.