In our last blog, we suggested that Canadian business owners seek funding to expand their businesses in an effort to keep up with their counterparts in the United States. In fact, expanding into the United States with the help of American partners who already have bigger budgets was a big part of the suggestion. By increasing their budgets, business owners on our side of the border will be able to market their brands North America-wide with much greater success.
On SmallBizTrends.com, David William agrees that aligning your brand with others is one of the best ways to achieve small business expansion. “An alliance with other brands can help your business expand faster,” he writes, “For example, let’s say your company manufactures new tech golf balls that offer great control on the greens, but you don’t have a manufacturing facility, a distribution channel or any of the other parts of the golf ball supply chain.”
Of course, you don’t have to expand into the U.S. to truly accomplish success as a growing business. There are a number of other methods that can be used to expand your brand. Here are three:
1. Research your market to learn more about your target audience. Who are the members of your target audience? Are you sure that you’re adequately reaching out to them? Some business owners don’t necessarily realize what types of people are most interested in what they have to offer. Things may have changed in the marketplace in the years since your business was founded. Perhaps, some new market research is in order.
“Pepsi, for instance, was losing to Coca-Cola in the soft drinks market until it segmented the market and started focusing on a young, fun-loving demographic,” William cites as an example of a company that changed its marketing approach in an effort to expand, “Today many Pepsi ads targeting that demographic feature pop stars and other young status symbols, a strategy that has helped it grow into a heavyweight cola company.”
2. Introduce new product lines. How long have you been selling what you’ve been selling? Is there room for more on the shelves? Companies like HMV were once known for selling music. Today, they are known for selling, music, movies, electronics, clothing and other arts and entertainment-related merchandise. Perhaps, it’s time to diversify the product line available in your store as well.
“Tweak your existing product or service so that it appeals to the new group of consumers or users you have identified,” advises William, “Alternatively, add a new product or service and start selling it to them. This way you will open up new territory and expand your business in a new direction. By diversifying, you will also protect your existing customer base and create multiple income streams that can often fill seasonal lows and, of course, increase sales and profit margins.”
3. Secure financing. Naturally, you’re going to need money in order to put your plans to expand into action. It should go without saying that without an expansion budget, it will be near impossible to get your plans off the ground. “Analyze your financial situation to see if you have adequate funds to start your expansion efforts, and also to support ongoing expansion expenditure, such as the cost of maintaining new employees,” advises William.
At Synergy Merchants, we offer you the opportunity to get the funding you need to expand your business within 24 hours! Our merchant cash advances have been helping small businesses in Canada to expand for the better part of a decade. For more information on our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call us at 1-877-718-2026 or email us at firstname.lastname@example.org.