Is Expanding Your Business On Your Holiday Wish List?

In exactly two months, Christmas Day will be upon us! For a lot of us, the forthcoming holiday season is one that includes memories of writing wish lists to Santa Claus. Perhaps you’re a little too old for composing such a list. But that doesn’t mean you still don’t have some holiday wishes. As a business owner, the growth of your business is undoubtedly on your holiday wish list each and every year. Is this the year you finally expand your business?

Do you wish to open a new location?

For most small business owners, the concept of expansion takes the form of opening a new location. There’s no question that owning more than one business location is a tried-and-true way of growing a customer base and servicing the needs of different demographics. As Emma Kovacs points out on ThriveHive.com, opening a new location is often the first thing people think of when they hear “business expansion” – but it’s also the riskiest.

“Expanding via brick and mortar locations requires an abundance of thought and careful planning—you have to account for competition, be hyperaware of your budget, and know the intrinsic workings of your business model,” writes Kovacs, “Not only do you need to secure your finances and research both street and foot traffic patterns to ensure the success of your second location, but staffing is of paramount consideration as well.”

Do you wish to cater to a global market?

There’s nothing quite like expanding your business to the point where it enjoys a worldwide audience. Thanks to the internet, you don’t have to open a new physical location to do it! If you haven’t yet tapped into the power of the worldwide web, this holiday season may be a great time to test the waters. Opening an online store does away with the hindrances presented by distance and normal operating hours.

According to Don Sadler on FoxBusiness.com, “countless companies have reinvented themselves to take advantage of online opportunities — from brick-and-mortar retailers opening online stores to service providers who are able to reach a much broader audience by advertising online and using search engine optimization (SEO) techniques to rank highly in Web searches conducted by the prospective customers.”

Do you wish to launch a new product line?

Not looking to open a new location or develop a worldwide following? Perhaps your best bet is introducing new products and services into the fold. After all, it is often said that a company’s best advertising strategy is one that caters to the needs of its current customer base instead of pandering to those who have never supported the company before.

Kovacs reminds business owners to remember the clientele they’ve already accumulated. “Establishing a loyalty program for existing customers can also be an excellent way to retain their allegiance to your business,” she imparts, “For instance, a hair salon might want to offer a discount every fourth haircut at their store, and a coffee shop could offer a free small beverage for every 15 purchased.”

At Synergy Merchants, we like to think of ourselves as being in the business of making wishes come true! Please don’t hesitate to contact us to learn about how our unique merchant cash advance program can get you the funding you need to expand your business. Call us at 1-877-718-2026 or email us at info@synergymerchants.com.