2021 now has two full weeks under its belt. Arguably, that hasn’t been enough time to get your plans for growth in the new year off the ground. Perhaps, you’re still in the midst of figuring out how to expand your business. After all, no one can blame you if 2020 was your toughest business year to date. Needless to say, the coronavirus pandemic has and continues to wreak havoc on nearly all industries.
Even when things look their most dire, there are still ways for businesses to rise above. In fact, the act of expanding your business may just be what it needs to survive this awful pandemic. But how can you be sure if this is the year to expand?
You need to diversify your products and services.
Perhaps, your business has suffered because what it offers isn’t particularly COVID-viable. Sports apparel, for example, is harder to sell during an era when gathering in large groups is restricted and social distancing is required. Retailers selling such goods may wish to invest in masks and/or other personal protective equipment to meet the current needs of their customers.
“A bookstore proprietor can add a coffee shop to allow customers to enjoy a snack or a beverage as they browse,” suggests Chris Joseph on BizFluent.com, “A restaurant with a primarily adult clientele can add a children’s menu to create more of a family-oriented client base.”
Growing your customer base would boost your bottom line.
Quite clearly, the more customers you have, the more revenue you’re going to generate. With the likelihood that your sales were down last year, it’s important to assess the size of your current customer base. By opening a new location, you give yourself the opportunity to gain support from a much larger audience.
“If you are a small company, the chances are that you have a small number of clients and work in just a few sectors of industry,” notes StayOutFront.com, “This means that you are susceptible to a severe drop in income if some of those customers stop buying from you or a sector goes through a tough time. It is best not to have too many eggs in one basket.”
You want to grow your brand’s prestige.
What can help your business make the transition from “small time” to “big deal”? In many cases, being considered a notable name brand involves having more than one location of your store. As Joseph points out, expansion helps to establish your business’ brand and identity.
“By using methods such as franchising, a business model common among well-known fast-food restaurants, you can turn a small business into a larger operation by selling the rights to open new locations to other entrepreneurs,” he writes, “In return, the franchisees agree to follow your established operating procedures. As new locations open in different areas, your brand’s identity also spreads, which leads to additional revenue for you.”
For many years, Synergy Merchants’ clients have been taking advantage of our unique merchant cash advance program to expand their businesses. If you are considering expansion, please don’t hesitate to call us at 1-877-718-2026 or email us at firstname.lastname@example.org to learn all about how our program can help you. You can also apply online for a free, no obligation quote!