Expansion is a great word for new companies, because it means that you have done something so right in your business model that you have been deemed worthy by the general consumer. Expanding, however, can be a mighty step to take. Expanding when you do not have the right systems in place can result in your downfall. You need to know that you are ready, and then proceed to take the necessary precautions and preliminary steps to expand on your own terms.
Don’t go over budget, and instead follow this guide:
Before You Expand.
Before you expand you are going to want to ask yourself two main questions:
- Are You Ready?
- Do You Have the Right Systems in Place?
Whether or not to expand is a tricky question, but generally speaking if you have the infrastructure in place and the demand, you should be successful in your expansion efforts.
How to Expand Your Startup.
Now that you know your company is ready to expand it is time to get the job done. There are many ways a startup can expand, and some of the best ways to do it (and on a budget) include:
1. Introducing an eCommerce Platform.
Having a website is entirely different from having an eCommerce platform. Websites are absolutely critical for every company, but eCommerce platforms are what will sell your products to a larger audience. How well they look and function, however, is key, so it is best to skip the trial and error and instead turn to the professionals at blackbeltcommerce.com. They can help you transform your BigCommerce online store into something unique and beautiful.
2. Partnering with Stockists.
A great way to expand without blowing your budget by opening a store is to simply partner with other sellers. If you sell a niche item, for example, you can get in on the community and become a household name simply by selling your products to small stockists. If they like and want to sell your products, they will buy directly from you and then sell their product on to customers in their local area. It’s an easy way to go global!
3. Setting Up Multiple Shipping Points.
Another way to become global is to set up multiple shipping locations. By partnering with shipping companies and having an off-site storage unit of your products, you can sell to local areas without having a store open up there.
4. Setting Up Global Offices.
When you want to expand globally properly, however, you will want to open up an office and to create a network in that country. Start with countries that have your largest demographic or customer base, and remember to hire locally so that you can succeed on foreign soil. Assuming you know how to market to those from a different cultural background to you is a mistake. Hiring locally is the way to succeed.
Knowing when the time is right and which methods are right for your company will dictate how successful your expansion efforts are. Leave no stone unturned and do what you feel is right.