As a new business, or one that is looking to rapidly grow, it’s often handy to know what options you have to be able to progress. In the beginning, it’s natural that you may just want to get to know your business, find your feet, and start to generate a steady level of sales. But, before long, you may be ready to expand. Now, does this just meant that you keep on targeting the same customer base and hope to just increase the number of sales that you’re making? Or are there bigger and better options out there to help you? Of course there are. When you’re business finances can handle it, here are your options for growth.
1. Entering Into A New Market Sector
First of all, you’ve got the option of moving into a new market sector. Here, you could launch a product or service that complements your existing product offering, but in a neighboring or related market. This is a great way to grow your sales and revenue, by still targeting your existing customer base.
2. Expanding Globally
Not only that, but you could also move into an international market. Maybe you know that your current product offering is a huge success – then why not introduce it to more customers? Yes, it can be scary to go global. But if you do your search, you should find that you’re able to enter an overseas market with the same success that you’re having right now.
3. Going Public
Next up, you could also think about taking your company public. Now, for a lot of people, selling shares on the stock exchange can seem really scary. But if you are determined to grow on a larger scale, this will be your next step. There can be many ways that others can invest in your company, or even trade stocks or make money. You may want to find out more about spread betting or trading or the stock exchange in general. Then, you can make the best decision for your company.
4. Acquisitions & Mergers
If you want to rapidly expand and find yourself with an entire customer base in the process, acquiring other companies or merging with them is a great option for you. Here, you would look to purchase another company that can then fall under your ownership and stay as its own entity, or you could merge so that you’re joint. You could even acquire a business and bring it under your own brand, so effectively that company is no more. Either route, your company grows.
And finally, you could also sell. Now, this technically isn’t a way that you’re going to be able to make your company larger. But selling your business is a way to cash in on it at the right stage, so that you can enjoy the profits. At the same time, this would be like the acquisition process mentioned above, but another company would be buying yours. So technically, your company could grow, but you won’t be the owner any longer.