Here’s another EntreLeadership Podcast question from one of our listeners: How do expand your business when you have saturated your original market?
A market being saturated implies that the product can only be served by a presence in that market, and it can’t be done virtually. With that in mind, here are a few ways of expanding:
- Satellite Offices – Opening offices in other cities is a good way of creating new markets. Each will most likely require office space and supplies, a team, a lead, marketing, etc. Your involvement on some level is also a must. You are essentially starting a new business. Therefore, you have to be the heartbeat of that office.
- Franchising – If you can’t be there to make it happen, why not allow someone else to do it, and you make a lot of money from it? Franchising is a great way to get your product line to spread, while giving someone else ownership. You will have to set up a training course, support along the way, plus spot-checking procedures to make sure your name isn’t being tarnished. Finding someone who has successfully franchised into multiple cities and picking their brain is a great idea.
- Add Fries – Create an add-on to your current product. If everyone already has one of what you make, then what is the essential add-on piece that they can’t live without? If you have an iPhone, then you surely need a protective cover. Everyday companies are going outside of their normal lines to give their customers something else they need. I recently ate a burger at a car wash, where they vacuum and hand wash your car. Why not offer something other than vending machine snacks while I wait?
- Start New – Create another product line that you can grow. Take a look around your current shop, office, whatever you have, and brainstorm what other products you can make or services you can offer with your current assets. If you’re a table maker, and everyone has a table, make chairs or baseball bats or axe handles . . . You don’t have to stick to one item, pull your team together and see if there are some great ideas for new lines.
There are a lot of ways of reinventing your business, so you don’t find yourself dying a slow death. The old adage is true, If you’re not growing, you’re dying. Get growing!
Question: How would you expand your business in a saturated market?
- How To Expand A Small Business (ChrisLoCurto.com)