8 Tips on Growing and Expanding a Small Business

Author: Virendra Singh Jaitawat

Author’s Bio: Virendra is tech-savvy content marketer and technical writer extraordinaire with a hilarious twist. Armed with a Bachelor's degree in Technology, he's the self-proclaimed Internet Explorer who can spot a meme from a mile away. In his spare time, he enjoys watching movies, strategizing marketing campaigns, and perfecting his sports skills—truly a comedic force in the world of technology!

Expanding a small business beyond the constricting confines of its hometown is the ultimate goal for most entrepreneurs. But how do you get started and how to prepare for such a big move?

Read on to learn about the importance of emergency preparedness, conducting market research, connecting with global industries, hiring talented employees, and more. Proper guidance and planning will put you on the path to success. 

Take your business to the next level today with these 8 tips as your guide to navigating expansion efforts. 

Benefits of Growing Your Small Business

So, why take the risk and go the extra mile to expand your business?

Everyone wants to grow their business to increase local and international sales, revenue, and operations. And there are many upsides to becoming a successful global brand, such as:

• Boost sales

• Increase revenue for your business and employees by entering new markets and targeting populations with higher incomes.

• Increase recognition

• When your business grows into a household name, it becomes easily recognized by customers and potential partners alike. 

• Access to new audience segments

• Interact and work with an entire population of new customers with whom you can share, test, and sell your products and services. 

• Become a worthy competitor 

• Hit the ground running and compete with other businesses in the same industry by providing high-quality and unique products and services.

• Satisfy customers

• Make your international customers happy so they can spread the word about your business. 

• Expand your network 

• Connect with like-minded entrepreneurs in similar fields and connect with their companies and services. It always helps to create bonds and expand your network as your company grows.

8 Tips for Expanding Your Small Business

Whether it is researching and recording behind-the-scenes data or actively reaching out to the community and customer populations, there are many ways you can expand your small business.

Dive into the details of how exactly successful entrepreneurs take their small businesses to new heights.

1. Identify New Markets for Entry

Start by carefully choosing your new target markets. Local market research helps you better understand the audience – aka – your current and potential customers. Use this research to gain insights into your field before entering the market. Consider: 

• What kind of demographics to market towards

• What kinds of places to put effort into more so than others

• What kinds of other companies to network with, and so on. 

This will help you determine which locations or countries need your attention. Then, you can start making plans to expand to these regions.

2. Understand Your Existing Customer Preferences

Existing customers can give you insights into what people appreciate about your products and services. Consider conducting surveys in return for a coupon code, giveaway, or bonuses to your services. This simple motivation lets customers happily share their opinions and experiences with your company. This way, you can analyze this data to see what customers prefer and what efforts have historically been successful.  

On top of this, prioritize your teams’ customer service skills. Make it easy for new customers to contact your business or find your website for additional information and resources. Generate a reliable following to increase brand awareness and visibility. This emphasis creates a network of customers that helps you expand your small business’s online presence. 

3. Conduct Market & Competitor Research

Evaluate the competition and see what they provide and how they sell their services. Look at examples of what (and maybe what not) to do next by closely following what other competitors in the same industry are creating, innovating, and deciding to push out to the public. This also allows you to be sure that you’re one step ahead of everyone else. You can also automate the process of gathering data from competitor websites, just make sure to use a trusted VPN to protect your privacy and security while accessing and analyzing competitor data.

Consider what makes your business unique and then use those points to stand out among the crowd. Emphasize and highlight these features on websites, social media, and more to show why your brand is different. 

4. Make a Plan to Grow

Some may find starting small more feasible. Touch base with a new city or region within the same country. Maybe launch one new service or product before any others and allow your company to focus on what matters most to your growth. Alternatively, if your budget and human resources allow, choose to start big by launching services in several countries at once or promoting more than one new product. 

Similarly, choose whether your platform or service is more relevant online or in person. Deciding how you will expand – virtually or physically – determines what you spend your expenses on, what kind of positions you’ll hire, what departments do you need to leverage for such growth, etc.

Consider these questions: Do you want to extend existing products and services? Or create new country-specific products? Do you want to only provide global customer support? Or do you want to have a physical presence in these regions?

5. Hire the Right Staff

A business without a solid team of talented employees is not destined for success. And so, you’ll need to hire internationally in and around the regions you want to expand to. Your company should prioritize hiring qualified candidates for important positions. Identify existing weaknesses in staff and hire people who specialize in those areas. This will make your company well-rounded and balanced. 

Be sure to provide for your employees and treat them like the valuable assets they are to your small business’s success. When speaking to prospective employees, highlight why working with your company is special. Share with them aspects of your company culture, the way that you reward hard work, and any other benefits of being a part of your team. 

6. Consider Adding New Offerings

Depending on your business type and expansion plan, you may want to consider updating and adding new products or services. If you’re expanding to new countries, then you may want to create more localized products that speak to local clientele.

Not sure what changes to make? Consider hearing from your new customers about their thoughts! Evaluate them through surveys or other means of data collection. Are there online forums dedicated to your field that provide commentary and feedback? What about public ratings? What’s trending there? What are the problems that need solving? 

Try to follow the main streamline of your products and services and don’t stray too far from what your audience generally expects.

7. Improve Your Online Presence

The internet is the best way possible to learn about a new company at the touch of a button or click of a mouse. So, it is imperative to have a strong online presence to grow your small business. 

Create a user-friendly website that maintains a professional image and provides easy-to-understand information about your business and its services. Make your website accessible from all devices, so customers can find your business comfortably using their preferred devices.

Include blogs and how-to guides on your products and services to make it easy for customers to use them. For new markets, consider including relevant and localized content. Additionally, employ local SEO strategies to appear in the right search engine results and further boost visibility. 

Similarly, use social media to showcase your products and increase brand awareness. Strategies like using hashtags, engaging with trends, and having a consistent brand image can all be highly effective. 

8. Have a Backup Plan

Have a plan in place for emergencies or unforeseen contingencies so that you can deal with the inevitable bumps in the road. As we all learned from the COVID-19 pandemic, our world can be turned upside down in a matter of weeks. Planning for the unexpected is essential for small businesses looking to expand, as they don’t have the same capabilities as major corporations with endless staffing and funds. 

Get. Set. Expand!

With the right timing, determination, and preparation, your business can achieve anything. Take advantage of the resources around you, identify and analyze the market you want to enter, bring the right people on board, keep up with trends and changing times, and lastly, prepare for anything! 

Regardless of your budget or staffing, a small business can climb to new heights all the same and achieve great things!