Even the biggest businesses once started out small. So, what makes the difference between building a mom and pop and creating the next Amazon? While some would say “luck,” the truth is that if you start with a great product or service and add ambition, a strong vision, the right people, a carefully planned and executed strategy and a lot of hard work, any business can achieve its goals for growth.
The key is in deciding how much you want to grow, choosing the right time, and making smart choices for the best way to grow your business. Here are five ideas to grow your business fast—or at least start thinking about it.
1. Expand your product or service line.
We’ve all heard it said that to become successful, it’s a good idea to specialize—and that’s still great advice. However, if you’ve already achieved success within your area of expertise, branching out into a related area can be a fast way to grow your business. For example, a successful clothing retailer might launch a line of accessories. A physician could grow their practice by offering virtual visits. A web design firm might expand into video production. Look for opportunities to meet your customers’ needs in new ways, whether you’re offering a new service or selling a new product.
2. Expand to a new area.
Growing your company by expanding to new areas is an organic and time-tested way to grow. After all, if you’ve won over a loyal customer base in your local region, it makes sense to apply the same skills to the next town over. Brick-and-mortar businesses may choose to open new locations in neighboring towns or states. Of course today, any business can go global, without opening a single new physical location. International expansion may come with more regulations (and costs), but the results could be well worth your investment.
3. Buy another business.
It takes a lot of time and resources to develop a new product or open a new location. In contrast, when you buy a new business, you’re capitalizing on someone else’s hard work, experience and customer base. If someone else has already done the work of building and growing their business, and the price is right, you could leverage their success with a fraction of the work. While your business could be up and running fast, it will take time to transition the team to new ownership and achieve profitability following the acquisition. So, do your due diligence and make sure your future profits will make up for the expenses.
4. Set up a passive income stream.
What’s the best kind of money? The kind you don’t have to work for. Passive income streams aren’t truly passive, as it does require some work to set up these opportunities. However, once you have a passive income stream up and running, much less work is needed to maintain it than with an active income stream, such as a 9-5 job. Purchasing a real estate investment, launching a website selling pre-made products or services, writing a book you can sell online, or making investments that pay dividends are all ways to make money “passively.”
5. Invest in marketing.
Once you’ve developed that new product, launched that new service, bought another business or set up a passive income stream, the next thing to do is let your customers know about it—and, of course, find some new ones. Sales funnels, email marketing campaigns, direct mail and social media marketing are just a few of the ways you can promote your business and grow your customer base.
Fund your growth with Fundomate.
When you have ready access to capital, you can grow your business much faster. Fundomate is an online lending platform that makes it easy to compare the best rates from top lenders across the U.S.
We’ll help you find the best loan to grow your business—and best of all, we’ll do it fast.