If you’ve been enjoying success in your business, but are as of yet still only operating in your local area, you may be looking to extend your reach out of town or indeed across the country. This can be a daunting process – are you truly ready? How much do you need to invest in this growth, and how can you be sure it will pay off? Who can you employ to help deliver your ambition in the best way?
While all business ventures require some amount of risk, grit, and optimism, you can also prepare yourself thoroughly and take the right steps to ensure yourself success. If you’re looking to go nationwide with your local business, here’s what you’ll need to consider:
Who is your new customer base?
In order to make your larger business a success, you’ll need to affirm that there’s a need, from a willing audience, in the space you’re advancing in to. If you’re aiming to launch into an untapped market – such as a new city or releasing a product that’s tailored to a slightly different customer than you have now – ensure you understand what your audience want from you, and why they want it.
You can use the Internet to research the existing market and identify opportunity spaces. Failure to do so may mean you spend money launching a product or attempting to reach an audience, which simply lacks interest.
How will you support your growth?
Once you know you’ve got a captive audience, you’ll need to confirm that you can get the product to them easily.
Perhaps you need to invest in an e-commerce site, to enable you to sell and ship across the country. If so, ensure you partner with the right developers who can assist you with optimal user experience, brand portrayal, and marketing power – click here for more information on BigCommerce website design. Ideally, your website will act as not only a purchasing platform for your consumers but also provide them with all the information they need, and engage them emotionally, so that you make loyal customers out of them.
On the other hand, you may decide you need to invest in physical retail space. If so, ensure you go to visit these locations in person to truly get a read on the local area and footfall quantity. Equally, you should meet all future employees in person too, as they’ll be the driving force for your new franchise.
Where are you aiming to go?
Having a defined business plan and growth strategy will be crucial to your success. You should be realistic, but ambitious, with your desires.
If your local business is a joint ownership, sit down with your co-founders or co-workers and discuss where you’d all ideally like to see the business go. Make sure you all define your roles, and how each of will assist in making this ambition a reality. Share responsibility for the success and all actively input in your plan for the next 12-24 months.
Growing from local to nationwide: small steps to success
You can certainly extend your business into uncharted territory if you plan ahead and partner with the right people. Do your homework, so you understand the space you’re moving in to, so you avoid any nasty surprises. Then, take a confident step forward in reaching towards your goals.