All of those big businesses you see that are operating at massive scale once started precisely as your business is now. It begins like an idea in the kitchen, or in the middle of the night and the idea expanded into a business plan, then into finance applications, and now you see them every day. The businesses with logos and name everyone will recognize.

Most businesses start small, and something important to note is that many stay small. They pay the bills, are successful in their area, and thrive. But, staying small isn't for everyone. In fact, many people make the executive decision early on that they are going for growth.


Photo by Fab Lentz on Unsplash.

Once you make the goal, it is time to do the planning. You need to develop a growth strategy. Something that will see you years into the future. So here are some options that you should consider while you are getting ready to grow.

Market Penetration

The swiftest way to grow is to work on your current customers. Sell more of your products to people who are already buying it. It has been perfected and manipulated for years by more prominent companies and is the least risky method. Think about how often you return to the same restaurants, or business to make a purchase. What if you could buy more at a better price - would you? Most of the time, the answer is yes. Find new ways for old customers to buy more.

Alternative Channels

If selling to people who are already buying seems a bit like shooting fish in a barrel, then you might like to step it up a bit and look at alternative channels of selling. Of course, you will need a firm grasp of inbound marketing meaning and how it can be applied here - driving people to the new purchase points and options. If you only sell wholesale, you might consider breaking that down for smaller purchase amounts. If you have expensive items, then you might consider creating a budget-friendly version.

Market Development

This is using your current product, but pushing it towards a new market. Work on making what you are currently selling exciting and accessible to a different demographic. This might mean you have to make some changes to the copy you use to promote it, try different platforms or rejig the uses of the product - but opening up a new market is a sure-fire way to pull in more sales.

Product Development

You know what sells and what doesn't by now. So take that data and do something with it. Reach out to the people who are already purchasing from you and get a clear idea of why they wanted that item. Then create a new product that does things that your previous one doesn't and sell that to your current customers. You don't have to learn a new market, you just have a more in-depth knowledge of the market you're already active in.

You will have to decide which is the most cost-effective for you, but growth will typically be seen when there are improvements or new additions built upon what you are seeing success in.