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Tips to Expand Your Business Outside Your Core Industry

Written by:

Charles Camisasca

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Are you facing challenges in selling to your existing audience? Or do you want to expand your business and enter a new market for more business? Whatever the reason may be, entering a new market or targeting a new set of potential buyers can become a nightmare if not done correctly. Your transition can vary from selling a whole new product or simply switching from B2C to B2B.

To help you out, we have come up with a few tips that can give you the push you need to ride the bandwagon to success.

Partner with an Existing Successful Organization

Getting into a partnership to expand your business is a traditional strategy that has been adopted by many in the past. Partnerships tend to generate more capital that can be used to grow your workforce and eventually enhance your production capabilities.

Search for a non-competitor; otherwise, you’ll end up selling to the same audience. In order to form a successful partnership, it takes effort, time, and trust. However, if you team up with the perfect fit, you are deemed to witness rocketing sales.

Consider Selling Wholesale

You can expand your business outside your core industry by changing the way you sell. Adding a B2B model to your current B2C strategy can be surprising.

Suppose you think about this option: you need to consider creating a wholesale platform for your B2B buyers. With this strategy, you can sell to a whole new stream of clients in bulk. If you are selling online, all you need is a smart strategy to attract B2B buyers.

At first, you’ll come across the thought that selling at such a low price is a complete waste of time. However, you tend to make a lot more money when you trade in bulk. As more businesses buy from you, you’ll be selling more goods than ever. Eventually, you’ll see a significant increase in your revenue as you’ll be playing in big numbers.

The money and time you’ll save from selling wholesale can generate the funds you need to work on future products. Though this tip involves selling outside of your core industry, it also provides many small businesses the opportunity to grow.

Research and Development

In order to expand your business and enter a new market, you have to either come up with a new product or improve the one you are selling. For that to happen, you need to invest in R & D. Hire a team of experts who can suggest improvements to your product and provide you with innovative ideas to start selling something new that can help your business grow.

To enhance the outcome of your research, you can also talk to your existing customers. Engage with your audience to learn more about their needs. You can create surveys and publish them on the website. Also, you can email the survey to your subscribers. Such quick 5-minute surveys can help you understand how satisfied your customers are with your current products and allow you to explore future opportunities with their honest suggestions. If you think that isn’t enough, you can also start polls on social media. You can ask your target audience directly what they want you to do next.

Takeover of an Existing Business

If you are doing well enough to have the capital to take over another organization, you won’t have to go through the hassle of forming a partnership. This is one of the easiest and fastest ways to expand your business. However, in order to make that possible, you’ll need a significant amount of money, and you’ll have to find a company that you can run.

Buying out a business always has many risks that you’ll have to take. To start, if a company is that good, why would someone sell it? For money? At times, if given a worthwhile offer, yes! But not all the time. Most entrepreneurs agree to sell their business because they either can’t run it or have run out of funds. Therefore, before investing, always make sure that the business has the potential to earn profits. Or else, you’ll incur a huge loss.

Wrap Up

Business expansion is a common goal set by every entrepreneur. Who doesn’t want to find a way to earn more money? However, at times, if not done the right way, your dream of becoming a leading international business can become a nightmare. The tips mentioned above are helpful to understand how you can enter a new market. But, remember to do your homework properly before making any decision.

Note: This was a guest post by Lisa Powell

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