There comes a time when every business owner considers expansion.
When profits are coming in, finding ways to grow the business makes perfect sense. This is especially true in retail. If you are outgrowing your store, or are looking to find other places to showcase your product, it is possible to take your retail strengths elsewhere.
There are a number of ways to expand, and we have picked out 5 of them. Consider which may be relevant to your business.
- Take your store to the next level, literally, by expanding vertically or even horizontally. There are a number of things to consider, so read these renovation tips if you are interested in expanding the building you are currently working in. Not only will you be able to add more stock, but you will also have extra space to manage your customers, as well as areas for added facilities, such as changing rooms or food and drink stations.
- Expand into a new territory, moving your business from where it currently is, or opening up a second store to complement your current base of operation. Research is key, as you will need to find the perfect location to attract footfall, and you will also need to factor in extra staff etc. into your expenses if you are opening a second store. Many smaller businesses started this way, Apple and Amazon included, moving from humble beginnings and becoming global giants. Could this happen to your retail business? Think big!
- Set up in public places away from your regular place of business. Using these retail merchandise units, you have the perfect platform to showcase your products, encouraging those who buy from you to enter your main place of business later. This is a much cheaper alternative to opening up a second store, with the advantage that you can move the display unit to any location, rather than rooting yourself to one place long-term.
- Merge with another business, as this could benefit both of you. Turning two smaller companies into something larger could see your revenue grow exponentially, though it’s still worth noting the pros and cons. Merging can make good business sense, but you don’t want to lose your values when collaborating with others. Meet up with any retailer looking for the same, and approach those businesses which are struggling, as you may be able to save them from bankruptcy.
- Go online. You are probably doing this already, but if not, it may be time you did. Many retail stores have both an offline and online presence, as it gives a further avenue to make sales. In today’s society, this makes perfect sense, considering the high number of shoppers making purchases online rather than on the high street. Whether you set up your own eCommerce site or simply sell some of your produce on Amazon and eBay, this will future-proof your business and is useful should your bricks and mortar efforts ever take a fall in profits.
Whether you commit to one or a number of the ideas we have presented here, always seek to grow. Provided you have the financial clout to expand, your business will grow from strength to strength. We wish you success, whatever you do and wherever you go in the future.