Running a successful business venture is a challenging task. You require enough resources, cash flow, and manpower to run a business efficiently. After steady growth and relatively good profits, any entrepreneur would want to expand their business.
Business expansion is not easy and a number of things are needed to be taken into consideration when you plan to expand your business. Here are three different ways to expand your business.
1.Develop a new product or service
Developing a new product or service is one of the best ways of expanding your business. With a new product or service in the market, you can increase revenue from your existing client base as well as target new audiences.
However, make sure that the product or service that you newly develop meets the following criteria:
- It is beneficial to your customers
- It fits in with your company’s brand name
- It is financially worthwhile
- It is possible to recreate it in bulk
2.Start a new branch
Business expansion is not just limited to developing a new product or service. You can even expand your existing business services in a different region of your country. Moreover, you can even plan to expand your business internationally.
When expanding your business to a new city or a country abroad, you have to take into consideration the people living there and their lifestyle. Additionally, the new or existing products or services that you plan to offer needs to be useful to them.
Opening a brand of your company in an area where people do not use your product or services much is nothing but a complete waste of resources.
Also, before you establish your new branch, make sure you have an office space, office furniture, stationery and have hired local employees to kick-start your business operations.
If you are planning to expand your business in a new region but do not want to permanently settle there for now, you can consider doing business through the exporting method. As a matter of fact, there are two ways of exporting – the direct and the indirect way.
In the direct way of exporting, you have to first find a foreign buyer and then make all the arrangements for shipping your products or services to them. This requires you to invest a lot of your time and energy and also involves a lot of risks.
Whereas in indirect way of exporting you get to hire an intermediary for handling most of the things efficiently. Since there is an intermediary involved to enable smoother operations, most companies prefer indirect way of exporting
How to Finance Your Business Expansion?
If you do not want to utilize all your profits or are falling short on finances for business expansion, you can opt for a business loan. When seeking a business expansion loan, make sure that you are taking into account the office furniture, equipment, raw materials, and other facilities while determining your expansion budget.
With Bajaj Finserv Business Loan from Finserv MARKETS, you can benefit from features like fast online process, minimal documentation, low EMI and much more. In fact, the loan application is approved almost instantly and the loan amount is credited in your bank account within 24 hours.
Are you planning to expand your business but falling short on finances? Don’t worry! Apply for Bajaj Finserv Business Loan with us, today!
In case you are starting a business, you should also know about the meaning of SME Loan and its benefits.
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!