Best ways to Expand a Business
investorwize subscriber Posts: 3
edited May 2016 in Business Planning
Looking for the best ways I can expand my business, such as getting investors or raising capital. What are the best ways to achieve this and what are the requirements? My business invests in real estate. and we've been pretty profitable so far.
We buy houses all over the USA.
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Here are some small business expansion strategies that may help you grow your business to the next level
You can expand your real estate business by identify your target market then word-of-mouth plays a great role. Also, you can create a website and promote in social media. From my point of view, you must read this for more detailed information especially designed for real estate market.
1. Add new products and services to your mix. This strategy sounds relatively simple, but executing it well can be challenging. For starters, you need to figure out which products and services your customers want, and how much they’ll be willing to pay for them. Next, determine whether or not you can sell these products and services at a profit.
2. Sell more products and services to your existing customers. This is the flip side of the first strategy: Penetrating deeper into your current customer base. Start by performing a market segmentation analysis to identify the customer segments that are more likely to buy so you can focus your sales and marketing efforts on these segments.
3. Expand into new territories. The idea here is to market and sell your existing products and services to new customers. These new customers can be in different segments or niches or different locations from where you currently operate.
4. Target new customer markets. Most businesses target their sales and marketing efforts to specific customer markets based on demographics like age, gender, and location or psycho graphics like interests, activities, and values. But are there other customer markets that might also be viable for your products and services?
You have to think out of the box.
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Add New Offerings. One of the most obvious ways to expand your business is to add new products or services to your mix. ...
Optimize Your Existing Market. ...
Claim a Niche Market. ...
Move Into New Markets. ...
Seek Referrals. ...
Launch an Ecommerce Website. ...
Partner With Other Businesses. ...
Acquire a New Business.