Business expansion is not an easy decision; you have to pre-plan business finances and need to make unprecedented changes in the business strategy. Also, it is a big target not to compromise the stability of the existing commercial activities. The huge change in the current circumstances should sufficiently serve the future goals. Without any risk, you have to launch your organisation to the new location, and for that, you need to be very safe in your strategy. Here are some tips for this purpose.
Start with the rational, deep research
Do you know what the best thing about research is? It usually shows you the upcoming risks of a specific action, and you can step back at the right time. Similarly, if something has promising opportunities for the future, it can be a good mirror. If you really want to play safe for business expansion, do research as much as possible.
- How to do research for business expansion?
- Study the new market to know if the problem your product solves exists in the new location or not. It can be foolish to enter a place where people do not need your services. For example – water filters are best suited for the cities with heavy pollution but not for the hill stations blessed with naturally pure water.
- Don’t use the raw data, first organize it into various categories. While collecting data you get the information in bulk. It is difficult to categorise the data at the time of collection and it can be misleading. Distribute it into, graphs, tables, text, gender etc.
Example – If you are a finance company for doorstep loans and want to expand to a new location, you should know the demographics. These loans are primarily for those who cannot leave home due to some reason. Mostly it is about the old, ill or unemployed people, which is not a negative thing because they are trying to be successful in life. Make sure the new place you choose has the relatable beneficiary for the doorstep loans.
Availability of required talent to work for you
It is a point that most businesses overlook. Technically, this should be among the most critical aspects for any company. You can develop infrastructure, you can send the stuff and stock to sell, but in the end, you need people to sell your product. Nothing can be more important than the people who can sense the vibes of the local customers.
- Hello!!! We have not reached the era where we will get everything done with the help of robots. Humans are still most important when it comes to human resource. You have to be very sure about the availability of competent people. You will depend on them for the successful start and routine operations of the business.
- The local employees can connect you better to the local customers. They know the culture of the people in the place and know how to make the best emotional approach. You may not know about the place properly, but the local people are always the masters of the place. They do not know GPS trackers to find their path to a particular spot in the city. Even if they need, at least they are more familiar with the people.
Wait for the suitable season and time
Is your product more in demand during a particular season? For example, refrigerators or water heaters or anything that is in demand during a specific time. If yes, then you should wait for the right time. Expansion to a new place at the wrong time has spoiled many businesses, and for sure, you do not want to be on the list. Here, no research is required, use the business sense and make a rational decision.
Spread the word with multiple local events
Only social media presence is not sufficient. To trust a new thing, people need to see the real people who talk about it and who are visible. No matter how digitised our lives are in this modern era, human nature still demands a personal approach. People enjoy such occasions because they get an excuse of an outing with their families and enjoy some light moments with their loved ones.
- With the help of local events you can inform people about the launch of your business in the city. Keep a counter where people can get all the necessary explanation about the product or service your company offers. Offer something to eat or drink during the event because it helps keep people in one place for a longer time.
- Give live demonstration and let people touch and use the product because it will miraculously promote your business. Once the local people get familiar with an idea or a product, it is possible to expect a good sale when the business actually starts the sale. Educate people on the use and functions of the product. Distribute templates containing necessary information. It will be amazing for the growth of the company.
The above aspects can quickly help in a safe business expansion. Just customize them according to your business type and nature and organize a safe launch to achieve a new height of success. ALL THE VERY BEST!!