When start-ups become successful, the next logical step many business owners take is to grow the ventures. And one way they do this is by opening another office or store branch. If you’re an entrepreneur thinking of doing the same thing, here are three important things you need to look into before taking the plunge.
Just like for your very first branch, the location will be crucial to the successful operation of your expansion office or store. You’ll want a place your new market or client base can easily access. Also, consider the competition. You have to decide whether to stay close to your competitors to get a share of the market or far enough from them for a chance to monopolize consumers.
When selecting the location for your expansion branch, you should also take into account where you’ll be getting your resources. Consult your current suppliers and service providers if they can still offer you the raw materials, packaging supplies, wireless Internet, VSAT satellite services, among other, for the new location. If not, make sure you can find local suppliers and providers.
Factor in the workforce in the area you’re considering for your new office. Chances are you’ll only be able to bring a handful of your current employees, so you should do some research to determine if you’ll be able to hire qualified local staff. This is especially important if you’re expanding overseas where a different language and culture may present a challenge to your business.
The things you need to consider for opening an expansion branch are basically the same ones you looked into when you planned the first office. Hopefully, with that experience under your belt, your expansion project will likewise be met with success.
Whether you’re a startup company or you’ve been a brick-and-mortar business for quite some time, creating an online presence is a necessity if you are to compete and keep up with the times. You can start looking for internet marketing services in Minneapolis that can help your business get started on its online journey. But before you do, you must know these 4 things, so you won’t be too lost once your site’s developers and designers are on a roll.
This will be your business address online. It’s where internet users will find your website or your online place of business. Make sure you choose a name that matches what your brand is all about. Also, keep in mind that these days, businesses don’t select just one domain name. They also register those that can be mistyped from your actual domain.
You’ll want to get an email provider that can give you your own branded email address. This will give your business a legit online identity rather than use generic email addresses like Gmail or Yahoo. You’ll also want to subscribe to an email automation platform to help you with your marketing.
This is where everything about your business will be. From your company’s history to your contact information or delivery options, you must have a competently-designed website that will catch the attention of visitors and increase your conversions.
Your online presence will be made known through social media. Get on Facebook, Twitter, or Instagram and use these channels to attract your ideal customers. Being where most of the online world is will give you more visibility and help build trust with your target audience.
With the 3.74 billion people on the internet, even just a fraction of that would be a huge number for any market. So, prepare yourself and your business to reach a higher level of success by getting your brand out in the online world.
A business gains profit through sales. A sale from one customer is definitely not enough. It’s also not going to work if you just look at the end goal, which is getting money from your customers. They want to be treated well and they want to feel valued.
That said, here are the elements of a successful sale that you can use repeatedly in your business:
No matter how big you think your inventory is, you may run out of stock when the demand is high. It’s not good to overstock either, especially if you’re selling perishable goods. An automated purchase order management system keeps track of the orders that come in, making sure the inventory is updated and the work order is processed as soon as the purchase is completed.
In case you run out of supplies, your e-commerce site should automatically be updated to avoid giving customers false hopes. Be ready to provide customer support and answer questions. You must also have a restocking timeline to avoid long delays and profit loss.
Use Your Phone
You may be automating some aspects of the business, but this should not mean avoiding customer interaction altogether. Customers want you to be human. Pick up the phone and talk to them about your latest deals, and tell them how you can make their lives better. Forging a strong bond with your customers helps you win their loyalty, which is what you need to stay in the game.
Building good relationships with your customers is a way to make decisions easier for them. Remember, you need more than one sale. You need more customers as well. The ideal situation is that each customer you get completes more than one transaction with your company. If they trust you, they will stay with you for a long time and they will not hesitate when it comes to making a purchase.
Don’t think of your customers as expendable. The longer you can make them stay loyal to your brand, the better. Follow these tips to stay ahead of the competition and enjoy a steady stream of income.