Expanding Your Business_601

jiptucraj · Wysłany: Czw 4:53, 17 Mar 2011 Temat postu: Expanding Your Business_601

Today, people talk of raising market share through business expansion. In the past, when one hears expansion, one can easily translate business expansion to physical expansion of the manufacturing plants and/or more branches/offices around the globe.
However, one does not really have to raise the number of branches/offices to reach more people in the market. In fact,gucci sunglasses, businesses have expanded through expansion into a different market segment that has not been tapped in the past. Below are some tips on how to go about the expansion.
1. Target Market Segment (Identified Market Segment). When a product or service has already saturated the market segment it belongs to,cheap jewelry outlet, it may be the time to move on another market segment for growth and sustainability.
For instance, if your products are made for male individuals in their late 30s and early 40s, you can start to offer products for younger males, or new products for female individuals of the same age range.
2. Geography. Given that you are still selling to the local market alone, you may expand your business by accepting orders outside of the border. This may actually open you to more risk, but the exposure and the returns will certainly pay off whatever risk you will take in the future.
3. Offering new product lines. Just by adding a new product line, you will be expanding the size of your business. This means more products to produce, more funds needed to maintain an inventory and more products to sells that would hopefully generate the additional revenues one is aiming for. If your company is selling only shoes,Coogi Jeans Women, you may start to offer sandals or sleepers.
4. Value added service. If in the past you offered only shoes, you might want to offer shoe cleaning and repair in the future to augment your shoe retail business. By providing related services, you are actually expanding your business while servicing your clients.
These are just but simple ideas in expanding your current business operations. You can actually combine one or the other to come up with your ideal business expansion. In the end,Versace sunglasses, you will be the only one to determine how much risk you would want to carry in the expansion while considering the returns you would expect to gain.