Are you ready to take your self-owned business to the next level? Expanding your organisation could mean more customers, more money, more responsibility. It’s an exciting time, and there are plenty of things to think about. Let’s take a look at some of the things you’ll need to consider as you expand your operation:
1. Set up a web presence
Having a website is the number-one way to get information about your business in front of potential customers. Ninety-three percent of online experiences begin with someone inputting terms into a search engine, and if you have your content game on point and have the right keywords on your site, your business is more likely to appear on the first page of a Google search. Set up a website with these things in mind, so you can help potential customers see the value in the goods and services you offer. For an engaging and functional website, consider hiring a freelance web designer for the job. You can find qualified web professionals though online job boards, and you can easily filter by budget and job delivery time.
2. Form a business entity
When expanding your business, you should consider forming a business entity, which basically sets up your company legally. First, you’ll need to ensure that the name you choose for your entity is not already in use. Second, you should familiarise yourself with the different kinds of business structures and their benefits: companies, partnerships, sole traders, and trusts are the major players in this space.
Before filing to form your business structure, no matter which you choose, become knowledgeable with the requirements and filing fees.
3. Don’t forget marketing and networking!
If you’re expanding your business financially, you’re going to need more customers. Having (or not) a savvy marketing strategy can make or break an organisation. Creating a website is the first step, but a competent marketing plan has many layers, including a website, social media, local ads, and even events.
Create a plan that identifies your target market, a plan for social media sites like Twitter and Instagram, and concrete business goals beyond “make more money.” When writing your marketing plan, don’t forget to include how you will collect the data for this and what metrics you will be using. Being able to look at data and parse potential success is a critical part of creating a marketing strategy.
4. Ask for help
One of the key things you should remember when creating your business expansion strategy is: Don’t be afraid to ask for help! Consulting a strategic business coach or advisor is a great way to improve your business’s chances of success.
A business coach will learn your business inside and out and will be able to tailor their recommendations based specifically on your company. What’s more, they will help you make your business goals (the ones you made in the previous step) a reality because they know how to get it done. They can help you better define those goals, as well.
Get moving!
Once you consider all of the above, you just might be ready to take the next step and begin expanding your business. You’ve dotted your I’s and you’ve crossed your T’s — now it’s time to get moving on up.
Need to raise capital for your business? Partner with Equitise to build a campaign and raise funds fast so you can achieve your business goals!