7 ways to expand your online business
So you just started your online business, congratulations! But you are not sure how to expand it. Here are 7 ways to help you. Read and motivate!
1. Consider opening other locations. This may not be a good choice to expand the internet business. But according to business consultants and frances writers McGukin, opening other locations for your online business is the same thing with traditional business. In addition, McGukin recommends online-based business owners to:
Pay attention to both trends (based on consumers and economics) to show the strength of your business.
Make sure the management team (including the administrative system) is extraordinary in setting the location before running it.
Maintain the stable “Urborary” profit for the first business of 2-3 years.
Determine how and where you will get your finances.
Prepare a separate business plan for the new location.
2. Your offer license. It’s probably cheap media for many online businesses. According to Larry Bennett, the head of the Director of International Center for Entrepreneurship Studies at the University of Johnson & Wales, this business can receive advance royalties and contributions from consistent sales or use of software through a license. This helps control the risk of losing product or service control.
3. sign the government contract. Rep. Nydia Velazquez from the Democratic Party wrote in August 2003 the importance of an approval from the federal government in expanding an online-based business. Coordinate with your local SDBC and SBA office before signing a government contract. The US Chamber of Commerce offers special matchmaking programs for small or online-based entrepreneurs.
4. Target others. Your current market serves you well, and it is understandable. But McGukin suggests that having several markets is an advantage in expanding your business online. Think about it! If your market ranges from young to professional adults, chances are you will be able to produce more than hundreds (or even thousands) from the dollar and make names in the online business world. Sponsorship events, entrepreneurship programs and other offerings that can produce a lot of income streams for your business.
5. Place your business website on search engines. According to Seo Sally Falkow experts, 85% of traffic came from Google and Yahoo. Falkow added that in June 2011, around five billion businesses and multiple traffic every 200 days, making visibility these sites are important for people’s needs.
6. Expand your business globally. Fatwire is one of the online-based businesses that managed to expand its services to more than 60 countries. Since then, the company has set offices in Italy, France, the Netherlands, Spain, England, Singapore, Japan and China. To expand business outside your country, you need a foreign distributor that will bring your product inventory or service to resell them in your target domestic market.
7. Combine with other online businesses. This is an advantage if the business you choose to join also for expansion.