A Guide to Expanding Your Business This Year

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If your business dropped off in 2020, you're not alone. The year 2021 is a year of reopening. However, you may need to reopen in new ways and utilize new tools. If your online business offerings have been limited, this is your year to grow.

Expand Your Product Offerings

As many citizens have turned to online shopping as a method of procurement and entertainment, your product offerings may have gotten a lot more attention than in times past. It's time to increase your offerings. If you sell clothing, consider upping your offerings of accessories. Staying within your current product offerings and adding on related products is an ideal way to grow your market capture.

Related fields can come from several directions. The clothing retailer can also

• sell coordinated outfits

• offer seasonal packages

• increase offerings of home goods, from linens to drapes

• promote self-care and skin products

As your offerings increase, do your best to increase your community marketing. A happy client with a coupon will come back to you to buy again. A happy client with a coupon to share will help to increase your contact list and your customer base.

Enhance Your Online Offerings

Make sure you establish a robust platform for your online expansion. The best images in the world won't draw in customers if the page never loads for potential buyers to choose. In fact, a clunky web offering may drive clients away from your total product line. Investing in the most effective ec2 instance types for your needs may take more expertise than you have. Make sure that you invest in expertise who can help you set up the best supporting structure for your online offerings and future expansions.

Seek Out New Investors

Private financing offers small business owners a great deal of flexibility. Not only can they come up with ready cash much more quickly, but a private lender with confidence in you and a knowledge of your industry can allow you to get busy expanding your business instead of explaining your business to traditional lenders. As you put this money to use, you will build traction and be able to demonstrate steadier cash flow than in the previous 12 months. Once this is demonstrable, you may also be able to seek out new traditional lending options, which can reduce the interest you have to pay on the total debt needed for expansion.

Do Some R&D

As the money from your new offerings start coming in, carefully review what others in your industry are doing to grow and start reviewing your base options. A clothing retailer with a reputation for quality may be well poised to offer more

• recycled products

• artisanal buys from international markets

• organic products

Recycled materials that go into clothing could allow you to move into more athleisure wear. Selling products made by artists overseas could lead to an increase in accessories. Organic fibers could allow you to focus on local craftspeople and develop a "farm to closet" plan. Many citizens are looking for a bit more meaning in what they do, including their shopping. By bringing your clients closer to your producers, you can justify a change in your pricing structure and develop a new marketing program for your entire business.

Look Around Your Neighborhood

The "buy local" movement can work in your favor if you can also do a better job of getting your name out there. If your neighborhood offers a charity walk, print up some water bottles or reusable tote bags and share your values. Local sports teams need tee shirts for games and practices, and your logo can be highly visible for a very small investment. Trade shows may or may not be worth your time. Joining in on community fundraisers, especially those that matter to your staff, can be an even more effective way of generating interest in your business.

Conclusion

You will probably always need an online presence. Eventually, you may find that your online business supersedes your physical presence. If 2020 taught us anything, staying nimble is the first, most important step.