Photo by Alexander Mils

Market expansion is vital for business growth. Ready to dive into the scaling strategies to bring in more customers and create new ways to make money?

But first, let’s talk about why. 

When you’re selling the same thing to the same people over and over, there’s a high likelihood that your customers will reach a saturation point and can take a long time before purchasing from your business again or even ultimately stop altogether. So, what’s a founder to do? 

Entering new markets can seriously boost your growth by expanding your customer base and opening up new revenue streams. A GoDaddy survey found that nearly half of business owners were able to turn a side hustle into their main source of income. A main ingredient to achieve this for yourself is sustainable growth.

Consider leveraging customer feedback for business growth as a jumping-off point. Whether you’re turning your services into products, going digital with your physical store, or using the latest tech, you can reach people you haven’t before. This expands your reach, gets your brand more attention, and makes your business more adaptable. In the end, it’s all about growing sustainably and staying resilient.

Let’s dive into some scaling strategies to help you explore new opportunities.

💫 Service-Based Businesses: Turn Your Services into Products

If you’re offering services, why not think about ways to turn those into products? This not only expands your audience but also creates a passive income stream. Here’s the lowdown:

✨Templates and Digital Products. Think templates are overdone? Not if you find your niche! If you’re a graphic designer, start creating and selling design templates for social media, presentations, or marketing materials. Stand out with high-quality, customizable options.

✨Online Courses and Workshops. Got expertise? Share it! Create online courses or workshops. If you’re a marketing consultant, whip up some online classes to help small business owners nail their marketing strategies. It’s a win-win: you make money while cementing your status as an industry expert.

💫 Physical Businesses: Go Digital

Got a physical business? Let’s talk about bringing your offerings into the digital world. This can help you reach a broader audience and rake in more revenue, and it starts by making your small business digital ready.

✨Subscription Services. Run a coffee shop? How about a subscription service? Imagine your best coffee beans delivered to your customers’ doors every month. It’s convenient for them and a steady income stream for you.

✨E-Commerce and Online Sales. Set up an online store! If you’re a bakery, start selling your signature cookies or cakes online. Offer nationwide shipping and boom, you’re reaching customers far and wide.

💫 Tech-Savvy Businesses: Embrace Technology

Tech can open up so many doors, but it starts with understanding your customers’ needs. Whether you’re thinking about an app or bringing your digital goods to the real world, here are some ideas:

✨Developing an App. Could your business benefit from an app? Maybe you run a fitness studio. An app with on-demand workout videos, class schedules, and booking options could be a game-changer. It’s all about making life easier for your customers.

✨Incorporating Augmented Reality (AR). Already got an app? Take it up a notch with AR. If you’re a furniture store, let customers visualize pieces in their homes before they buy. It’s a fun, interactive way to boost sales.

✨Bringing Digital Offerings into Real Life. If you’re mostly online, consider in-person experiences. Running an online learning platform? Host live workshops or seminars. It’s a great way to connect with your audience and make your brand more tangible.

Market expansion is a fantastic way to facilitate business growth. Plan it out, take the leap, and take your business to new heights! 

Ready to scale? Let’s make it happen! Our Selfmade mentors can guide you in creating a strategy that can work for you. Book a mentor session today! 

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