Post Image
  You want to grow your business fast, but you’re wary of the costs involved. Setting up a new branch or reaching into new markets (geographically or niche-wise) may require that you spend a ton of cash, and devote a lot of time to making these things happen.
Read more about Business Growth Tips
Here’s some news: you don’t have to burn a lot of money to expand your business. In today’s world, there are many ways to go about stretching out the edges of your business at little or no cost. We’ll share some of those ways in this article. Let’s get into them right away.

Utilize Technology

There’s a lot that the web and social media can do for you. A website that’s optimised for search engines like Google can give you a strong online presence. Social media handles, when used strategically, can also earn your business a large, active following. Both these fronts could become new avenues through which your business expands. Customer Management Systems (CMS) can help you store data about prospects and existing customers, and track their engagement. Accounting systems will enable you to keep tabs on your finances. There are also sales and marketing tools that could speed up your sales and customer acquisition processes. All of these technologies can contribute immensely to growing your business if you use them efficiently.

Investigate New Opportunities

There are probably a lot of new spaces within your industry for you to explore and exploit. All it takes to discover them is to investigate potential opportunities where they may be found. Check out things like your customer demographic, distribution channels and processes, markets around the world, and other facets of your business and industry. There may be points where the competition isn’t capturing adequately that you could take advantage of. Also, don’t be afraid to look beyond your industry. There may be niches related in some way to yours that you might want to explore. This could be worth doing if your business has been around for a while, and you’ve attained a certain degree of growth.

Sell On Global Platforms

Going global used to be difficult, something reserved for big businesses with some financial weight and muscle. That’s no longer the case, thanks to contemporary technologies. These days, there are online global platforms on which you can register your business, and sell to customers from across the world. If you would like to find out how to sell on these global platforms, read our article, How to Sell on Global Platforms.
Find our comprehensive listings of businesses in Nigeria here https://businesses.connectnigeria.com/

Establish Mutually-Beneficial Partnerships

If you’re a small business, you can gain a lot of ground by striking partnership deals with other brands. These deals don’t even have to involve money. Both businesses can gain if they offer complementary products. They may market each other’s products to their customers. This way, they could both gain new customers and expand their markets. For example, let’s say you’re an online content creation business. You could collaborate with a web design and development company. You get to promote your web content creation service to their clients, while they market their services to yours. There’s a lot more about brand partnerships in our article, Partner with Bigger Brands.

Set-Up Passive Income Streams

You know that individuals can cultivate and earn from passive income streams. How about setting up those channels for your business? There are many ways a business can earn passively. One means is creating an automated system for earning from information products, such as ebooks and online courses. Another is subletting office space to other businesses. Find out even more ways that your business can earn passive income in our article, Passive Income Ideas to Boost Your Company’s Cash Flow.

Train Others In Your Field

This is one way to expand a business that many have tapped into. It’s especially popular with fashion, beauty and personal care, and bakery businesses. You can train others who want to go into your line of business. You don’t have to spend a lot to do this, especially if you’re really skilled at what you do. The bulk of the work could come when you’re preparing the modules you’re going to teach. Perhaps you’ll have to rent a space for classes. But you could just as well conduct lessons within your business premises if there’s room for such activity there. Webinars may provide you with a way around a lack of physical space. It all depends on whether your training is amenable to being done online.

Final Words

As the points we have discussed here show, it’s possible to expand your business without spending a lot of money. Starting today, you can take the steps discussed here to move your enterprise to new heights. Featured Image Source: Miva Merchant
Got a suggestion? Contact us: editor@connectnigeria.com
You might also like:
This article was first published on 19th July 2021

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *