Back to list March 16, 2020 10 Tips for Business Expansion As a small business owner, you probably know that business expansion can hold several different meanings. Expansion may mean opening more brick-and-mortar stores, expanding into international markets, adding online services or simply moving from a small office to a larger one. Read on to discover 10 tips to grow your business to the next level. How to Start Expanding Your Business To expand any business takes a concentrated focus on long-term outcomes as well as an ongoing evaluation of what your customers want and need. Ten tips for expanding your business with intention include: Target new markets: Target new groups and expand consumer profiles within your market. You can do this by first evaluating the ways your products or services can help other consumers. Network, network, network: Expand your brand recognition by engaging with consumers on social media channels. Research the competition: By conducting in-depth research about your competition, you can build strategies around their weaknesses and find ways to come out on top. Create a customer loyalty program: Building a customer loyalty program can help you retain clients and attract new ones. Give clients straightforward incentives to spend more money with you. Develop an expansion marketing plan: Use a variety of social media channels to target new audiences. Then, use data-driven marketing strategies with the information you gather concerning your consumers and competitors. Consider introducing new products and services or diversifying them: Sell a new product or service or make small changes to an existing one to appeal to a new group of consumers. Utilize a customer relationship management system: There are a plethora of systems out there to choose from, most of which merge with other cloud-based services. Create a webinar: Webinars are an excellent way to grow your business fast. They represent an automated selling tool for taking any of your products or services and reaching an audience quickly. Invest in yourself: Investing in new modes of technology is one of the best ways to expand your business. Expand your operations and increase your efficiency by upgrading to new and advanced technologies. Seek financing for your expansion: Analyze your current funds and financial situation to see if you can start expansion efforts on your own. Do you have enough resources and funds to support ongoing expansion expenditure? Cumberland Area Development Corporation is committed to helping businesses thrive with a wide range of financial programs, grants, incentives and more. Expand Your Business With CAEDC If you’re considering expanding, launching or relocating your business to Cumberland County, ask CAEDC for more information about our financing programs and other services that can assist you. CAEDC can help with: Local data and market research: We offer reports of projects and investments as well as customized economic impact analyses. Funding and financing options: We specialize in the financing of equipment purchases, working capital and real estate acquisition and We’ll customize a program to fit your project and offer fixed terms, low down payments and low-interest rates to get started. Finding new locations for facility expansion: Our team at CAEDC will help you find new facilities in the area to expand your business. Accessing incentives: We’ll help you finance your small business in the state of Pennsylvania by assisting you in accessing incentives such as customs duties savings, price evaluation preferences, tax credits, lending options and more. Grants: At CAEDC, we’ll provide you with grant solutions to help you expand your small business. Connect: We can connect you with the right services such as the Small Business Development Center. Contact CAEDC Today If you’re looking for attainable ways to help your business grow, Cumberland Area Economic Development Corporation is here to help. Using incentive programs, gap financing, access to government programs, grants and other funding and financing solutions, we can help your business thrive. Contact us today to learn more!