8 tips on how to expand your business

According to a report by the analytical agency, 'We Are Social' and the SMM platform 'Hootsuite', the number of Internet users in 2018 reached 4.021 billion people, which is more than half of the world's population. The average person spends about 6 hours a day using services and devices that depend on a global network connection.

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According to a report by the analytical agency, ‘We Are Social’ and the SMM platform ‘Hootsuite’, the number of Internet users in 2018 reached 4.021 billion people, which is more than half of the world’s population. The average person spends about 6 hours a day using services and devices that depend on a global network connection.

Open an additional office, shop

If you have one, two, or three sales offices, you can open another one. So you will increase turnover and profit, and over time, with proper development, you will be able to create a large network.

Produce more products

If the products are selling well or vice versa – demand is falling, it’s time to launch something new. For example, if you have engaged in online schools:

release additional master classes for each course of study
expand the team of teachers in order to have time to teach more people
add training in new areas, for example, on related topics

Start a Franchise

A franchise is when you pass on your experience, brand rights, support, and advice to others and get paid for it. Everyone who joins your franchise will work under your brand.

License the brand

Licensing is the temporary transfer to the licensee of the rights to use the trademark, name, image, and brand logo, most often for advertising purposes. In simple terms, licensing means allowing someone to advertise their product using your “name”.

Buy another business

If you have free money that you can invest somewhere, you can buy another business. This is especially true if all the proposed methods do not work.

Before you buy another thing, soberly assess your capabilities. Investing and developing another business will require new knowledge unless you plan to work in the same niche. But it will allow you to develop in many directions and increase profits.

Sell to other regions

Try to start selling to other regions. Today, many do just that. For example, the Lamoda online store does not have offline outlets at all, while delivering orders to all regions.