When it comes to sales, having a fantastic product is only half the battle. In order to be successful, you need to position your products in such a way that people become aware of them. After all, no one can buy a product they don't know about. If your store is thriving and profitable, expanding your market reach is the next step. Here are four ways you can expand your successful business:
1. Online Sales
The internet is a remarkable tool for business owners. With the power of e-commerce, you can reach customers across the globe. Best of all, setting up an online store is inexpensive. All you need is a domain and web hosting. You should already have a website as a small business owner, so adding an online store to your website should be a cinch. With the many free tools available to you, you can set up an online store in a single afternoon.
2. Farmer's Markets
Farmer's markets, pop-up shops, and other community events are another great place to sell your wares. For most farmer's markets, you'll need to fill out an application and pay a small fee for a booth. However, these fees are usually minimal compared to what you would need to pay in rent for a second business location. Farmer's markets can help you reach new customers while also spreading the word about your business.
3. Additional Locations
If you have the money for it, opening a second location can vastly increase your revenue. Just make sure you thoroughly research before making this commitment. You want to make sure that your second location is placed in an area with high demand for your product.
Remember that you'll also need a way to ship product from your manufacturing facility between your multiple stores. Hiring a trucking service is an economical way to move your product. It saves you the expense of needing to buy a company truck yourself, and it puts expert truck drivers at your disposal.
If you're not ready to make the commitment of opening a second or third location, consignment is another lucrative option. Bring samples of your product to nearby stores and ask if they'd be interested in carrying it. These stores will take a percentage of your profit, but the exposure you can get by doing consignment can make up for it through sales volume. Most stores will not pick up your product; you will need to deliver it to them on a set schedule. You can utilize the same trucking service to deliver your goods where they need to go.