Selling more products and services will add to your bottom line. Here are examples that are step-wise expansions that you can do. You don’t need to strike off in a new direction, but taking small steps can lead to growth by tackling new markets.
More products Fran runs a bakery, offering many types of baked goods. A specialty is cheesecakes. Customers were happy and sales were growing—slowly. Fran made a strategic decision. She would gradually phase out cookies, brownies, rolls and other items in favor of the cheesecakes. She went to work, creating different flavors of cheesecakes and promoting on Facebook, Instagram, and other social media. She made cheesecakes in different sizes—from small favor sizes to spectacular wedding cake sizes. It took a year of transitioning, but Fran is now cornering the market in her area and beyond. She is experimenting with more products—cheesecake on a stick already shows good acceptance in the marketplace.
More products Bill operates a small gift shop he inherited from a relative. Sales were slow, so Bill decided to expand. He contacted artists locally and beyond. They produced handmade, one-of-a-kind jewelry, wood and ironware, ceramics and pottery, small paintings, fiber art and other items. Bill has turned the small gift shop into a high-end destination that attracts a different—and well-heeled—customer base. He is now looking for a much larger space to rent.
More services Gene designs websites for clients. To expand, he began offering clients social media packages. He visited each of his clients, showing how he could help them use social media. Some clients were rank beginners in the realm of social media. Others were already using these promotional tools, but to a limited extent. Gene showed everyone how to optimize the use of Facebook, Instagram and other platforms. Not only did Gene sign up new clients for his new services, but they referred others to him.
More services Sue is a massage therapist with certifications in several types of massage. To expand her business, she reached out to physicians. She demonstrated how she could help with pain management, recovery from surgical procedures, and pregnancies. This had the effect of bringing new clients to Sue, building on what she already offered and reeling in referrals from physicians as well.
Adding products and services to your existing operation can open up new business horizons. If you don’t want to take a big expansion step, consider taking small steps that will get you there.