Expansion 101: How smart solopreneurs grow their businesses

By Henry Brown

Sometimes as a solopreneur or a smaller business there’s only so far you can go with the current business model you are working on. When this happens, to further increase your success and profits it may be necessary to expand your business, although doing such can be a risky move. Luckily there is some info on the various ways to do this in the post below. Keep reading to find out more.

They learn from others.

One way in which solopreneurs can expand their businesses is to learn from the mistakes and successes of others. In fact, doing so is particularly important for small business owners because they do not always have the resources that enable them to make multiple attempts at expansion, or the expertise of a broad management structure that can provide different strategies for success.

Luckily, there is a wealth of information available online such as posts like this Q&A with CEO of Q Link Wireless Issa Asad that covers the secrets of fast growth and expansion. Something this type of information can be a great use to smaller businesses looking to do the same.

[amazon_link asins=’1484962885′ template=’ProductAd’ store=’succeedingin-20′ marketplace=’US’ link_id=’2c159683-5a91-11e8-80e5-891b7a18d933′]They consider overseas markets.

Next, another vital factor that can help solopreneurs grow their businesses is to consider markets that are overseas. This is something that is not perhaps as difficult as it used to be because the internet provides an opportunity to soft launch their brand in other countries without all of the cost and hassle of a full-blown campaign.

This type of soft launch can be particularly useful to small businesses. The reason for this is that it enables them to ascertain whether there is a real market for their product as it is, or whether considerable adaptation of their item and marketing will need to be completed to make the overseas expansion successful.

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Be careful when expanding into overseas markets as direct translations of slogans don’t always work. Make sure you do your homework in this important issue before moving forward.

[amazon_link asins=’B07B8Y5W67′ template=’ProductAd’ store=’succeedingin-20′ marketplace=’US’ link_id=’db818975-5a90-11e8-9d45-93dc874bd9eb’]They find an adjacent market.

Another way that solopreneurs can grow their businesses is to look for adjacent markets in the domestic marketplace. Such markets are for the same product that they are offering, either with minor changes to make it more appealing to a slightly different demographic group or to entirely untapped market altogether.

Concerning the former, a small business may change the color scheme of a product to make it appealing to a different gender or age group. While the latter untapped market tactic may take a little more detective work because it is necessary to find a group of people who are using your product in a way that it was not initially intended for. An excellent example of this being Rogaine that was designed initially as blood pressure medication, but is now used as a hair loss treatment.

They use their sourcing and manufacturing expertise in new ways.

Last, of all solopreneurs can also grow their businesses in another way, and this is by taking their skills in scouting for and manufacturing products and using these to find, or make a product for other companies to sell.

While such products will not be an official part of their brand, there is a great deal of money to be made in sourcing or manufacturing things for others. This has been proven time and time again by the big cereal companies making off-brand versions of their product for supermarkets. Something that means they are using the resources and the infrastructure they have already set up to expand their business successfully.

Henry Brown is an online marketing executive. When he isn’t talking shop he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.


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