Growing your business means more cash for you now, plus a higher sale price in the future when you decide to eventually sell your business. Here are a few ways your business can thrive by finding new markets.
Create a video channel to increase your profile
If you want to get your goods or services out there in front of a worldwide audience, think about creating a YouTube channel for your business. This is a great way to demonstrate products or share tips with your customers. For example, if you have a background in carpentry and a small business that makes wooden furniture, display some of your products on YouTube to gain a following.
Use Google Global Market Finder to identify customers in similar markets
Look for customers you’re interested in targeting in markets that are similar to yours. Google’s Global Market Finder generates a spreadsheet based on monthly keyword searches that ranks the opportunities of doing business in certain geographical locations.
Use Facebook and LinkedIn to grow your connections
Once you’ve connected with your customers on Facebook or LinkedIn, find people in their networks who are interested in your offerings. Find out about how to market on Facebook.
Exhibit at trade events or conferences
Build connections, demonstrate new products and develop stronger relationships with new markets by presenting your business at trade shows. See what trade events are in Australia over the coming year.
Investigate opening in a new location
Research the feasibility of successfully opening a new store, office or branch. For example, if you already own a successful wholesale outlet on the western side of your city, think about the value of opening another on the east.
Investigate wholesaling and retailing
If you’re a wholesaler, consider opening a retail outlet. Or if you only sell through retail channels, investigate entering the wholesale industry. Take a look at https://www.business.gov.au/Planning/Industry-information/Retail-and-wholesale-trade-industry
We hope these few ideas on finding new markets can help you and your business succeed and improve profits.