5 Surefire Ways to Expand Your Retail Business in 2019

Chad Otar
Chad Otar
Guest Contributor

Gaining a strong and stable foothold in today’s competitive retail industry is a tremendous accomplishment, and a few tried and tested tips can push your brand to even higher levels.

So, you’ve gotten your business off the ground and you’re beginning to enjoy the fruits of your labor – congratulations! This is an incredible achievement, and I hope you have taken the opportunity to pause and savor your success with those you care about.

Of course, that pause can’t last for too long – now that you’re moving in the right direction, you’ll want to keep up the momentum and continue growing your business in new ways. This can boost your revenues and ensure the long-term viability of your business.

Below, please find a few tried and tested techniques that will help you grow your retail business in 2019.

Consider new locations

Now that your flagship retail location is a viable business in its own right, you might want to consider taking the capital and experience you have gathered to create another physical location.

This can help you to maximize your profits while also boosting your brand reputation. Naturally, you will want to ensure the move is viable and conduct a range of risk assessments.

If you are wondering how to finance your expansion, there are a range of alternative business financing options available to you. Crowdfunding and cooperatives are such examples. Additionally, you could also consider a business loan from a company like Excel Capital Management, for example.

Develop new sales channels

Your retail store is thriving, but could you perhaps further develop your business offering by leveraging the range of digital tools available to you?

Does your web store need to be developed from the ground up or benefit from some attention? Perhaps you can find a way to list the items you sell on a range of platforms like Uber Eats or Deliveroo.

Could your items work well on Etsy or other digital platforms? Opening new digital sales channels could help your business to thrive and grow in new directions, making use of economies of scale to properly boost your profit margins.

Expand your products

What is your product range looking like? Have you developed it beyond those products you launched with, and is there the space for a new innovation that will build upon the success of your initial product?

You should always be thinking about the way new products can enter your business and make big impacts on your customers. The experience you have developed over the years and your proximity with your customers will be the best guiding lights when it comes to the development of new products.

Get involved on a local level

As a nascent business, you play a unique and constructive role within your local community. There is a tendency among shoppers to appreciate those businesses which do good on a local level and get involved within the community.

Is there a logical and constructive way your business can further expand its roots within your local community? Could your product or service be offered at a local level, or perhaps your staff would like to spearhead or join an initiative to help raise money for a good local cause?

On a practical level, this type of activity helps you to establish your business on a deeper level within your local community and expand your reach. Of course, you’ll also have the wonderful opportunity to use your business to do some good in the world and have a real social impact!

Get serious about feedback

Once of the areas new businesses fail to explore the most is feedback. It’s pretty incredible so many businesses lack the infrastructure to collect and process the feedback from shoppers and customers.

Feedback is essential to guiding your approach and future strategy. As a smaller business, you are uniquely placed to collect this information each day. It can help you to grow and it also demonstrates to your customers that you are a considerate and adaptable company that takes their needs to heart.

You should explore a range of ways to collect both the qualitative and quantitative feedback that can help you to grow your business in a natural and healthy way.

I hope these tips help you to expand your retail business in 2019 – good luck building upon your strong foundations!

About the writer: Chad Otar is the CEO at Excel Capital Management, a pioneer in the Fintech and alternative lending space. He has assisted thousands of business owners in receiving funding over the last 10 years, and is focused on helping one small business at a time achieve access to capital.

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