In 1993, Steve Scott of Birmingham and his wife Teresa opened the doors to Scott’s Pawn & Jewelry. Over the next twenty-four years, they worked hard and built their company, expanding to several new locations across the southeastern states of the United States.
For most business owners and entrepreneurs, growth and expansion are key goals. Here are several tips to help small business owners expand and grow their business.
- Add new services and products to your company. This can be challenging. It is important you determine which services and products your customers want and how much they will be willing to pay for them.
- Conduct market research before committing any resources to expanding your product line or services. Talk to your current customers to find out their thoughts on your new service and product ideas. Make sure to talk about potential price points.
- Market and sell your existing services and products to new customers. This can include customers in different niches or segments or different locations. Conduct thorough market research to determine customer demand before expanding into a new territory.
- Use the internet to tap into new sales and delivery channels. Expanding to an online store will allow you to reach a broader audience.
- The fastest route to growth and expansion is to acquire another business. This can double the size of your business overnight.
Considering one or more of these strategies can put your company on the fast track to growth and expansion. Steve Scott of Birmingham has spent the last twenty-four years expanding Scott’s Pawn & Jewelry to include several locations throughout Alabama.