The truth is, expanding your small business in Canada is complicated. It requires a lot of effort, and it often means playing different parts. For instance, you’ll likely have to be involved in both sales and marketing while also knowing everything there is to know about taxes and corporate compliance. Additionally, you’ll likely have to interact with customers daily, hire and handle personnel, and so much more.
Expanding your business also costs money. As a result, you may need to look into how to get small business loans in Canada. However, putting the question of funding aside for a moment, let’s look at ways you can expand your small business.
How to Expand Your Small Business in Canada
Create a Sales Funnel
Sales funnels help you to automate your business. It allows you to scale quickly and easily.
Every sales funnel needs to be carefully conceptualized before it’s built. You need to consider what you’re going to offer people to get them into the top of the funnel and then build processes for moving them along to the point of conversion.
Use a Customer Management System
It’s difficult and cumbersome to track transactions manually. Therefore, if you want to grow quickly, you should use a customer management system. There are a number of options to choose from, but it really depends on your business. For instance, Quickbooks can help you with accounting, and InfusionSoft can help with sales and marketing. There are also lots of CMS systems that let you integrate with other cloud-based services.
Research Your Competition
To ensure that the product you’re bringing to market offers a unique value proposition, you must research what your competitors are doing. Not only does your product need to offer something the competition doesn’t, but your landing pages, ad copy, and other stages of your funnel need to be unique. You need to make sure that they can clearly differentiate you from your competitors when someone comes to your business.
Build a Customer Loyalty Program
Loyalty programs are a cost-effective way to increase sales. This is because it’s three times more expensive to acquire a new customer than to sell something to an existing customer. By building a customer loyalty program, you’ll be able to retain customers. Additionally, the program may incentivize new customers to your business.
Pinpoint New Opportunities
You should always be looking to identify new opportunities to improve and expand your business. Make sure to examine everything from your distribution channels to your direct competitors. You may even want to analyze foreign markets and other potential industries. There are probably dozens of new opportunities that you can pursue if you take the time for analysis.
Create an Email List
Email lists are one of the best and most effective ways to expand a business quickly. To create an email list, you’ll need a lead magnet to incentivize people to give you their email. Once you have their address, you can send them communications that inform them about your business and guide them through the sales funnel.
Develop Strategic Partnerships
If you develop strategic partnerships with the right companies, you may be able to reach a large swath of customers quickly. Finding these partnerships can be difficult, but a good place to start is to look for companies that are complementary to your own. Reach out to them and propose opportunities for working together.
Create Passive Income Streams
If you’re dealing with razor-thin margins, you should think about creating passive income streams. This will take some of the pressure off you and allow you to make mistakes without losing your shirt.
Obtain Other Businesses
Occasionally, obtaining other businesses can be a quick way to expand your business. Therefore, if you find competitors or companies in other industries that would go well with your own, you can use them as platforms to scale quickly. Look inside your industry for potential opportunities to acquire a new business.
Build a Webinar
Promoting a product or service through a webinar will help you to grow your business pretty fast. Webinars offer an automated selling tool that allows you to reach a large audience quickly. They can be part of your sales funnel or a way to clinch a sale immediately.
Conclusion
Expanding your business isn’t easy, and it takes some time and money. Fortunately, there are plenty of ways to grow your small business once you secure the capital.
