Expanding your business can seem like a daunting process, but there are plenty of strategies and tools that can help. The process involves accessing opportunity, tapping into new markets, developing market campaigns, investing in new software, and borrowing capital.
Accessing Opportunity
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The first way to scale your e-commerce site is to determine if customers in other countries will purchase your products and services. You can assess market relevance by conducting high-level keyword research and search engine optimization and find the competition within that industry. Find the demand in each marketplace that you expand into.
If you want to know how your product will do well in another country, visit Google Trends. Searching the name of your product can help you break down the volume in each country. One good resource for finding out how customers think is Answer the Public, which populates the most popular questions on Google and other search engines related to your keyword.
If you use an e-commerce platform like Magento or Shopify, then you can analyze Web traffic and determine where most of it’s coming from. If six percent of your traffic is from another country, converting half of that percentage is worthwhile for increasing sales. No matter how you handle this situation, it’s important to research the potential demand for your product in other countries.
Small Business Loans
The process of using a small business loan to expand can help your business in a multitude of ways. If you’re looking to take your business to the next level, then it’s likely you don’t have the capital you need to expand. A small business loan can solve this problem by providing you with the money you need to hire staff, open up an additional location, or upgrade computer equipment.
This loan is specifically designed for established businesses. That means you can’t take out a small business loan if you’re ready for launch. The capital taken from this loan can help you scale your business or keep up with its rapid pace. Most small business loans require a 20 to 30% down payment, and then ongoing monthly payments. Before you start the process of applying for a small business loan, ensure that you have a plan to repay the amount and make sure if borrowing is the best idea.
Entering New Markets
Once you determine if it’s worth testing out a new market and have secured the capital for going further, there are three basic concepts you should keep in mind. These concepts are marketing, shipping, and taxation. Each of these concepts varies upon which country you’re reaching out to. Small businesses can enter new markets through a variety of channels. They should also use Easy Ship as their primary shipping and taxation solution which is free for both businesses and customers.
Creating Marketing Campaigns
Marketing is a harder concept to grasp, unlike shipping and taxation. Marketing approaches vary upon your business or market, so it’s important to brainstorm various strategies that could work for your marketing campaigns. You may want to work with various online marketers, but if you want to cut costs then you should drive conversions yourself.
Using video advertisements can be scaled or modified using subtitles or texts from various languages. Showing clips and videos of your products can increase their value and become a powerful marketing tool. Affiliate marketing is another good tool to get your product seen in a new market without worrying about the context. Collaborate with a blogger or a popular writer within your industry who can convey your overall message.
Small Business Software
As a business owner, it’s important to find the right business software. It’s something that should be addressed in the beginning stages of your business and on an ongoing basis. Several factors such as marketing tools, scalability, security concerns, and usability should be taken into account when choosing the right software. Your software should be secure, scalable, user-friendly, and have a wide variety of conversion and marketing tools. The right software depends on the features that you need. To find the right one, do your research and find a software that solves your challenges and matches your requirements.
If you’re running an online business and considering expanding, then it’s important to get as much help as possible. There are free and paid solutions that can be used for different markets, whether you’re selling domestic or abroad. If you’re unsure of working with third-party companies, don’t be. Untapped markets can provide you with opportunities to convert new customers.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.
