Expand Your Markets to Grow Your Business

You don't need to expand your product line to grow your business. You can grow your business by expanding your markets. It costs less and the rewards can be great.

Business owners often think that to grow their business they need to add more products or services. While this may help, it can be difficult, costly, and sometimes even confusing to customers when you have too large of a product line. Thus, your alternative is to sell your current products or services to new markets.

Here is a good example. Dave Hill of A-Pro Home Inspection Services inspects homes mostly for buyers and occasionally for sellers. That is what the great majority of home inspectors do. To grow his business, Dave did not add a new service, he simply decided to perform the same service to other markers. One market is owners of newly constructed homes that are still under warranty. Dave inspects those homes before the warranty expires. That lets the owner know what he or she should have the builder repair before the warranty expires.

Dave also inspects homes for renters. Sure, the landlord will pay for repairs if the renter moves into the house and something needs to be repaired. But what renter wants to move into a home that is in constant need of repair? Dave's inspection can help a renter choose a property that needs little or no repair. That certainly improves living conditions for the renter.

In addition, Dave does inspections for homeowners like me - those who know little about home repair and would like assurances before they purchase a new roof - or before they have their basement waterproofed - or simply to know that they are paying a reasonable price for the service they are about to purchase.

Dave didn't add any new products or services to his business. He simply found new markets for his existing service. That is a wise move for Dave and for many other businesses as well.

Before you decide to spend the money to increase your product line, or before you decide to spend more marketing dollars to sell more products or services in your current market, do what Dave has done. Look at new markets. The rewards can be great for a very low cost.

That is my suggestion. I welcome your comments and suggestions as well.