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7 Ways to Expand Your Online Business

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									7 Ways to Expand Your Online Business

So you just started your online business, congratulations! But you're not yet sure of how to expand them. Here are 7

ways to help you. Read and be motivated!


1. Consider opening another location. This may not be a great choice for expanding internet business. But according

to business consultant and writer Frances McGukin, opening another location for your online business is just the

same thing as traditional business. Moreover, McGukin recommends online-based business owners to:


     Look closely at the trends (both consumer and economic-based) to indicate the staying power of your business.

     Ensure that the management team (including its administrative systems) is extraordinary in setting a location

      before keeping it running.

     Maintain the "bottom-line" profits that have been steady for the first 2 - 3 years of the business.

     Determine how and where you'll obtain your finances.

     Set up a separate business plan for the new location.

2. License your offers. This may be a low-cost medium for many online businesses. According to Larry Bennett, head

director of the International Center for Entrepreneurship Studies at Johnson & Wales University, these businesses

can receive upfront royalties and dues from consistent sales or software use through licensing. This helps control the

risks of losing product or service control.


3. Sign a government contract. Rep. Nydia Velazquez of the Democratic Party wrote in her August 2003 article the

importance of getting the approval of the federal government in expanding an online-based business. Coordinate with

your local SDBC and SBA offices before signing a government contract. The US Chamber of Commerce offers a

special matchmaking program for small or online-based entrepreneurs.


4. Target other people. Your present market is serving you well, and that's understandable. But McGukin suggests

that having multiple markets is an advantage in expanding your business online. Think about it! If your market ranges

from young adults to professionals, chances are you'll be able to earn over hundreds (or even thousands) of bucks

and make a name in the online business realm. Sponsor speaking events, entrepreneurship programs and other

offerings that can generate a multitude of revenue streams to your business.


5. Place your business website in search engines. According to SEO expert Sally Falkow, 85% of traffic comes from

Google and Yahoo. Falkow adds that as of June 2011, about five billion business and traffic doubles every 200 days,
making the visibility of these sites crucial to the needs of people.
6. Expand your business globally. FatWire is among the few online-based businesses that successfully expanded its

services to over 60 countries. Since then, the company has already established offices in Italy, France, Holland,

Spain, United Kingdom, Singapore, Japan and China. To expand the business outside of your country, you need a

foreign distributor who will carry the inventory of your product or service to resell them in your target domestic

markets.


7. Merge with other online businesses. It's an advantage if the business you chose to join forces with is also up for

expansion.

								
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