Any small business owner is dreaming big and hoping to expand sometime in the future. Should you leave it to chance, or should you take it in your hands and grow?
Without going too technical, here are some small business expansion methods that are going to help you take your currently small business to the next level.
It’s a great way to get deeper into your existing customer base. You should take a good look at your market to identify the customer segments that are going to buy. It helps you concentrate your sales and marketing activity on the specific sections.
You should settle some criteria (gender, age, buying history, location, and so on) so that you can make categories for your customers. It’s essential that you’re able to find out the possible profitability if you’re planning to sell new services and products. Once you have this sort of information, you should be able to manage the sales and marketing dollars a lot better.
Even though it sounds easy, the method is a bit trickier than you’d think. First of all, you’ll need to know what services and products your customers will want; how much they want to spend is also essential. Are you capable of selling new products and service and make a profit too?
You should develop market research before you begin expansion. It’s wise to ask your customers what is their idea about new products and services, without leaving the possible price points out of the equation.
It’s fundamental that you concentrate on customer demand for the new services and products, but also on the spending for the manufacture, and delivery.
Internet is one of the best examples of avenues that can take a new business to another level. Many companies don’t miss the opportunities that the Internet provides. You should start by learning a thing or two about web sites, hosting services, and everything else related.
Don’t worry about you having to be a master of the Internet. Many hosting providers are ready to help you (for specific fees, understandably). The variety of hosting plans is impressive, and you should begin by checking the types of web hosting.
It’s common for businesses to address specific customer markets while taking gender, age, location, or psychographics (activities, interests, values) into consideration.
However, you want to get to customers at the right moment, through the right medium, for expanding into new customer markets. It may be rather intuitive, but you have to step up your game in terms of advertising for the modern market.
If you’re planning to expand, acquiring another company can be one of the quickest ways to do it. You can merge or buy a new market for doubling the size of your business, growing the sales or revenue. However, you should do it carefully and take a proper inspection of the possible candidates.
Find out everything there is to know about the financial status of the company company’s financial, the possible depth, and power of the management team. Check the breadth of the client base, but also the perspective of the contracts.
It’s vital that you identify the synergies between the two businesses that you’re planning to combine so that you don’t end up in tears.
Put, you need to market and sell your current products and services to future customers. They may come from various segments or various locations from where you run you’re running the business for the time being.
When you own a storefront business or retail, expanding your business means to open new locations, but in various geographic areas. It can be in another town and even outside your country.
Brace yourself as you’re going to have to spend a lot of time and money for this expansion. Some market research is mandatory as you need to make sure that the new territory has enough customer demand.
You also need to customize the advertising for the new market. Unless you make the benefits of your products/services clear for the new customers, you’re not going to have success for this step. Try honesty and present the flaws too, as you’re working to convince your new market.
One last tip for the road
The current state of the economy shouldn’t matter for your expansion plans or your business growth. If you’re determined to grow, any of the methods mentioned above is going to work eventually.
Knob and tube wiring consists of two wires that are hold in place with ceramic knobs and tubes. As the knobs clamp the wire to the structural member, the tubes prevent fire from chafing.
This system isn’t dangerous per say, but it’s rather old and the insulation wears out in time. Many wires are concealed behind walls, insulation or ceiling and it’s quite a challenge to evaluate their state.
The wires are also connected as they are soldered together and wrapped in electrical tape and it’s only a matter of time until the tape wears out or simply falls off.
You would typically find the knob and tube wiring in older installations, consisting of 60-amp service and it doesn’t have a ground conductor. You do need a ground conductor when you’re plugging in appliances that come with three-prong plug. This way the risk for reverse polarization is minimal.
The knob and tube wiring doesn’t take more than 60 amps and the insulation may be worn out. It’s not a grounded system which is quite risky for some modern wiring. It’s safe to use it though in rooms with lower risk (living room, dining room, bedroom) and you should never use it in areas where you may have contact with water (kitchen, bathroom).
When using this method, you should never replace a blown fuse with a larger amp fuse. You don’t want to cut the grounding prong off a plug so that it fits into a two0hole receptacle.
Knob and tube wiring isn’t dangerous per say, but it’s problematic when you use it too much. It’s better to get the system evaluated by a licensed electrician from time to time. Better yet, you should upgrade to the modern wiring systems.
Many houses in the United States come with two hot wires and one neutral coming into them, whereas the supply is 240/120 volts. The actual voltages is a bit lower, around 230/115 volts. This is what we call the single phased power.
The alternating current is the power coming into your home and this type of current lets the electricity be transported over long distances.
House wiring may be dangerous and you do need to read and apply some electrical safety tips. Never work on your house wiring with the power on and use lock out tag out procedures so that no circuits are turned on during your working.
Get a non-contact voltage tester and check the box first. It may be that more than one circuit runs though the same box. Even though you may have turned one of them off, it’s possible that more hot wires still remain in the box. Play it safe and always double check.
The “Main Service Panel” contains the circuit breakers of fuses for the electrical power in your home and you want to turn it off during a flood or other risky situations. The panel should present labels for various items (washer, dryer) so you know for what each circuit breaker is assigned to.
Don’t forget about the circuit breakers as they trip the amount of current if it exceeds a certain level. The new circuit breakers may also identify shock hazards and arcing conditions.
Choose wisely the electrical wires, as it’s wise to use the right size wire for some electrical devices.
House wiring isn’t difficult, but you do need to keep in mind that it may be dangerous which is why it’s essential to follow the safety rules at all time.
A practical way to connect various electrical wires is the terminal block. The market gives us so many shapes and sizes and it’s impossible not to find one that fits the best your current project. You do need to use them right though and follow some ground rules when it comes to choosing and using the terminal blocks.
It’s very important to know which type of connection your electrical equipment needs (screw-in or plug-in connection). The most common ones are the screw-in wires that are place inside the terminal blocks. They are screwed into position and don’t need high voltage protection. They are very easy to use, as you only need to clip it into place.
On the other hand, a plug-in connection comes with a male terminal at the end of the wire. You connect this terminal to the female port on your terminal block, creating a secure connection.
You also need to find a terminal block that fits the rest of your needs. You do have to know how many wires you connect, the space for the connection. Considering the variety of shapes and sizes, finding a terminal block that fits the best isn’t that challenging.
Choose the right rating as well and you should go with the highest current level that the terminal will conduct, so that you may use the strong equipment.
Turn off the electrical equipment before beginning to work and always secure the screw-in connection. Always secure the plug-in connection also as you don’t want it loose when moving.
Don’t forget to test your equipment. Check the terminal block and the connections so the risk for excessive heat building up is minimal. Take a better look at the wires once again as you do want them securely in place.