Most business owners have expansion on their minds. They’re always looking to grow!
Sure, barring someone wanting to downsize, retire, or exit a business, most entrepreneurs are constantly looking for the next avenue for growth.
This thinking—this constant desire for growth—certainly is even more prevalent in large corporations.
While many frown at the idea of further expansion of already powerful corporations (Amazon, anyone?), there are valuable lessons to be learned for small and medium-sized business owners.
Let’s take a look at Apple, for example.
It’s likely that you’re reading this blog post on your Apple computer or your iPhone—perhaps while listening to your favorite tunes through your Apple headphones—all while a family member is watching something on your Apple TV in the next room.
This isn’t an entirely unlikely scenario for you at this very moment and is one that, in fact, occurs in millions of households on a daily basis.
And, it won’t be long before millions of people are doing all of the above while their Apple Car sits in their driveway!
As you’re likely aware, Apple started from the humblest of beginnings. Their forever-expanding array of products in 2021 was only a pipedream when they started in 1976.
While I’m not, necessarily, suggesting that you need to run out and start your own automobile company, the thinking behind what Apple has done can serve us well as business owners.
We don’t need to be 100% focused on “staying in our lane” on an indefinite basis. You may offer A right now, but who’s to say offer B and C might not be a complimentary, and profitable way to further serve your clients and customers, or open up to an entirely new audience?
What other markets could you potentially tap into in a way that makes sense and can allow your business to grow?
Keep in mind that this isn’t just entirely about growth, either!
As the pandemic has taught us, having all of our eggs in one basket can be dangerous. The more we can diversify, the more we’re also building potential security for our business.
Now, this doesn’t mean you have to launch seven new offers at once.
Keep in mind that, going back to our example, Apple systematically and methodically began slowly offering new products to the masses.
They built a foundation and success in the computer market, and then they were able to leverage their experience and core competencies in expanding to new markets that made sense.
What opportunities could be waiting for you in other markets that you haven’t yet tapped into?
In Apple’s early years, they took the time to determine their true strengths and then built upon that to expand into other markets.
What are your business’ core competencies and how can you utilize those to expand into other markets?
Expanding into new territories can be intimidating, and can often come with countless legal needs.
We’re here to help you.
If expansion is on your radar, and you want professional, legal guidance to ensure it gets done right, please get in touch.