Growing your business means more cash for you now plus a higher sale price in the future when you decide to sell your business eventually.
We’ve put together four articles full of ideas to help you grow your business.
The four key areas are:
- Increase your customers;
- Find new markets – with existing products or services;
- Develop new products or services – to open new markets;
- Improve profit
Here’s the third area… How to open new markets with fresh new products
Develop fresh new products or services
Conduct customer research to identify new ideas
Ask your customers about what new products or services they would like to see added to your range. Brainstorm ideas with your staff, along with which new markets to target. This article has some advice on how you can unlock innovative ideas.
Check financial feasibility of any new product or service
Calculate whether you can make a profit from your planned new product or service. Carry out some market research to be sure of demand. For example, if you’re a manufacturer of sports goods and you’ve created a prototype for a new style of cricket bat, get opinions from a whole range of cricketers, from kids up to professionals.
Test new offerings with your customers
Before introducing your new product or service to the market, make sure you test it first. Listen to consumer responses and take on board any advice before going to market.
Protect your Intellectual Property
Once you’ve developed some intellectual property (IP), you must protect it. Have a look at the IP Australia website for detailed information on what you need to do to protect your business ideas.
Licence other products
Consider licensing another business’s products or services as a way to extend your product or service range. It’s especially useful if they’re complementary to your offerings. Please read our article about some other profitable ideas you can learn from larger companies.
Look to joint venture with other businesses offering different products
Keep an eye on other successful businesses within your industry, or those targeting markets that you’re interested in, and look at how to develop a strategic alliance.
Import products unavailable in Australia
Search out products that aren’t available or are difficult to obtain in Australia, but will potentially open up new domestic markets.
Next steps
Why not contact us to Join the conversation and brainstorm the above ideas and create a tailored Action Plan to help you develop fresh new products, increase your customers – leading to more profits for you and increasing the value of your business.