If you wish to expand your business but aren’t sure how, the best route is more often than not to study the tactics of the giants of your industry. It won’t take long to learn what they are pouring more money into as of late, or figure out the elements of expansion they seem to be prioritizing in order to adapt to a changing environment. Capital is obviously being invested in a great deal of areas but it’s safe to say that surges in popularity or demand can usually be attributed to a particular focus on one or two tactics.
In 2017, the leaders of multiple industries appear to be concentrating on the same strategies and thus proving their effectiveness over and over again. For example, you might question what the fitness, fast food and retail industries have in common until you realize that their leaders have been basically following the same game plan to build their followings over the past few years.
Everywhere You Turn
If you live in a relatively populous city, you are probably in the immediate vicinity of a gym, fast food chain, or major retailer. If not, you can be sure that one of these businesses will be opening up in your neighborhood within the near future. Each of these industries is currently displaying the importance of opening up as many locations in easily-accessible areas as possible. Doesn’t it seem like you blinked and there was a CrossFit on every main road? You’ve certainly noticed the appearance of fast food chains that were previously unheard of in your region of the country. New Yorkers now have access to franchises like Sonic and Chik-Fil-A, both of which were already hugely successful but understood that they cannot rest on their laurels if they intend to stay competitive.
As for retailers, Target took a risk in sacrificing size for the sake of locations. Target is now challenging the accessibility of Wal-Mart by adding locations, even though some of these new locations are nowhere near as big as the Target you’re used to visiting. The risk paid off, as the decrease size proved to have little if any impact on the store’s ability to attract customers.
Making Your Move
There are many reasons to add locations to your business and chief among them is a surplus of demand. Popularity is on the rise but you don’t have the means to satisfy your growing customer base. Securing a new location is also a massive investment considering the rental fees of high-volume areas but that’s where companies like United Capital Source come in. A bank would make you wait approximately six months to receive funding but UCS can accomplish this in just a few business days, allowing you to make that down payment almost immediately after the available space goes public.
Terms for UCS business funding programs are extremely flexible because we understand how difficult it can be to maintain operations during such a major evolutionary change. Maybe the new location became available during your industry’s slow season, when you barely have enough money to keep the lights on. In this case, your small business funding could be arranged to finance your new location as well as cover regular monthly expenses like bills, payroll, etc. We offer many types of working capital loans in which a higher percentage of the debt is paid off when sales pick up.
Social Media 101
The second strategy that is most important in helping the aforementioned industry leaders stay relevant is social media. CrossFit constantly releases videos of workouts and pictures of its fine-formed members, who then release videos of themselves working out as well. If you have a friend who shops at Target and are in the same age demographic as this person, you have probably seen a Target ad on your social media feed. These ads are given the same attention as TV commercials, feature clever sequences and celebrities like Carly Rae Jepsen. Fast food chains proved the value of active and witty social media posts when they saw their responses to criticisms go viral. An unnecessarily harsh post will likely be responded to in clever fashion, a tactic that is now a surefire recipe for gaining loyalty.
Scouring social media for audience information and actively updating accounts is a daily responsibility that you probably don’t have time for. A much less stressful option would be investing in a social engagement specialist with a working capital loan. The cost of taking on this new hire will be greatly offset by the increase in business you experience as a result. It might take some time for this increase to occur but remember, UCS offers small business loans that don’t have to be paid back until sales start coming in and with a social engagement specialist, you will maximize the chances of this happening.
It Couldn’t Be Any Easier In 2017
It doesn’t matter how “small” your business is. At UCS, we believe certain investments can propel businesses of any size to a new level of success. Our business financing experts are also highly experienced in helping companies acquire new staff or property and will happily help you maintain a budget through each process. These are the strategies utilized by your most successful competitors, therefore there’s no reason they won’t work for a business owner as experienced and knowledgeable as you!