3 Ways To Expand Your Retail Business

Expansion is the key to improving revenue in the retail industry. Only running your business from a single 'local' location will ultimately limit your store's earning potential. If you wish to create a successful long-term business, you must constantly look on the horizon for ways to expand. Expanding your business will open up a whole new world of possibilities, allowing your business to grow into a larger, more successful entity.

#1 - New Store

Of course, one way to expand your retail business is to open up a new store. Don't get me wrong, this requires a fairly large amount of capital and resources, but opening up a new store can prove to be well worth it in the long run. Just think -- you could be earning twice the revenue, if not more, by having an extra store in place.

The most important thing to remember when opening a new store is to choose an appropriate location. The location of a retail store can either make it break it. Ideally, your new store should be located in a populated area that's near a highway or major road. If customers have a difficult time locating it, your sales will suffer as a result.

#2 - eBay / Amazon

Another highly effective way to expand a retail business is to sell your products on eBay and/or Amazon. These are two of the hottest marketplaces around for selling goods and products. Taking advantage of just one of these marketplaces can yield a huge increase in sales.

There are a couple disadvantages associated with eBay and Amazon, one of which are the fees. You can expect to pay around 5-9% in selling fees. If your profit margins are small already, the fees along can make selling on eBay and Amazon not worth your time. Do the math ahead of time to determine how much profit you'll actually pocket from selling on these marketplaces, and then decide if it's worth it.

#3 - Website

A third idea for expanding a retail business is to launch your own e-commerce website. You won't get the same amount of traffic as eBay or Amazon, but you also won't have to cough up 5-9% of your sales in fees either. Even if you have little-to-no experience in web design, you can outsource a company to create an e-commerce site for you. The cost of a site will depend on a variety of factors, but it shouldn't cost more than $750 for a fully functional e-commerce site for your retail store.