Ways Expansion Project Development Commercial Project
How to expand your project smartly? 8 ways to develop an existing project
Developing a large commercial project that is able to compete and withstand the challenges and fluctuations of the market, without a doubt, is a huge responsibility, and no one can risk his money and time in a huge project from the start, unless he has sufficient resources, capabilities, and experience that qualifies him for that. . That is why it is very good to start with a small project with limited financial resources, which can be the nucleus of your great success in the future, and work on developing it into a large project.
If you have passed this stage and were able to bring their small project to the stage of stability and achieving the desired returns and profits, then you may be thinking about how you can expand your project and develop it to a new stage.
Methods of developing an existing project
If you are ready to invest more (money, effort, time…) in your project again. Here are the most prominent ways to expand an existing project:
1. Geographical expansion
The first way to expand a project that comes to mind of many entrepreneurs is geographical, or physical expansion, by opening a branch in another region. But it may not be the best option, especially if it is not well thought out and planned.
You must first:
- Ensuring that you have generated stable returns for a long period of time, and that you will continue to generate a fixed minimum profit during the expansion.
- Make sure that your management system for the team and work is excellent, because this system will work to establish and launch the new branch.
- Prepare a complete business plan for the new area you are targeting.
- Determine where and how you will fund this new move.
- Choose the location according to your project, not your portfolio. (You may not be financially able to get a suitable site, but a suitable site is imperative to the success of the project).
2. Target another market
The current market serves you well. Is there another? You can be sure of that. Other markets are the ones that will make the most money and help you to expand and thus grow.
If the consumer market for your products ranges from teenagers to college students, think about the places where these people spend most of their time. Can you present your work to schools, clubs or colleges? You could offer a discount to special interest clubs, or donate a portion of your profits to schools and associations. Look for ideas for seniors, teens… Let your imagination take you where you need to be. Then take what you sell, whether a product or a service, to the markets that need them.
3. Find a partner
If you succeed in finding a suitable business partner that can add a lot to your project, this will most likely be a great opportunity for your project to continue to grow and prosper. But you must be well aware of the advantages and disadvantages of having a business partner, and study this option carefully to determine your reasons for choosing a partner, and if you decide to find a business partner, take your time searching to find a partner that really fits your business and your goals.
4. Form alliances
One of the modern methods to expand and develop a business is to form alliances. Your alliance with other projects to cooperate and exchange services, can be a powerful way to expand quickly and grow. Especially those that provide integrated services or products with what you offer. Where you can contract with specialized websites in your field, they can promote your product or services for a commission. Don’t be afraid to lose part of your profits for an expansion of this kind.
5. Diversification
Diversification is an excellent business development strategy, as it allows you to have multiple streams of income that can often fill seasonal voids, and increase sales and profit margins. Offer complementary services or products to your original product or service. If you are an expert in your field, offer lessons or training workshops in your field. This is how you diversify your activities and sources of income in the same field, your area of expertise.
6. Expand online
In 2002, Bill Gates said, there would be only two types of businesses left: those that have an online presence and those that no longer exist. In an era where the “internet” controls a large portion of the market, if your business doesn’t have an online presence, you aren’t selling as well as it could be. Consider this option if it suits you, as online expansion can be a good opportunity for the growth and development of your project.
7. You can expand globally
Developing a globally based project is not an easy step. It will require you to prepare your offer and product to match and compete in global markets. Secondly, you have to find a distributor for your products in the new markets you target. This is possible through associations or federations.
8. Franchise
Present your project as a “franchise” or commercial franchise opportunity, when you give an investor or other party the right to launch your project and use your trademark in another place, according to your instructions and under your supervision exclusively in a specific geographical area and for a specific period of time with your commitment to provide technical assistance in exchange for money or Obtaining economic advantages or interests.
Conclusion
It was the most prominent strategies and ways that a person can adopt in order to develop his business. In fact, there is no single method better or more effective than the other, because there are many factors that play an important role in determining the appropriate method, and it relates to the type of project activity, the market you target, the resources available to you, and what about the experiences you have accumulated? Are you ready to make more efforts and sacrifices to achieve this goal?
It remains to be reminded that the development of an existing project has its aftermath! Of course, your business will grow, the number of employees will increase, marketing strategies will develop, and distribution and sales channels will increase.. As a result, new challenges will appear before you, most notably competitors whose goals are similar to yours. And also, you may collide with the lack of sufficient financial resources, especially your need for new equipment, and more means of promotion… Therefore, we stressed from the beginning the importance of studying the option of expansion and growth well so that your decision is correct and your steps are successful.