July 03, 2015 | Sharon Cheong
Singapore has a very long history of being a center for businesses and manufacturing plants that service the world. Today, much of the world's manufactured goods come out of Singapore. It's no surprise that entrepreneurs come by the thousands each year looking to make it big. Some do and some don't. For those who do find success, the next step in their journey is often business expansion. Since Singapore is such a large, modern city, there may be many ways suitable to a business growth idea.
Organic growth occurs when a small business owner has managed to find a sound business idea and acquire a steady stream of loyal customers. The business grows in the most natural way due to its excellent balance of good products/services, fair prices and friendly consistent service. In order to expand a business like this, you simply need to replicate your business model in a second or third location. Since the location often has a lot to do with success for small businesses, be sure to research areas and find the optimal place for your new location. Singapore has its share of low-cost commercial space for rent.
Buying Out the Competition
It is likely to assume that a few of your competitors are struggling due to the sluggish economy. They may be ready to talk about an exit opportunity. In any event, it never hurts to ask. Call or visit area businesses that you consider your competition and talk to them. In some cases, you can get a good deal, plus you're buying their equipment, inventory, staff, and location for one price. This is usually far cheaper than setting up a second location from scratch.
Expand Into Related Markets
This is a very simple and elegant way to expand. Let's say that you're in the landscaping business. It would be very easy to add several different, but wholly new business types. These could include landscape lighting, patio and deck construction, fence construction, and so on. This idea can also work with any product. You may manufacture shoes. You could add belts, purses and any other leather items. Since the new business is related to the old one, you might be able to use the same suppliers and employees.
Speaking Engagements & Workshops
If you've been successful at flipping houses, then you could also become successful at teaching others how to do it. This is another idea that could work in many fields regardless of the type of products and services. If you've become a successful investor, set up a line of speaking engagements or workshops and teach others your secrets. This will often develop into an even more successful business than your original concept.
Write a Book
Have you become an authority on how to do something? There are plenty of people out there interested in your story. It has become increasingly profitable to write books of all types about how to do all kinds of things. As long as you can show some success and have a few writing skills, then go ahead and write a book. You might even be able to hire a writer and just give them your outline. Make it interesting. Include lots of tips and tricks. Try to add some graphics, charts and other things to make it stand out. It's free to list the book on Amazon and other sites and social media is a good place to advertise.
Adding onto your business can be less expensive than you think if you lease a serviced office space from Servcorp Serviced Offices. This gives you a unique address in a highly sought location around Singapore's business district. You can get many costly amenities at affordable prices, such as luxurious office space, email and phone forwarding, expert IT personnel, and a prestigious address in Singapore. Servcorp Serviced Offices serve the world with top-notch office space in major cities. Call +65 6690 6161 for more information.