Impact Feature: Business expansion is easy, business loan is the solution
Most of the grocery store and pharmacy store owners think about expanding their business, but very often it is limited to just thought and thinking. Most of the times there is a reference to the lack of funds or the lack of preparation is said to be behind this.
The future of daily use product business is bright. Due to Corona, there was a lockdown in the entire country. But, even during the lockdown, grocery stores and pharmacy stores remained open and sales continued. Because, it is part of the essential service. Life stops without these businesses. The business of general store and pharmacy is also known as evergreen business.
Most of the grocery store and pharmacy store owners think about expanding their business. think. But, very often it is limited to just thought and thinking. The plan does not materialize. Most of the times there is a reference to the lack of funds or the lack of preparation is said to be behind this.
Similar problem comes with all traders. The solution to both the problems is being told in this article. In this article, you will know how you can expand your grocery store and pharmacy business.
Here are the key strategies for expanding business. Which can help you take your business to the next level by:
Add new products and services to your business
This strategy sounds relatively simple, but executing it well can be challenging. For starters, you need to figure out what products and services your customers want, and how much they’ll be willing to pay for them. Next, determine whether you can sell these new products and services at a profit or margin.
The best way to complete this plan is to do a thorough market research first to know about the new product or service expansion. Ask your existing customers what they think about your new product and service plan at the best possible price. Record people’s reactions in your diary and prepare its data.
Since starting this new product or service will be extra than your regular business, then additional funds will be required for this. You can arrange funds through business loan. MSME traders get business loans up to Rs 7.5 lakh very easily from ZipLoan, the country’s leading NBFC.
Sell more products and services to your existing customers
This is the second aspect of the first strategy in order to expand the grocery store and pharmacy business. Capturing your current customer base. Make inroads between them. Understand their needs. Analyze customer behavior. Prepare the details of those who have more buying power. So that you can focus your sales and marketing efforts on those specific people.
You’ll break down this analysis based on your current customer criteria (age, gender, location, purchase history, etc.) so that you can tell them the potential profit when it comes to selling new products and services to them. With this method, you can increase both your sales and marketing.
Expand business to new area
Grocery stores and pharmacy stores are in demand everywhere. The more the scope of business increases, the profit will also increase accordingly. Expanding business in new areas is beneficial in many ways. When you take your business to a new area, you will bring your products and services to new people. Due to which your business name will be there and there will be earning. In this way your brand will be established.
Once the name of a grocery store or pharmacy store is created, people become its permanent customers. If you have a grocery store or pharmacy store business, in this type of expansion to open new locations in different geographic areas, choose a location that is close to the society or densely populated. Where people can easily reach.
