5 Foolproof Strategies to Expand Your Street Sweeping or Paving Business Into New Markets

Several factors prompt the need to expand your business into new markets. It can be that your business is flourishing and has grown to fully occupy existing channels, you have a capable team in place, or your profit margin is really low as the present market isn’t able to cater to your operational costs. The needs of your customer base may be growing, and you just want to adapt to accommodate the change.

Whatever the case is for wanting to expand your paving business, you must employ appropriate strategies, or the probability of the expansion plan failing increases. X-raying your project exposes potential risks you may have been unaware of. Having a well-spelled out expansion route decreases the number of tries, reduces costs, reveals the underlying business opportunities, and prepares you for any impending costs. If the thought of growing into a new market scares you because you don’t know how to get started, follow these five strategies,

1. Analyze Your Existing Business Model and Client Base

Inwards is the best place to start if you want your business to scale with little difficulty. Evaluating your present business model and operational style will expose the weakness that may slow down your paving business in the new market and help you figure out how to improve on them.

You should also analyze the customer base to understand your ideal customer profile and identify why they choose you over the competition. This knowledge will be essential in crafting an irresistible selling point for the new market and showing you the best possible port of market entry.

2. Study the Competition

Researching the competition in the new market is vital if you don’t want your business to come in second place. It is to your advantage to investigate the competition’s mode of operation, the services they offer and their price ranges. This way, you know what to expect and create a model that over-delivers in the aspects they fail.
You can begin your inquiry using competitive intelligence platforms like Similar Web and AdBeat. These tools provide insights into your rival’s advertisement strategies, which you can improve for even better results. The oldest and the fastest growing paving businesses are a perfect place to start.

3. Establish a Realistic Timeframe and Budget

Reviewing your current business model and client base and studying the competition will help you determine an achievable timeframe of how long planning and implementation will take. Also, consider your marketing plans, hiring costs, office, and space setup costs.

Ensure that the budget for expansions matches the timeframe set to get business operations in motion. You should understand that the quicker the expansion period, the more you will spend. Certain activities may appear as necessary when they are not because you didn’t study planned hurriedly.

4. Partner With Complementary Service Companies

Strategic partnerships can change your business in one go. It helps you reach new clients at little to no extra cost because you’re utilizing the pre-existing structures of your new partner.

As a street sweeping contractor, you can partner with a dumpster service company — they provide you with dumpsters for every paving or street sweeping job. At the same time, you offer your services to clean up construction sites and other areas your services may be needed. Because your services are now provided as packages, clients would instead go with the service combo.

5. Host Free Value-Based Seminars

Customers typically reward value-first approaches by businesses. Hosting a local seminar, say “The Effects of Dirty on the Environment,” can show that you place your care for your surroundings over your profit chasing. Seminars create a client domino effect as those present are likely to bring up your company in their social circle discussions and refer you to their colleagues.

Apply These Strategies to Transform Your Business Today

Proper planning and execution of your expansion plans separate you from your goals. You may think that it’s all straightforward and pretty until you write them down and get to work. Although it can be challenging, you should follow through if you desire to revamp and grow your business.

Benefit from more helpful tips to grow your street sweeping or paving business by checking out the North American Sweeper Magazine today.

Sources
https://www.indeed.com/career-advice/career-development/expanding-into-new-markets
https://www.entrepreneur.com/article/306049
https://www.thebalancesmb.com/top-ways-of-growing-your-business-2948140
https://rockcontent.com/blog/market-expansion/
https://www.google.com/amp/s/neilpatel.com/blog/grow-business-expanding-new-markets/%3flang_geo=us&amp

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