What is business expansion?

  • A business expansion is a type of growth strategy
  • It focuses on obtaining growth by increasing number of stores in which a business can offer their services
  • This also includes increasing sales and services in existing locations
  • An expansion of business products and services is also considered a business expansion
  • The Canadian Government offers multiple grant programs to support business expansion

How can you expand?

You can expand your business by following these simple tips:

1. Consider expanding your product line

  • This may sound simple but can be game changing for your business
  • Try to expand this by first evaluating which one of your products or services is most in demand and what else your customers might like to see
  • .Then, try to estimate a price level for these new services
  • Next, determine your profit margin from these new services and see if they are viable for your business

2. Try to increase your sales

  • To expand your business your need higher sales
  • This can be achieved by either creating new services to reach new customers or increasing sales to prior customers of the business
  • You can further penetrate your existing customers by dividing them into customer segments
  • You can then cater your marketing efforts to better target each identified customer segment for your business
  • Your business can then receive more sales from existing customers

3. Expand your business to newer areas

  • To get more sales, you could also move your business to a newer area
  • This new area might be new to a service of your kind and could gain a lot of attraction
  • The new customers can be in newer market segments and different locations from your current operations
  • Expanding to newer locations might also require additional investment, keep reading to find out about our favourite expansion grants

4. Reach out to new customers

  • Your business expansion efforts can also be targeted towards newer customers
  • This can be based off demographics such as age, gender, location, interests, activities, and values

5. Expanding into new channels

  • There are multiple channels through which your business can offer its services
  • Its important to remember that internet marketing and advertisement are some of the most effective ways to market today
  • Handful of companies have reinvented their business to take advantage of these online business opportunities
  • Service providers are able to reach a broader audience and attract customers from newer areas through online marketing

6. Create a business expansion plan

  • Following the tips mentioned above, draw out a planned map for your expansion
  • Factor in your goals as well as your expansion strategy
  • Set out benchmarks and checkpoints to evaluate your expansion efforts along the way
  • Following through on an established plan can help your expansion be seamless and smooth

Here are some of our preferred business funding programs and expansion grants!

Southwestern Ontario Development Fund (SWODF)

  • This program funds and supports businesses looking to invest in new facilities and equipment
  • It provides applicants 15% of project expenses to a maximum of $500k-$5M depending on their business

Rural Economic Development Fund

  • The RED program aims to support regional economic development activities of non-profit in the rural Southern Ontario
  • The program provides between 30% and 50% of eligible expenses to a maximum of $150,000 – $250,000

Market Readiness Program

  • This specific program supports academic spin-off companies, OCE accelerator graduates and SmartStart Seed Fund awardees for early-stage commercialization activities
  • This program offers up to 50% of expenses to a maximum grant of $125,000 – $250,000

Creative Export Canada (CEC)

  • This is a government funding program that offers funding for projects that generate export revenues and help Canada Creative Industries reach more people around the world
  • It provides up to 75% of eligible expenses to a maximum of $2.5M in government non-repayable contribution

CanExport

  • CanExport supports export marketing projects including participation in trade shows and government-led trade missions
  • It provides up to 75% to a maximum of $75,000 in grants per application and $99,999 annually

AgriAssurance: SME Stream

  • AgriAssurance’s SME Stream supports implementing third-party assurance certification projects that address international market requirements and help expand export opportunities
  • It provides up to 50% to a maximum $50,00 in non-repayable (grant) funding
For more information regarding any of these grants, please contact EVAMAX.
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *