As another holiday season inches closer, you may be thinking about what the new year will bring. If expanding your business is a long-term goal, the U.S. Chamber of Commerce offers ways to determine whether a business is ready, including steady revenue growth for several years, increasing customer retention and consistent positive cash flow. Market trends and capacity metrics, like physical space and employee headcount, can also clue you in.
Once your focus turns to how you’ll grow, consider a few outside-the-box ideas and the results they could bring about. Here are five such ideas to grow your business in 2025.
Find new partnerships
A strength-in-numbers strategy could present opportunities. Two businesses offering different products or services to the same audience, for instance, could work together on a promotion.
Explore possibilities for collaborative consumption, which is the shared use of a good or service by a group. It’s a way for businesses or organizations to partner up and divide costs, opening up new opportunities. For example, two or more food trucks can team up to order supplies together since buying in bulk can save money. Or two businesses might share the same physical space, splitting rent.
Target a niche market
Many businesses, once established, expand their products or services to fit a specific portion of their customer base. Think of a major home improvement retailer expanding its selection of pet food, toys, treats and other products.
Consider your audience and what other offerings you might be able to add. For example, a juice bar that has loyal customers interested in health and fitness might start to sell merchandise like branded workout towels or athletic apparel, like leggings or tank tops. Start small and see what sticks.
Explore social impact opportunities
A strategy that can contribute to positive word-of-mouth marketing, increase customer loyalty and affect change is to align your business with a charitable organization or cause. A famous example is the shoe company Toms®, best known for its model where for every pair of shoes sold, another pair is donated.
Consider both local organizations and larger movements that your business could get involved with. You could run a short-term promotion—like donating a portion of sales from a single day to a cause—or a larger long-term relationship. When done right, it’s a win-win.
Diversify your offerings
A growth opportunity might exist by taking a step far outside your comfort zone. As a retailer, you might think about ways to add events or experiences. If what you sell already is an experience, perhaps it’s adding physical products. In recent years, many brick-and-mortar businesses have dabbled with live music and fitness events.
A car dealership could partner with a dog groomer on an event that brings new people onto the lot and into the showroom. Along with getting their pet a wash and a cut, hand out pet bag dispensers and pet bowls to keep your brand front and center for the foreseeable future.
Add a subscription service
In recent years, subscription models have taken off across a variety of industries. Everything from beauty products and clothing to medical supplies and prepared meals are available to be scheduled for arrival at your doorstep. The advantages of this setup are a more stable, steady income stream and strengthened customer loyalty.
or cutting board, with their first delivery.
A little creativity can go a long way
It can be a challenge to make big plans for the future when there is a lot of work to do in the present. By setting aside time to be curious and exploring opportunities—including ways to form new partnerships, zeroing in on a niche, considering social impact involvement, diversifying offerings or adding a subscription service—your business can expand what’s possible in 2025. |
