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Adding a new service to your business

  • Blog
  • 11 April 2017

Starting a business itself takes a great deal of effort, but there will likely come a time when you want to expand that business and provide additional services to your existing and potential customers.

To help you plan your expansion, we explain what to keep in mind when adding a new service to your business.

How can FSB help add a new service to your business?

What do you plan to add?

The first major decision that you should make is exactly what service you want to add to your business. Perhaps you’ve noticed a gap in the market that you can expand into, or you’re trying to complement a service that you already offer based on what your customers either need or have expressed a desire for.

Whatever reason you have for choosing to add a service, you should consider the amount of preparation involved. For example, how much training will your staff require to be able to provide the new service? Will you need to purchase additional equipment or expand your business premises to offer the new service effectively?

Considerations such as these are necessary to find out exactly how much you will need to fund the expansion of your business. However, you also need to make sure that your core business will be able to weather the financial risk of adding a new service. In a worst-case scenario where the additional service isn’t successful, will your core business still be able to operate as normal?

How to integrate the new service

When it comes to making sure your new service is successful, marketing will be one of your main tools. Start the marketing process several weeks in advance to generate interest in your new service. Releasing information gradually, organising events, or volunteering your services around the community are useful ways to keep potential customers invested.

Once release is imminent, it’s time to switch from interest generation to retention marketing. Get people using your products, and encourage them to keep doing so. Provide incentives for your existing customers through discounts or free services, and encourage them to spread the word to friends and family.

Aside from offers and discounts to generate interest you might also want to consider free trials so customers both new and existing, can see the new service in action and staff can get more comfortable with its use.

How can FSB help add a new service to your business?

Adding a new service can be tough on your business finances, and the potential uncertainty may put you off expanding into what could be a lucrative venture. This is just one of the reasons why FSB offer our Cash Advance service to our members.

Benefits of the FSB Cash Advance include:

  • No risk to your existing assets as the loan is unsecured.
  • Access to funds within 15 days, allowing quick turnaround.
  • Repayments via an agreed percentage of your future credit and debit transactions, reducing the impact to your cashflow.

To find out more about how our business loan could help support your finances and benefit your business, please visit our FSB Cash Advance page or get in touch with a member of our team.