With a GDP growth rate of more than 8%, India is witnessing a boom across all market segments. More and more self-employed engineers are nowadays expanding their businesses. There are many ways to expand an engineering business. Taking a business finance for engineers is just one of the steps.
Based on the experience shared by famous Indian and international entrepreneurs, these are the top 6 ways you can expand your business. They have all been tried and proven and companies as diverse as ABB to Mercedes use them.
Expand your engineering business in India
First and foremost, take an engineer loan to upgrade to newer technologies. The future belongs to AI and the application of AI and Big Data should be learnt by all engineers.
After gathering enough knowledge, follow these 5 tips:
Make a financial plan: Planning is the first step. It helps the engineer decide how much money is to be spent and which areas require the maximum amount of money. For example, a small engineering business dealing in making factory-grade knives needs the maximum cash outlay on the steel and the machines to sharpen it. To ensure you have a sound financial plan, take further advice from veterans.
Diversify to expand: Even if your engineering firm has been involved in manufacturing the same kind of products over the years, you can always take a business loan for self-employed engineers to expand your portfolio. A company which makes nail-cutters, for example, can also make other lever-based products like a cigar cutter.
Hire people who speak foreign languages: Many Indian firms are nowadays expanding abroad. While this requires ample time and money, the profit and overall revenues are excellent. Two of the closest countries to India are Burma and China, which is an economic superpower. Hiring people who speak Burmese and Mandarin will help in your expansion efforts.
Invest in logistics: Business firms often do not have their own logistical partners. If you have a business involving perishable goods, you will be able to save money by having your fleet of commercial vans. The money saved can be used to expand your business in many other towns and cities.
Use social media: Everybody is now on social media. Advertise your products, services, utilities and special skills online, where advertising costs are still comparatively lower than newspapers or on the television. Post tweets with relevant hashtags, describe your achievements on Facebook, post pictures on Instagram and ask your colleagues and friends to write positive reviews on LinkedIn and Quora. Marketing is the single most powerful thing you have.
Learn from your competition: At times, your competitors may come up with some idea which escaped your mind. Be sure to learn from them. Take only the good points, the points you feel are achievable. After that, try and fit these new ideas into your existing business model.
Before you start your business’ expansion
Remember that there are always risks involved with expanding your engineering business. The success rates are as common as the rates of failure. Before you take a business finance for engineers , remember to identify your business’ strong and weak areas, as well as threats and growth opportunities. This way, your chances of success will rise.