A lot of people may be familiar with Mako Design + Invent as being a product development firm, what we create, and what we do, but a lot may not be aware that we actually have quite a few offices around North America available to bring peoples invention idea to life anytime! The Mako Design team is relatively small, but we are a passionate, hard-working and focused team that thrives in helping and learning about others’ amazing and innovative ideas and bringing them to life, which is why we’ve invested in ourselves as a company through business expansion!
Mako Design currently has three offices, our main base office in Toronto, Canada, and two offices in the states in Miami, and Austin! We are proud to be able to have such a dedicated team working together across the North American region and definitely see the perks and benefits of having multiple offices. Being able to expand your business can bring a lot of benefits to your business, and with 3 offices, here are all the benefits that Mako Design has learned from having multiple offices:
What Does Business Expansion Entail?
Before going into the benefits of business expansion, it is important to understand what business expansion means. There are a couple of different ways in which one can expand their business, excluding opening physical offices. Business expansion can come in many different ways such as hiring a bigger team, investing in your business, partnering and collaborating with other businesses or influencers, or improving your business models and product. In expanding your business, you’re looking to overall improve the quality of your business in order to offer more to your current clients and reach a larger audience. Business expansion also shows and presents huge growth for your business, therefore not only does it include great benefits but shows that your business has achieved great accomplishments that can be showcased to your market, clients, and community.
Local vs. International Business Expansion
In business expansion, a huge question for business owners is whether to expand locally or internationally. The best way to answer and target this is to know and observe your audience. If you know that your business is performing best with local clients then its more beneficial to consider either expanding locally, getting a bigger office space, bigger team, collaborating with other successful local businesses, or even opening another business and office located within the local area! It’s also important to observe and analyze a lot of where your online traffic comes from – if you tend to notice a pattern that a lot of your clients or engagements come from a certain part of the world or a specific city, it would be worth looking into these areas and seeing if there is a profitable market that is worth expanding too! In this way, not only do you take the steps to grow your business in an international direction, but you have a whole new market and audience to gain from.
Branding and Branching
A huge aspect that comes with business expansion is the chance to be able to expand your business through branding and branching. Creating a brand name for your business is especially important during business expansion because it presents you the opportunity to become a household name through branding. Branching out to new areas also turns your sole business into an enterprise, advancing your business career into a whole new level of business management. It is vital that no matter if you expand locally or internationally to prepare your marketing and branding beforehand to make sure you have a standout and clear brand logo, name, and reputation. Enlisting in the help of local social media influencers, and different news outlets will also help get your new business expansion and branding out in the local areas news to attract clients and audiences in the area.
The Benefits of Business Expansion
There are a lot of benefits that come from business expansion and branching out your business, which is why it is such a popular option for business owners to consider when growing their business. One of the most obvious and popular reasons why business expansion and branching out is beneficial to your business is that it allows for your business to gain a further reach and gain a new audience. With every new office, you open up in a new location, exists the opportunity to be closer to directly market to a local audience and attract new clients who may have not been familiar with your business, to begin with.
The next benefit that comes with business expansion and branching is entering a new competitive field. It may seem that competition against your business is a bad thing, but a lot can be gained from competition. Not only do you have more motivation to figure out new ways to stand out from new competitors, but you also have the opportunity to learn from bigger and newer competitors through observing the ways that they thrive and succeed in your market. Not only is this comparison good for pointing out small flaws in your business model or marketing efforts, but it gives you the chance to experiment and try out these new strategies for yourself. With these new strategies and improved efforts, you can direct battle against your competitors and see what and what doesn’t work for attracting new clients and audiences.
Finally, the last benefit that comes with the business expansion is being able to open up in a new geographical market. When you own a business that is located in one area, they limit you from being accessible to new markets that exist and thrive in different areas. For example, Mako Design + Invent is a Toronto product development firm, and although Toronto is one of Canada’s leading cities for innovation, bigger and more populated cities like Austin and Miami were some of the best options for Mako Design to expand to because it exposes our company and services to a newer, more busy, and thriving market that is more interested and actively looking for product development and design. Applying this same strategy towards your business expansion is a great way to brand out and gain profit from new environments that are interested in what your business has to offer.
If you have a great new invention and you’d like to learn more about this process, get in touch with MAKO here and visit our website to find out more. Feel free to give us a call at 1-888-MAKO and we can set you up on a call with our product analyst!
MAKO Design + Invent is a full-service consumer product development firm servicing both high-growth corporate manufacturers and invention startups. With a 25-person team across 3 offices (Austin, England, Toronto), MAKO has complete in-house industrial design, mechanical engineering, and electrical engineering design and prototyping services. To assist our start-up inventor clients, we also have a subsidiary branch called Mako Invent that, in addition to above, helps start-ups with patenting, strategy, marketing, and sales/distribution for all consumer product categories. For our corporate clients, MAKO Design develops world-class consumer electronics designs through our industrial, mechanical, and electrical design teams.