Ways to Grow Your Small Business
Most people would like to grow their small business, but the question arises: how do you do it? While there’s not one sure-fire guaranteed way to grow, there are definitely tried-and-true methods to properly and effectively grow any business, regardless of size or industry. I recently read a post from the blog Women on Business that shared some of these. While they all come with their own risks, they can all be used to grow a small business if done right!
Enhance the product: Improve your product or service to offer something that’s new or different. Take, for example, the features that sneaker companies add to their shoes. A lot of these innovations seem silly, but they still sell. Think of ways you can enhance your current product, what features you can add and if there are any new marketing techniques you can use to draw attention to your product’s features or benefits.
Broaden your audience: If you want more buyers, then find people outside of your current target audience. Think of ways you can modify your message to appeal to new people, as well as new places to advertise your product to attract these potential customers.
Expand your size: The Internet lets any small business grow as much as it wants to (or can manage). If you have a product that can be offered across borders, then you can expand. Yet this requires a lot of research and planning.
Diversify your market: You’ve got one product that does really well in one specific market, yet it could do well in others as well. Take, for example, the restaurants that also make supermarket products. Think of what market makes the most sense to expand into, and what product or service you could bring into that market.
Develop new products: You can always develop completely new products or services that will appeal both to your current customers and new ones. New products could help you increase single customer purchases while also generating purchases from new customers. Make sure you plan out a new product, though; research how much it’s going to cost to develop and launch, and whether or not you have the right people, money and resources to make it happen.