During the beginning stages of your business, growth is extremely important. However, in order to have the most success when growing your business, you will need to take these essential steps to ensure the foundation of your business is ready to grow.
Hire Good People
If you want your business to grow and succeed, the first thing you need to do is create a good foundation. This means hiring a solid staff that will help you get your business where you want it to be. You can only take your business so far; even with the best ideas and strategies, you cannot handle all of the responsibilities that go into the business. To make sure your vision for your company is coming to life, you need to hire people capable of executing it and more.
Sometimes, it can be difficult to tell who is going to be a star employee and who you may not be happy with from just the interview. Take some time to hire people and feel out whether or not they are a good fit. Over time, you will build a team of people who you can trust will be ready to take your business to the next level with you.
Establish Revenue Sources
In addition to building a good employee foundation, you also need to focus on establishing revenue sources before you can think about growth. So, rather than looking to gain new customers, you should focus your attention on the customers that you already have. For example, a great way to show your current clients that you value their business, you can create loyalty or referral programs. This not only incentivizes them to continue doing business with you, but also to bring their friends, family, and others to your company as well.
Your business is only as good as its reputation, and building a company that people are willing to trust starts with your core customer base. Having an established reputation will also make getting funding easier.
When you start a small business, no matter what it is or how well you plan, there is going to be some risk involved. You cannot possibly control everything, however there are ways to reduce the risks that threaten your business and its growth. One of the best ways to reduce your risk is to speak with an insurance provider.
There is a lot that can go wrong with a small business if you do not protect it properly. For example, stolen employee data, customer information, and details about a product design is all information that you need to stay protected even in the beginning. For this, it can be helpful to consider expanding your business’s coverage to include data breaches and other cybersecurity risks. You can purchase insurance that will help with remediation and lawsuits should something like this happen.
It may seem like a large investment at the beginning of your company’s life, but in the long run, it could save the entirety of your company from going under.
Do Your Research
Once you have prepared your business the right way, you’ll be ready to begin working towards expanding your revenue. The first step to growth is to do your research and understand who your current customers are, as well as what your potential audience could be. When it comes to marketing your company, it is essential to understand who is going to be the most likely to make a purchase.
For example, if your business sells baby products, your target audience is probably going to be people who are in their 20s and 30s, who have an income that is ideal for your product, and who have children. So in this case, it would not make sense for your company to waste time and resources marketing to people in retirement.
In addition to researching your customer base, you should also look into your competitors. Get a good idea of what their marketing strategy is, as well as their strengths and weaknesses. If a competitor has a weakness that your business resolved, this is a really good point to emphasis in your marketing. It is always helpful to know what your potential customers want and what they aren’t getting from similar products.
Network, Network, Network!
At this point, you may be tired of people suggesting that you network, but when you are trying to grow your small business it is more important than ever. One of the best ways you can attract new business is to increase your brand awareness. To get your business’s name out there, attending networking events is one of the best ways.
At networking events you will have the opportunity to learn from other business owners and industry experts who can help fund your business, give advice, and even new ways to market your product. For example, you might meet someone at an event like this who owns a store that sells products just like yours. Now you have a connection with someone who could help bring your business to a whole new audience of people already within your target market.
About the Author:
Roni Davis is a writer, blogger, and legal assistant operating out of the greater Philadelphia area. She writes for a criminal appeals lawyer in Philadelphia.