How to Develop a Small Business
If you’ve just started or are thinking of starting a new business, you’ve probably heard plenty of gloomy statistics about small business failure rates.
Often, this can lead people to give up before they begin a Gallup survey found that a quarter of Americans had thought about starting a business but decided against it. Of those people, 66% said they were influenced by “worry that the odds of success of a new startup are very low”.
But you don’t have to give up on your dream, nor are you doomed to add to the gloomy statistics. If you do things right from the start, you can become a successful small business owner, running a thriving, profitable company that serves both you and your customers.
In this tutorial, I’ll give you some tips on how to achieve this and how to move forward effectively from the start. I’ll look at some of the questions you need to ask yourself, how to get support (both moral and financial), how to get money coming in quickly, and more.
By the end, you’ll be equipped with some practical strategies to use as you run your business, and I hope you’ll also feel inspired and confident that you and your company can be a success.
Getting your first sale from business is a great milestone to accomplish. Once you have a steady stream of customers, it’s time to start thinking about growing. With a solid growth strategy, you can take your business to new heights.
Small business growth strategies give you a roadmap for expanding your company. A plan will help you reach your goals and, ultimately, raise your bottom line.
There is no one way of growing a small business. As a small business owner, you need to consider your options to see which is right for you. The following strategies for business growth could help you bring in more sales.
Sell more to current customers – Marketing to existing customers is a great business growth plan example for gaining more sales without acquisition expenses. Tap into your current customer base to learn what other consumer problems you could solve. Reach out to existing customers to announce discounts, events, and news happening at your company.
Expand your customer pool – You could market to new customer bases to increase sales. Do a market analysis on local consumers to come up with a marketing strategy. Communicate with potential customers who fit your target audience via social media, your website, and signage. Some growth strategies for small business include offering special perks to first-time customers and current customers who refer people.
Introduce new offerings – You might grow your business by adding new products or services. Look for additional offerings that complement your niche. Find out issues that need to be solved in your market and what you could provide to fix them.
Break into new markets – Expanding your market can help you grow your business. You might look for other niches that fit with your current offerings. For example, if you own a nail salon, it might make sense to also offer hair services. Or, you could open a second business location.
Success requires courage – It takes courage to start and persevere in your own business. In some ways, starting is often the most difficult part of the whole journey. Remember that courage is really 50 percent fear. Being courageous means having a goal that you believe in. The more deeply you believe in that goal, the more fear you are willing to overcome.
Your goal should be more than financial profit. Having your own business is usually a very long even lifelong project. With the inevitable obstacles and setbacks that will arise, doing something you really believe in is essential to finding the courage to continue.
Well begun is half done – The fearful may think that they are never quite at the point where they are ready to get started. As a result, many never start. It’s easy to justify fear: “The time isn’t right,” “I need to collect more data first,” “I can’t find the right talented people,” “It doesn’t feel quite right,” “I need to reflect on it some more,” and so on. By justifying fear, such rationalizations become the entrepreneur’s Achilles heel.
I’ve worked with many people who go through their entire business career unable to get past that first step. They may generate charts, graphs, software, projections, schedules, on and on to the point where they can’t see the forest for the trees, and as a result, they never actually get started.
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