The ultimate purpose of small entrepreneurs is to see their business expand and grow, eventually into a global company like Apple or Amazon. There is no harm in dreaming high because a lot of multi-billion dollar companies started small. A positive mindset and smart moves are two factors that help business owners achieve exponential success.
Here are 8 time-tested strategies that small entrepreneurs use to successfully grow their business:
Many successful entrepreneurs focus on a single niche. It is where their passion and interest lies, creating products or services that cater to a certain group of customers. Most often, concentrating on the defined group brings more growth opportunities because they are able to resolve unmet needs. It is also a perfect starting base for small businesses, helping entrepreneurs work on their expertise and develop market loyalty.
Most small entrepreneurs are not afraid to innovate their products to address a problem that is typically ignored by big business. Tweaking the components or features of an existing service or product is a good opportunity to expand audience reach and make it more appealing to new customers.
One form of diversifying is offering related services or products to attract more customers. When you diversify, you open the door to a new direction without abandoning your current customer base. You only create multiple streams of income that increases your profit margins.
There is no denying that social media is the fastest and most powerful tool to promote your brand all over the world wide web. It is also the easiest means to engage with new and existing customers. Using Facebook, Instagram, Twitter, YouTube, and other digital platforms to market services or products help small entrepreneurs to build a solid user base. You can post product updates, special offers, events, videos, and promotional images instantly. It also provides valuable insights on users’ behavior and what they are saying about your brand, helping you improve your customer service and identify new trends.
The market is volatile, and new players are aggressively targeting the loyal users of existing businesses. To stay competitive, small entrepreneurs tap new sales funnels and delivery systems. Likewise, they regularly upgrade their manufacturing tools and equipment, depending on the scale of production and operation. Adopting modern technology to expand your business or improve the efficiency of overall operations can help you on top of your game.
Reaching out to more established businesses that can help in the distribution or selling of your product in other areas is another way to create better brand recognition. By forming strategic partnerships with companies that complement your own brand, you can immediately reach a wider market. This type of alliance involves giving a portion of your profit to your partner-distributors, but it is more cost-effective compared to opening branches in other geographical places.
Small entrepreneurs are aggressive when it comes to marketing their brands and expanding their territories. They participate in trade shows to establish themselves as reputable business owners in the local industry. Trade shows offer a great opportunity to market your brand directly to the target audience and convert the majority to be your loyal customers. It also lets you network and collaborate with other business owners, opening new opportunities to increase sales and profits.
Small entrepreneurs leverage global platforms that have massive followers and use them to grow their business. Create an online store to complement your physical store. It allows you to generate more awareness about your line of products or services, making them more accessible to new users.
Identify new groups of people who need your products or services. Once you identify new markets, create a marketing campaign that targets them. You can use the mainstream media like television, print, and radio, as well as online advertising. Another way is to introduce new ways to use your products. Create a blog or start a YouTube channel or use Facebook Live to present and promote your discoveries.
Entrepreneurs who are already successful in their businesses replicate success and profits by developing a franchise system. To do this, you need to get a license for your brand and business model and process before offering them to interested individuals or companies. All franchises will be under the name of your business, allowing your brand to saturate the market in different locations. It generates new revenues, creates wider brand recognition, and expands your territories.
Like franchising, exporting is a way to boost your brand recognition and allow new users to easily access your products in various locations. However, it is more complex, and you need to handle matters regarding customs laws and trade restrictions. It requires an export license to the countries you want to export to. But, once you are able to deal with all the legal requirements and everything, exporting can create huge opportunities for your business to grow.
Successful businesses do not sprout overnight. Entrepreneurs worked hard to carve their own spot on the market. They do research and check out their competitions. Nowadays, it is easier for small entrepreneurs to research because of available online resources. The fastest and easiest way to scale your business is to emulate the advertising strategies of successful businesses. Create your own campaign that focuses on your target demographic.
All business expansions entail a substantial investment of resources, money, and time. To keep everything in proper perspective, a good marketing plan is vital because it helps you stick to your expansion schedule and spend the marketing budget appropriately.
Basically, small entrepreneurs follow a solid and effective marketing plan that outlines everything from their expansion goals to achieving them within the time frame.
Are you ready to level up your business? Planning and preparing your steps to expansion will make you more passionate about your business. Implement your plans by using the time-tested strategies of successful small entrepreneurs to transform your small business into an income-generating powerhouse.