5 Ways to Grow Your Small Business

5 Ways to Grow Your Small Business

Once you have established your business, you need to shift your focus to the actions you need to take to help it grow.

1. Acquire Capital

There is a reason people say, “You need to spend money to make money.” This is especially true for small businesses. Everything that you need to run your business costs money, including basic office supplies, the rent and utilities for your place of business, any marketing, and product development. There are several ways to acquire enough capital to fund your business. You can start a funding campaign, you can seek government grants for small businesses, or you can even find an investor.

2. Perform Market Research

Perform market research by asking your target audience what they want to see and networking with your competitors and other companies in your niche. Find out what works for them, and what doesn’t work. How much money do they spend on marketing, and how much time do they spend on social media? Knowing what works in your industry, and then implementing it in your business will help your business grow.

3. Establish Your Online Presence

It is a rare company today that does not have at least a website. Social media is here to stay, and learning how to use it correctly can only help you connect with more people that you never would have reached otherwise. If you don’t already have one, consider building a website and at least one social media account to establish your online presence.

4. Grow Your Email List

The hardest part about running a small business is converting prospects into actual customers, and then get them to return for more. The easiest way to do this is to create a loyal following of customers by growing your email list. These are people who have subscribed to your online content and will be more likely to buy your online products over and over again.

5. Develop a Product

The easiest way your small business can make money and grow significantly is to develop an original product, especially one that has little overhead. Online products, such as courses or ebooks, are fantastic products to sell that do not cost much to make, but the return can be substantial. Developing your own product means that you get to keep all of the profits, and not just a small commission for selling someone else’s products. More profits going back into your business means more money you can put towards developing more products, advertising, or even hiring a staff. More profits means your business is growing.

Acquiring capital, doing market research, establishing your online presence, and developing an original product are great ways to grow your small business.

Doug

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