Starting out your own business could also mean wearing different hats. As a business owner, you also need to work on sales, marketing, and development strategies. These roles lead you to many tasks, such as looking for suppliers, interacting with your customers, and planning to grow your business. Having your own business is good, but it should not stop right there. You don’t just settle for the business going well – do better. Once you’ve noticed that the demand for your products is soaring up, the ideas to grow your business come next.
Along with business growth, your finances may also need to be adjusted to get more supplies, hire more employees, and form a business development team you can work with. Taking your business to the next level is not easy, but you can definitely nail it. We’ve made a list of strategies you can apply to growing a business. But let us know first. What are the signs that it’s time to grow your business?
Signs It’s Time to Grow Your Business
∙ Higher Customer Demands
You can easily identify that your business is growing when your customers want more products. There may be retail opportunities you’re offered. And your customers just can’t get enough of your products or services. These signs clearly tell you how to grow your business. Sooner or later, you’ll be able to find the needed resources to get ready for expansion.
∙ You Have Steady Cash Flow
Once you have figured out that you have a steady cash flow, it’s time to grow your business. You don’t really need a huge amount of cash to go bigger. You can use some of the income allotted for business development, such as acquiring raw materials for production, opening a new branch, or hiring more employees to run your shop. Growing a business doesn’t happen overnight. You have to gradually execute the plans and strategies to make them work.
∙ Your Market is Expanding
Okay, you had your target customers when you were thinking about how to grow your small business. Now that it’s time to go big, you’ll notice that the industry or market is also getting bigger. It’s a perfect time to develop strategies on how to grow your business. These things can help you understand what’s going on with your business and the right approach to succeed.
Image taken from Pretty Olive website
10 Strategies on How to Grow Your Business
- Make a Niche Research
- Build Customer Loyalty Program
- Create an Email List
- Discover Business Opportunities
- Collaborate with Other Businesses
- Use Global Platforms
- Study a Franchise Model
- Promote Your Business Online
- Be Ready For Global Audiences
- Build a Stronger Brand
1. Make a Niche Research
When you research your niche, you must tackle essential issues as well. Know who your competitors are. What kind of market do you want to cater to? Who are your target customers? Giving yourself the right information will help you digest what kind of business world you are in. You may also find opportunities by knowing these things very well, like collaboration with other brands aligned to your niche. Things go way better than if you do it all alone.
2. Build Customer Loyalty Program
The process of acquiring new customers can be costly. However, there is a solution that most successful business owners like you do in growing a business. If they build a customer loyalty program, many have made three to four times the existing sales revenue. In eCommerce websites, adding membership to sell exclusive products to their existing customers is very effective. You’ve got the audience already. The only thing you need to do is create exciting perks for your loyal customers. This way makes them love your brand even more.
Image taken from Baby Fresh Organics website
3. Create an Email List
The best strategy on how to grow your business is having frequent engagement with your customers. Trust us, sending newsletters about recent website updates, promotions, and product launches will entice your customers to explore more about your business. Some old customers may have purchased from your shop a long time ago. You need to give them a heads up about what is going on with your brand. Strikingly allows you to personalize your approach in gathering email contacts from your customers. It can be optional or part of the information you ask when they shop on your online store. Pop-ups can also be fun. You can try our cool web features to engage with your customers.
4. Discover Business Opportunities
To grow your business means identifying opportunities. You can go back to the number one strategy and do thorough research about business competitors and other industries you can work with, and know your demographic better. You can discover new opportunities even if there are challenges. With proper analysis and execution of your business strategies, you’ll arrive at the best ideas to grow your business.
Image taken from RePurposeful UK website
5. Collaborate with Other Businesses
Collaboration is another great opportunity to grow your business. You can work with other entrepreneurs or startup owners. Mutual support can be very beneficial in how to grow your small business. Many startup founders have reached a wider audience online because they have worked with other businesses offering similar or at least related products and services. A supportive community can also boost web traffic on both collaborators’ platforms.
6. Use Global Platforms
What Global platforms can you use to keep growing a business? There are tons of them online, but here are some of the best-in-class. If you are in the eCommerce business, you can try Etsy, Amazon, or eBay. For business selling services, you can try Hubstaff or Upwork. For blog writers, photographers, illustrators, instructors, and digital masters – you can try Strikingly. Our website is ridiculously easy to use. Just like this website from one of our users – Winemakers Loft.
Image taken from Winemakers Loft website
7. Study a Franchise Model
Alright, you have a successful business now, and the next best thing to do is expand. Looking for quick growth, you can try considering a franchise model. This can be costly, but the benefits are totally worth the risk. Franchising can be a tough process in terms of the business ‘know-how’ aspect, but if you think you are ready – Go on and be ready for expansion.
8. Promote Business Online
Create a bigger online presence. Having your own business website is one great strategy to introduce your products and services online. You can also use social media marketing, email marketing, and work with other brands to promote your business in different channels. Join forums and communities that talk about your niche. You can start your own website now and get ready to take your business internationally or grow locally; it’s up to you.
Image taken from Nicecream factory website
9. Be Ready For Global Audiences
So, your business has grown bigger and better. The next thing you know is that more people are inquiring about your products. Growing a business means taking no limits, no boundaries. You have to be ready for global audiences, especially when you offer a unique and creative craft online. Along with having global audiences, you also need to think about upgrading the quality of your products and services. The true meaning of growing a business is making improvements while exploring diversity.
Image taken from Strikingly - Mediterranean template
10. Build a Strong Brand
Your brand is the face of your business wherever it goes. You have to make it count every time it appears to your target customers. From your web designs to a business logo to your product packaging – they all work to give your business a stronger brand. Whether offline or online, you have to make it count for your brand.
Strikingly have the best web services and features to help you build a professional website. Do it like an expert. It’s how we’ve managed to satisfy over twelve million users worldwide. You, too, can try it for yourself. Grow your business with us.
It’s Time to Wrap Up
Image taken from Strikingly website
Once you have found out that your business is doing great, don’t hesitate to leverage things that can make it greater. Growing a business sounds like fun, but you have to remember that there may be downsides along the way. You have to be prepared for strategies that don’t work, failed experiments, unexpected expenses, and the mistakes you can make as a business owner. Truly, nobody is perfect. But, you learn from the downfalls, and that’s when you can stand up for a better plan. The only thing that you need is proper determination, a supportive environment, and an efficient platform to showcase your business. Strikingly has helped many individuals who have made their way to success because they didn’t stop trying really hard. These top-notch strategies on how to grow your business can guide your business journey. No matter how exhausting it is to run your own business, always remember that you’ve got people behind you. Here at Strikingly, you’ve got a team of experts to back you up in building a stronger and bigger brand online. Chat with us!
