Once you’ve launched your business, started bringing in a steady income and built up a small customer base, you may begin to wonder how you can expand.
To help grow your business, have a read of these five simple tips.
Expand your services or product range
Once you have created a popular product or service, it is important that you begin thinking about what else you can create. Try to think of related items or services that you could introduce to give your business some diversity. This will give you customers a wider selection to choose from, as well as making your services more appealing to investors. Most investors look to invest in product or service lines, instead of just one product or service.
Increase your sales
If you can’t afford to create new products or introduce new services, use your existing client base to boost your sales.
Consider offering customers discounts. You could offer bulk buying discounts, so, for instance, if a company paid for you to create three websites, you could offer a discount. You could also give regular customers rewards, such as a free service to trial for a month. This is an excellent way to introduce new services and increase sales.
Build a partnership with another company
Consider partnering your business with another company. Joining forces with another firm is one of the best ways to harness free marketing. Choose a business that is related to your company in some way. For instance, if you run an energy consultancy company, you could build a partnership with an energy efficient light bulb company. You could add a link to their company website on your site and vice versa. This is an excellent way to increase your online presence and traffic.
Outsourcing is an excellent way to save yourself time, as it allows you to hire an external company to care for any task you don’t have time to complete. Saving time on everyday tasks will give you extra time to focus on growing and expanding your business.
With advances in technology and communication, you can outsource almost any task. However, it is a good idea to choose your tasks to outsource carefully. Think about what is most essential for keeping your business running efficiently, and consider what you struggle to deal with most. Perhaps you can’t keep on top of your correspondence, or unable to find the time to keep your finances in order. Work out what you require the most help with, and how much you can afford to spend, and then choose which tasks to outsource.
Many small business owners find that outsourcing administrative jobs to firms like Smart Numbers makes it easier to run their business. As they have more time to focus on important tasks.
Hire an intern
If you need some help in your home office, consider hiring an unpaid intern. Gaining experience is essential in all industries, and so students and new graduates are always looking to gain knowledge and experience. Offering an internship is an excellent way to increase your businesses productivity, without reducing your funds.
Advertise your internship opportunity online and in local publications, make sure to mention that you work from home. You may be desperate for some help, but don’t just choose any intern. Make sure to find someone who is reliable, enthusiastic and well-mannered.