Mini Guide on Growing Your Business
Growing a business is the number one priority for every business owner. Unfortunately, not every business owner knows exactly how to accomplish this because they have no clear plan, or lack the experience needed in growing a business and scaling it as quickly as possible.
This mini guide is just a starting point for business owners who are looking to scale and make more money year after year. Whether you’re lawyers in NY, movers San Rafael, or Houston roofing contractors, this mini guide is intended to help all business owners who are ready to scale.
1. Have a Marketing Plan
Building an audience and a following is one of the fastest ways for businesses to scale and grow. It’s important for all business owners to have a marketing plan that explicitly outlines how they will create awareness in their target audience, turn their audience into a following, and then capitalize on their following by making sales.
Business owners must consider many forms of marketing to help them scale their business. Whether it’s Search Engine Optimization (SEO), email marketing, pay-per-click advertising, Facebook ads, or Google Ads, marketing your business online is essential to grow. The most profitable forms of marketing are usually with SEO (optimizing a website so it shows up at the top of search engines when someone makes a search, ie: lawyers in Los Angeles) and a Facebook or Google ad campaign.
SEO is a great plan because your website receives organic traffic from being at the top of the search results. Ads with Facebook or Google are also highly profitable because they allow the user to narrow down the audience to a targeted group that are most likely to make a purchase.
The fastest way to scaling a business is outsourcing the work that is tying up most of your time. All businesses needs sales, and in order to focus more on sales, you should be outsourcing other areas of your work that are occupying most of your time.
Business owners are stubborn when it comes to outsourcing though because their pride gets in the way. They typically want full control of the business because they treat it like it’s their baby. This can seriously negatively affect the chances of a business from growing and becoming profitable. Business owners must swallow their pride and learn to let certain things go if they wish to become successful.
Avoid the tasks that are bottle necking your business and hire employees, managers, or virtual assistance to take care of the tasks that are keeping you from scaling your business.
3. Reinvest in the Business
The old adage of “you gotta spend money to make money” is 100% the truth, expect we suggest you spending it on your business. Whatever you make in your business for the first few years should be reinvested back into the business. You want to think of your business as a small flame and the money you earn is the gasoline that you want to pour over that flame.
That means you probably won’t make a salary for a while, but that’s because you’ll need to keep the money in the business until you are comfortably making a profit. The worst thing you can do in a start up business is to siphon money from in while it’s needing to grow.
Would you rather make a small living now and risk the future of the business, or sacrifice an income for a few years until your business is thriving and you can finally cut yourself a nice paycheck? The answer to that is obviously the latter.
We hope you find this mini guide to growing your business useful. These three tips are extremely important for small business owners who are serious about growing their business. The most important thing to remember is to get outside your comfort zone, and always put the needs of the business before your own.