10 Surefire Ways to Expand Your Homegrown Business

Описание: Many people, just like you, venture into business and entrepreneurship guided by a deep-rooted passion to solve a need. Entrepreneurs and business owners invest their time, energy, and resources to build an enterprise. One that solves customers’ needs or offers an opportunity. No one sets out to kill their own business, at least not knowing so.
Today, we're going to be talking about 10 Surefire ways to expand your homegrown business.

Define clear business goals and target market to focus on. Why did you set up the business? What is the problem you are solving? Clarifying your business goals and objectives will enhance the level of focus you have daily to achieve them. In addition, it will help you in sieving through ideas you and your team may propose by tying it to the goals set out.

Your branching out should enable you to continue providing high-quality products and services through and through.
Use your existing customer base.
An existing customer base is a gold mine to any business looking to grow and expand. Why? You already told them (marketed to them) how great you and your products are and they love you too. As such, one of the low-hanging fruits in the expansion is to increase your sales to them. It could be selling more of the core product or the new product lines you have worked so hard to design.

Give them discounts on large purchases, coupons to share with friends, and don’t be afraid to ask them to review you on popular platforms.

Work with freelancers or part-timers
If you don’t have the need or the budget for a full-time employee, fret not. You can consider utilizing part-timers or even freelancers to assist with activities of growing your business.
Having a network of skilled professionals allows you to get quality fast. Why? This is what they are great at. It is what they have been doing for a while now and have gotten commensurate experience in the process. It also gains you a fresh perspective to better your decision making.

Be Creative with Marketing
Expanding your business will require you to be creative with how you market your products and services. As has been severally alluded to in this piece, getting in front of your prospective customers where they spend most of their time is crucial. Hence the following tips:
Working with other companies or brands is one of the easiest ways to market your products. There is always someone in the value chain that you can partner with who is not a competitor. You see this all the time with beauty salons carrying not only national brands but also homegrown brands and at times their own specially formulated products. It is the same logic.

However, many businesses go under for selecting the wrong strategic partner to go into bed with. How do you avoid the wrong crop of strategic partners for your expanding business?
Clearly define your target market. Who is your business serving? Gaining this clarity should guide you in the selection of businesses with the same target market but not a competitor. This cooperation works both ways as your businesses aren’t competing but are targeting the same market.
Seek to partner with businesses that are, at least, a little larger than your business. Your business will benefit more if you partner with a more established business.

Utilizing grassroots techniques. They may include guest speaking gigs, guest blogging, or teaching a class. Marketing your home-based business doesn't need to involve spending enormous monies on newspaper ads, Yellow Pages listings, or TV or radio spots. Grassroots marketing techniques cost way less and are often much more effective.
Further, most chambers of commerce and community groups worldwide are more than happy to offer a forum to a local business owner who's willing to share their expertise at no charge.
Sending out a weekly newsletter is also a great way to get your name out in front of new and potential clients. Thanks to the Internet, you can send out your newsletter via e-mail using online templates and automated delivery systems.

Which of the 10 was the most educative for you, which of the 10 have you practiced?



Subscribe to Make Money Guide 👉 https://bit.ly/2ZIsPqm

DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.