Unfortunately, it isn’t just a myth that only a small percent of small businesses actually make it out for the first year. Regardless of how ambitious an entrepreneur may be, the fact is that it’s rough out there for business owners. For far too many, these new business endeavours fail to turn a profit, forcing these entrepreneurs to backtrack on their business ideas.
Growing Your Small Business
While it may be a challenge to grow your small business, the percentage of small businesses that succeed do so because they’ve learned the secrets to growing their business. If you are looking for ways to secure your small business’ success, read on.
1. Time Your Product Release Correctly
Far too many businesses have an excellent product or service idea, but make the mistake of releasing it at the wrong time or in the wrong marketplace. Too often, businesses debut amazing ideas that never turn a profit because they are too far ahead of their times. Do the right research to make yourself familiar with your market. By understanding what it is your audience wants, you’ll be able to better guarantee the growth of your company.
2. Don’t Skimp on Branding
Creating a successful business goes beyond making sales–it’s about building a brand. What makes companies like Whole Foods successful is their customers’ loyalty to the Whole Foods’ brand. Spend the necessary time and money required to truly transform your small business into a recognizable and inspiring brand that your customers and clients can latch onto.
3. Build a Scalable Business
All small businesses must have a plan in place to make their sales scalable. Scalability is essential for a business’ growth and means that you have created a sales model that you can repeatedly implement. When a small business has moved beyond the odd one-off transactions to making consistent sales, they are well on their way to building a scalable business.
4. Streamline Your Business with Technology
Businesses that fail to take advantage of the best tech advancements are already setting themselves up for failure. Instead of trying to push your small business towards success with the same age-old techniques, set your brand apart by making new technology and software part of your business practices.
5. Outsource Where You Can
Small business owners need all the help they can get. Instead of trying to handle everything on your own, try to outsource your business needs where you can. This is true especially if you are packing up and relocating to another office. While you may be trying to save money by doing things in-house, contacting a moving service is the best way to relocate your company.
Any small business that hopes to take their company to the big time has to grow. Use these five steps to ensure that your business is on the scalable path to success.