If you have a big and already developed business, you’ve got nothing to worry about – you’re employing dozens of people, hiring new freelancers every day and managing numerous accounts. You’ve already made it and now it’s your time to make sure that your people follow orders and instructions, which is much easier when your business is a smooth and well-oiled machine. But, what if you own a small business with just a handful of associates and are looking into expanding and making some extra profit? If you want to be successful yet not turn into a mean boss everyone will frown upon, here are some tips on how to turn your middle-sized company into a greater one and achieve progress in your developing business.
The Idea 2.0
Let’s assume that you’ve already carefully thought what your company’s main product or service is. Whether it’s a brand-new type of water filter or extra-large limos suited for particular wedding themes, it has to be unique, unexplored and not yet fully exploited. In short, your idea may the best in the world, but if someone out there is already doing the same thing, you won’t see full profit.
So, what you need to do to realize the full potential is adapt your idea. Don’t run away from it and move to another area of business, but just adjust what you already have. If single-colored flower arrangements are not selling, start making multicolored patters: maybe these will be in demand. Or, if your massage studio is doing worse than your competitor’s, introduce new features and offer a free sauna session with every fifth massage appointment. Who knows, there may be people out there just waiting for these changes and eager to try them out. You cannot know unless you give this a shot – be ready to change!
Once you’ve adapted your goals and ideas, the next logical step is to find new consumers, customers and users. Appealing to a new demographic is a normal process and here’s where things get interesting: you have a new product and are looking into giving it to new people. Your business skills are on a new test and you have to either present a new thing to old customers, or vice versa. While both of these options are challenging and require a lot of work, there is something that might help you.
When having a new product and an already existing market, you have to appeal to your old contacts and figure out how to make them want your new product. This can most easily be done by connecting a familiar feature or quality trait with this product you’re trying to promote. If you do this right, it will be easy to shift present market onto the next thing. For example, in case someone owns a car dealership and wants to expand, it should not be hard to offer its old customers new options of vehicles and present a wider offer – from cars and motorcycles to tractors and profitable forklift hire, why not? – to an existing client base.
Expand Contacts Online
Social media and the Internet are now almost as omnipresent as the air we breathe and the water we drink, so why not turn them in your favor? Yes, it is annoying to receive constant notifications from random contacts, people you’ve only met once or were friends with a long time ago – it’s not like you’re interested in your high school friend’s new production of honey or your former neighbor’s trip to Tahiti – but don’t you think it would be interesting to get an update from someone you might try to get in touch with professionally?
There are a few easy techniques to do this and, if you cover all three major social networks, your business will surely be more successful. What you need to do is one, or all, of the following: start a Facebook support/information page, invent a unique Twitter hashtag and advertise your products or services via pictures on Instagram. Of course, all three are connected and you can kill three birds with just one stone. Also, when you decide what to use, remember not to overuse it – if you present your business on all three networks every single day, it’s only a matter of time until your newly gained followers and supporters stop paying attention to your company.
If you apply some of these tips to your present business plan, they will lead you to a bigger costumer base, more offers, wider options and, ultimately, higher profit. If you are a small or middle business owner, do not limit yourself to what you already have – but try to expand more and more every year and find a unique approach for your unique product or service.