{"id":1037,"date":"2019-02-26T13:57:45","date_gmt":"2019-02-26T11:57:45","guid":{"rendered":"https:\/\/www.dazzlepop.net\/site\/?p=1037"},"modified":"2019-02-11T14:01:50","modified_gmt":"2019-02-11T12:01:50","slug":"how-to-transform-your-small-business-into-a-big-business","status":"publish","type":"post","link":"https:\/\/www.dazzlepop.net\/site\/how-to-transform-your-small-business-into-a-big-business\/","title":{"rendered":"How to Transform Your Small Business into a Big Business"},"content":{"rendered":"
<\/div>

How to Grow Your Business into a Larger Business<\/h2>\n

Learning how to grow your business isn\u2019t just a worthy goal; growing your business is often a necessity for your business\u2019s survival and your economic well-being. What can you do to get your business beyond the bare sustenance level? What can you do to turn it into the income-generating powerhouse you\u00a0envision<\/a>? Try one or more of these growth strategies. All have been successfully used by other businesses and, with some planning and investment, will work for you.<\/p>\n

1. Penetrate Your\u00a0Existing Market<\/h3>\n

When you think about how to grow your business, the first thing that probably comes to mind is getting\u00a0new customers<\/a>, but the customers you already have are your best bet for increasing your sales. It\u2019s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you. So focus on\u00a0ways to get customers coming back<\/a>.<\/p>\n

2. Ask for Referrals<\/h3>\n

Of course, attracting\u00a0new customers to your business is never a bad approach. One of the easiest ways to do it is to ask your current customers for referrals. But notice the verb. Having good products and\u00a0great customer service<\/a>\u00a0and just assuming that your customers are\u00a0passing the word about your business<\/a>\u00a0isn\u2019t going to do much to increase your customer base; you have to\u00a0actively seek referrals<\/a>. During or after every job or sale, ask your satisfied customer if they know anyone else who would be interested in your products or services.<\/p>\n

<\/div>\n

3. Innovate Your Product or Service<\/h3>\n

Discovering and promoting\u00a0new uses for your products or services<\/a>\u00a0is a great way to attract\u00a0existing customers to buy more and attract new customers. Think petroleum jelly and duct tape\u2014and how few of these would actually be sold if they only had one use!<\/p>\n

4. Extend Your Market Reach.<\/h3>\n

There are several ways of growing your business by making your product or service available to a new pool of customers.<\/p>\n

The most obvious is to open\u00a0stores in new locations<\/a>. New locations can also be virtual, such as a\u00a0website<\/a>\u00a0with an online store. Another approach is to extend your reach through\u00a0advertising<\/a>. Once you\u2019ve identified a new market, you might advertise in select media that\u00a0targets that market<\/a>. If your new market consists of a younger demographic, you may want to use social media for advertising.<\/p>\n

5. Participate in Trade Shows.<\/h3>\n

Trade shows<\/a>\u00a0can be a great way to grow, too. Because trade shows draw people who are already interested in the type of product or service you offer, they can powerfully improve your bottom line. The trick is to select the trade shows you participate in carefully, seeking the right match for your product or service.<\/p>\n

6. Conquer a Niche Market<\/h3>\n

Remember the analogy of the big fish in the small pond? That\u2019s essentially how this strategy for growing your business works. The\u00a0niche market<\/a>\u00a0is the pond; a narrowly defined group of customers. Think of them as a subset of the larger market,\u00a0whose needs are not being met, and concentrate on meeting those unmet needs. A nursery, for instance, might specialize in roses while a home design business might focus on window treatments.<\/p>\n

7. Contain Your Costs<\/h3>\n

Surprised?<\/p>\n

Bear in mind that when we\u2019re talking about growing your business, we\u2019re actually talking about growing your business\u2019s bottom line. And the difference between pre-tax and post-tax money can make this a\u00a0very effective growth strategy<\/a>. There are two main approaches to cutting costs; liquidating your \u201closer\u201d products and improving your\u00a0inventory turnover<\/a>.<\/p>\n

8. Diversify Your Products or Services.<\/h3>\n

The key to successful growth through diversification is similarity. You want to focus on the related needs of your already established market or\u00a0on market segments<\/a>\u00a0with similar needs and characteristics. An artist might also sell frames and framing services, for instance. Or a mountain bike rental business might switch to renting skis and snowshoes in the winter season.<\/p>\n

9. Franchising<\/h3>\n

The stories of\u00a0entrepreneurs<\/a>, who have become both well-known and well-heeled due to\u00a0franchising their small businesses<\/a>\u00a0are legion, and not just stories.<\/p>\n

If you have a\u00a0successful business<\/a>\u00a0and can develop a system that ensures that others can duplicate your success, franchising may be the fast track for growing your business.<\/p>\n

10. Exporting<\/h3>\n

Expanding into international markets<\/a>\u00a0can also be a powerful boost to your business\u2019s bottom line. Like franchising, this is a way of growing your business that requires a major commitment of time and resources, but it can be extremely rewarding.<\/p>\n

Time to Grow<\/h3>\n

There you have it, how to grow your business. Don\u2019t let this list overwhelm you. Pick one or two of these ideas that are suitable to your business and your circumstances and get busy developing your growth plan<\/p>\n

While you probably won\u2019t experience growth right away, whichever way of expanding your business you choose, you will see progress if you keep at it, and will successfully transform your business into all you want it to be.<\/p>\n

 <\/p>\n

 <\/p>\n

Source:\u00a0https:\/\/www.thebalancesmb.com\/top-ways-of-growing-your-business-2948140<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

How to Grow Your Business into a Larger Business Learning how to grow your business isn\u2019t just a worthy goal; growing your business is often a necessity for your business\u2019s survival and your economic well-being. What can you do to get your business beyond the bare sustenance level? What can you do to turn it […]<\/p>\n","protected":false},"author":3,"featured_media":-1,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[45],"tags":[31,46,11],"class_list":["post-1037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business","tag-management","tag-startup"],"yoast_head":"\nDazzlepop | How to Transform Your Small Business into a Big Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dazzlepop.net\/site\/how-to-transform-your-small-business-into-a-big-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dazzlepop | How to Transform Your Small Business into a Big Business\" \/>\n<meta property=\"og:description\" content=\"How to Grow Your Business into a Larger Business Learning how to grow your business isn\u2019t just a worthy goal; growing your business is often a necessity for your business\u2019s survival and your economic well-being. 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