Starting a business: is this something you dreamed of and now it’s a reality? Congratulations on taking the first scary step.
Once you’ve built your client base, developed your reputation, created a recognisable brand within your field and location and generated profit. you think – now what? The answer – nowit’s time to think big. Now, it’s time to think better. Now, it’s time to expand. Maintaining a successful business and growing a business to achieve new heights are two different things and two different accomplishments. Here are some useful tips from us on how togrow your new venture.
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First things first, you’ve built your market and you’re a recognisable brand. Our first slice of advice is to penetrate your existing market further. The people who have supported and bought from you in the first place, are the ones who are likely to be return customers and buy from you again. Create a mailing list, subscription service or loyalty offers to retain your current client base and keep them interested.
Our second tip is; don’t be shy, ask for referrals and recommendations. If your customers like what you have to offer, chances are their friends and family will too. Ask them to recommend you to others and spread the word. This is a simple, yet very effective way of introducing new prospective clients to your brand and services.
Another interesting avenue to explore is to extend your market reach. Examine your current client base. Look at their age range, gender, locale and find a commonality of why they would be interested in your products or services. Flip that on its head, and try and find other aspects within your field which you could offer or explore further in order to expand your client base to different sectors.
To successfully grow your business, keeping current and diversifying products is key. Its one thing creating a product or service that people like. Its another thing to move with the times, adapt to changing climates and social trends. By not keeping current or diversifying your products range, it could be that your service soon turns outdated.
Although in theory we are talking here of ways of growing your business, the bigger picture is that it may not be a physical growth we are discussing, but it is definitely a financial growth we are looking to achieve.
I’ll bet you’re familiar with the phrase “speculate to accumulate”. Sometimes you need to spend a little to gain a lot. But, keep a close eye on your figures and regularly review expenses trimming if/where possible.
So, now that we have looked at a few tips which may be useful in growing your business now is time to put them to action. Keep an eye on our website though for more interesting blogs which may prove useful for your business. www.valueaddvirtual.co.uk
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