15 Ideas To Help Grow Your Business
What makes a successful business? A successful business owner doesn’t limit him or herself to just one income stream. Although you might have one product or service generating income each month, the more likely scenario is you will have many products or services each bringing in smaller amounts of money.
The latter is better in the long run because it further diversifies your income so if one thing fails, you don’t lose your whole income. In business, it is never good to have all of your eggs in one basket.
If you’re struggling to grow your business, the following 15 ideas can take your business to the next level, quickly and efficiently.
1. Build a Sales Funnel
The first way to quickly grow your business is by building a sales funnel. If you don’t have a sales funnel, you’re making a monumental mistake. Sales funnels can help to automate your business. It helps you to scale and grow quickly and easily. There’s some front-end work involved, but once those processes are in place, it’s smooth sailing from there.
Every sales funnel needs to be carefully conceptualized before it’s created. Consider the different funnels first and foremost. Whether it’s a free-plus-shipping offer or a high-ticket coaching funnel, it’s important to build your automated selling machine to quickly scale and grow your business.
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2. Utilize a Customer Management System
Manually tracking transactions is hard. No one wants to do that. It gets too cumbersome as your business grows. If you want to scale quickly, adapt and use a customer management system. There are plenty to choose from. It really depends on your line of work. Of course, cloud-based software like HubSpot’s free CRM system is always a viable option.
3. Research Your Competition
When going to market, and you’re really looking to get your offer to the masses, you need to research the competition. Two great tools that you can use to do competitor research are SimilarWeb and Adbeat. Both provide competitive intelligence. It’s your chance for x-ray lenses into all landing pages, ad copy, and other stages of the funnel.
Doing this will allow you to uncover any advertiser’s online strategy. Find the ads that have been running for the longest and imitate those. That’s the quickest way you scale any business.
If it’s proven and it’s working for your competitors, more than likely it will work for you too.
4. Create a Customer Loyalty Program
Loyalty programs are great ways to increase sales. It costs up to three times more money to acquire new customers than it does to sell something to an existing customer, hence the importance of generating loyalty among your customers. Other sources put this number anywhere from four to ten times more. Whichever way that you cut it, acquiring new customers is expensive. However, building a customer loyalty program will help you retain customers. It might also help you attract new ones. If there’s a clear incentive to spend more money with you, it’ll pay off in the long run.
5. Identify New Opportunities
Analyze new opportunities in your business by making a point to understand your demographic better. Understand everything from distribution channels to your direct competitors, and even an analysis of foreign markets and other potential industries. There are likely dozens of new opportunities you could pursue immediately with the proper amount of analysis.
6. Build an Email List
One of the best and most effective ways to grow a business quickly is to build an email list.
Clearly, that means you need to have a lead magnet. Why else would people subscribe to your list? And, with a lead magnet comes the necessity for a sales funnel. Look into companies like AWeber or Hubspot for building and managing your list.
7. Form Strategic Partnerships
Strategic partnerships with the right companies can make a world of difference. It could allow you to reach a wide swath of customers quickly. Identifying those partnerships might be easier said than done, though. Look out for companies that are complementary to your own. Contact them and propose opportunities for working together.
8. Leverage Global Platforms
If you’re an ecommerce business selling products, why not use Amazon’s FBA service?
Likewise, if you are in the business of selling services, you could sell your services on Upwork.
If you’re in the business of renting vacation homes, why not leverage sites AirBnB , InvitedHome and other global platforms? Find a platform that’s reached saturation, and use it to grow your business quickly.
9. Licensing Deals
Doing licensing deals is a great way to grow your business without too much added effort.
If you have a product that you can license to others and share revenue with, that’s an ideal way to grow quickly. Taking a popular or successful product and bringing it to a company with a large market share can help you achieve market saturation more quickly.
10. Consider a Franchise Model
If you have a successful business and you’re really looking to grow quickly, consider franchising it. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, it could make all the difference if you’re truly looking for quick growth.
11. Diversify Your Offer Line-Up
Look into diversifying your offers. What complementary products or services or information can you offer in your business? In order to grow, you need to think about expansion. Identify new opportunities within your niche. Uncover the pain points. What else can you sell to your clients? Where else can you add value in the exchange?
12. Build Passive Income Streams
Growing a business takes significant effort. If you’re dealing with razor-thin margins, consider building passive income streams. This way, you don’t have to worry so much about keeping the lights on, so to speak. Passive income will afford you the opportunity to make mistakes and not have to lose your shirt. It’ll keep you in business and provide a basis to grow, and market and scale quickly by giving you ample resources.
13. Acquire Other Businesses
Sometimes, acquiring other businesses is a very quick way to grow your own business.
If you can find competitors or businesses in other industries that would complement your own, you could use them as platforms to scale fast. Take a look within your industry and even outside of it to find potential opportunities.
14. International Expansion
Can you expand internationally? Can you take your existing offers and scale them internationally? What would it take to do business in Canada or Mexico or Europe?
If you have a converting offer, international expansion could be a quick way to grow. You’ll incur some costs, but the potential for profits could be enormous.
15. Create a Webinar
Webinars are a great way to promote any product or service. It can also help you grow your business relatively fast. Webinars provide an automated selling tool for taking literally any product or service to market and reaching a wide audience quickly. The webinar medium is great for captivating audiences to clinch sale after sale, automatically.
Free Checklist: How To Make More Money In Your Business
You can’t expect to grow your business overnight. Aside from learning the tricks of the trade or taking more time to develop and improve your existing skills, you’ll also need to spend time building good networks, invest time in increasing your audience numbers and connecting with freelancers who may be able to help. For more tips on how to make your business grow, download my free checklist, How To Make More Money In Your Business.