This is where market research comes in - make sure you know your new markets inside-out. This is the bravest and most-complex option, but if you get it right, it could land you the jackpot. For many, the most popular business growth strategy will be market penetration. It's the ...
But what you need to understand as a small business owner is that without performance analytics and understanding your target audience, you’re flying blind, like a ship with no navigation. This will waste time and money, so getting to grips with data from the get-go is critical. You don...
As a small business owner, you already know that you need a strong marketing plan — but you may not know how to go about creating an effective strategy. Should you stick with your tried-and-true marketing strategies, or mix it up with a new approach? How do you go about selecting ...
How will you enable investors to reap the rewards of backing the business? Do you plan to sell the business to a bigger company eventually or take it public as your “exit strategy”? How to write a business plan in 11 steps This step-by-step outline will make it easier to write an ...
1. Make a plan for your future If your companystarted as a hobby, like in Matt’s case with Hug Sleep, you may have just been going with the flow up until this point. However, to scale sustainably, you need a business plan. It will not only help you understand your business, but ...
The goal is always to make it easy for a customer to become a customer. The way to do that is to resolve purchasing fears, remove obstacles, and make it easy to be a customer. 7 ways to attract new customers and grow your business this year ...
You simply need an eCommerce website, or a specific dropshipping website and a strong marketing strategy to get started. Print on demand (POD): Another popular way to make money online, POD involves working with suppliers that print your designs on blank items, such as T-shirts and mugs,...
The crux of your strategy is the distinct value your business provides. The research and information you’ve documented will make defining that value much easier. By the end of this step, you will have brief descriptions of: The problem you solve ...
Increasing your bottom line is key to growing your business. If you expand your share of the market but continue to increase your costs, you won't actually have any money left to invest in your business or make a profit. So while you're looking for ways to grow, pay close attention to...
Besides a diversification strategy, you'll need one for market expansion that works best for your business, whether social media campaigns, direct sales outreach or another option. Also, does it make sense to partner with another small business to gain access to their audience? How might you ca...