Most businesses don’t make it through the first year and having a company that generates revenue for five years straight is a minor miracle. This is mostly because there are always competitors fighting for the market and a business needs to grow if it wants to stay afloat.
It’s important to plan for your business to grow and expand from day one. At least a portion of your income should always be dedicated to future projects that would expand your company and its brand.
The most important thing about growing your business is providing the customers with a value proposition they couldn’t get without your products and your company. It isn’t always easy to determine what that is because having a product itself isn’t enough.
In order to find and promote that value proposition, you need to understand what makes you different from all other businesses in your field. The best way to do that is to be in contact with your clients and customers so you can understand their needs and motivations.
It’s also important to know when the right time to expand the business is. This isn’t always an easy call to make because there are a lot of ways to track business success. The simplest way is probably revenue – you need to have enough money to finance the second venue, however, it isn’t always the most important.
Try to keep track of the number of new customers you get each month. If this number keeps increasing, it means that your business could sustain new facilities and that the customers are looking for more from you.
In order to grow your company, you need to make sure that the customers have a strong relationship with your brand. It should be a part of their daily lives and something that they can relate to and feel comfortable with.
This is sometimes as easy as relying on personal packaging for your products. Using a corrugated box will allow you to present products in an interesting way. These boxes are cheap and easy to make and they remain sturdy and durable while letting you use the packaging to market the company.
Growing a business isn’t only about opening new stores and getting bigger offices. It’s also about making the company about something more than it was when it was founded. This sort of diversification will help you earn more money, but it’s also a hedge against the risks that come with running a business.
There are a lot of ways to diversify your offer. The most obvious one is to provide new products and services and therefore find new customers. You can also use your experience in the industry to get some extra revenue. Blogging and teaching about how you got to where you are could be a great side gig.
In the end, you might want to consider merging with another company in your industry. This will allow you to use their infrastructure and resources together with your own. The company you merge with should be compatible with yours, not just in terms of working the in the same field and with the same demographic but also in terms of being able to cover the downsides of your business.
The merger is a complicated legal procedure and once it’s done, it might be impossible to dial it back. That’s why you should decide to take this step only if you’re sure that it’s the best choice for both companies.
It’s important for the business to keep growing and expanding both its offer and its customer base. That way you stay ahead of your competitors.