There are so many articles out there helping people start a business. It’s true, starting up is pretty tough. But what then? How do you capitalize on your early success and make a bigger success out of it? How can you grow even further? It can be even harder than starting out in the first instance.
There are many different methods used to grow a business. Some are specific to certain industries, while others depend on how they’re being run. It might be that you’ve already tried a couple of things and are struggling, or that you’ve just got past the start up phase and are looking for additional ways to grow your business. Here are some tips to give you something to think about and help you grow.
Beyond Startup Success: How To Grow Your Business Further
Invest In Yourself
It’s true that no one will care about your business more than you. If you want to grow your business then you need to learn more. It might be learning more about potential growth areas, or if you’re thinking about expanding into another product area or store, you’ll need to have a working knowledge of how it all ties together and works.
You might consider an online course, in which case someone like Elliot Berard could help. It might be that you want to study properly, at university or college. Or it might just be a case of you needing to find time to do some proper research. Whatever the case, you might just find investing in yourself is the key to grow your business that little bit further.
A Capital Injection Can Go A Long Way
You probably had to find money to start your business. Whether you borrowed it or saved it. But cash injections can further grow your business. It’s why a lot of startups simply reinvest any profit they make straight back into the business.
You can get money in a few different ways. It might be that you look for a business grant made available by your country’s government. Perhaps you want to put out a call for some extra investment from real time investors. Or maybe you want to pitch an investment opportunity for working capital from family and friends.
When you’ve got the money, you have to apply it to the right place. Where should you apply these funds, to get the best return?
- For example, it could be in advertising, if you need to get more eyeballs on your products.
- You could invest in a web designer to make your website look and function better.
- Or maybe you need to build a more robust social media presence, in which case you’d hire a social media strategist.
- Or maybe you want to launch another product and you need to invest in production.
Whatever you do, position your business to benefit from this investment. Take your time and do your research, and you can reap the benefits of the the money for a long time.
Employees allow you to take on more business. If you employ the right ones they may even improve it. Taking on employees at this early stage is always going to be risky, so make sure that you give it enough time and respect the process.
Don’t just hire your friend because she needs a job. Write up a proper tailored job description, detailing experience and qualifications required. Then post that job opening in multiple locations, to get a cross section of applicants. Remember that you get what you pay for, so make sure that you research the going rate for the role and take it into consideration.
If you need some help in the short term for a specific project, then consider using a freelancer instead. But remember, you can’t mold them like you would an employee.
If you’re not experienced with interviews, it might be worth getting someone to sit in with you. It’s good for practice and two interviewers are always better than one because you’ll find that you pick up on more aspects of the conversation. Don’t rush into any decisions either. Be measured in your approach and give as many people the chance to apply as possible, because it heightens your chances of finding the perfect candidate.
Climb The Search Rankings
This can be pretty tough. If your business is based solely online then this is something you must learn more about. If you’re based offline, or run a physical store, it won’t be as critical, but it still matters. After all, the average person will look up your business on Google to learn more about you. You want your business to appear on the first page of Google. At the very least, this is the goal to strive for.
Or, if you sell a product on a site like Amazon, you’ll want your product to pop onto the first page when people search for it. For this to happen on any platform, you need to tackle organic rankings properly and consistently.
Take Google for example. The proper algorithm is quite the mystery. but at its most basic it involves you providing value. It means you need brilliant content. Google can recognize great, varied content and will start to rank your keywords. There’s so much to learn, but as a basic you need to start by focusing on content.
Of course, there are more options to consider as you move beyond the launch phase of your startup, into growth mode. However, the above-mentioned efforts are a great way to start your growth plan.