Small businesses have never been more important. They're the backbone of local communities, they're a vital way for people to turn something they love into a career and lifestyle, and they account for 99.2% of the total business population. At the start of last year, there were 5.5 million small businesses in the UK – all battling a harsh, unforgiving economic environment. How do these organisations get their brand and products visible to as large an audience as possible? Running a business is so demanding, it can be difficult to find the time to effectively market yourself to raise vital awareness.
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As a start-up founder, you spend a lot of time firefighting emails that need instant responses. You are dealing with the immediate needs and there is no one to keep you accountable to the broader business growth strategy. Having a mentor to check in with monthly has been so valuable.
Your sales funnel can help take business to the next level. Think of a sales funnel as a customer's journey. When they enter your business or visit your website, they're at the top of the funnel. When they buy something or sign up for a service, they've successfully gone through the funnel.
It's common when looking for growth opportunities to immediately try and attract new customers, but what about your current ones? You've built credibility with them meaning they're more likely to purchase from you again or even pay more for additional services and new products. Explore opportunities to extend the value of your customers. Add a new product line that compliments previous purchases. Test increasing service prices in exchange for additional features, hands-on direction, or other additions that your customers find valuable.
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 a revenue of, that's an ideal way to grow quickly. Taking a popular or successful product and bringing it to a company with a large footprint can help you achieve market saturation quicker.
In the early stages it is important to get to know every aspect of the business thoroughly – I wouldn't advise outsourcing from the get-go as you can lose sight of certain aspects of the business. But, as you grow, you can look at ways to bring in support, as to succeed you can't do it all yourself. I know from experience that it can be challenging relinquishing certain tasks – it's always hard to let go.
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