According to William D King, average Americans who run their own businesses fived to make higher incomes than most people working a regular 9-to-5. This is one of the main reasons why the trend of entrepreneurship and self-employment has been at an all-time high in recent years.
Due to the easy availability of the internet and the accessibility to many social media platforms, setting up a new business is not a problem at all. However, the real challenge begins when the business starts competing against the market competition for survival and growth.
Continue reading to learn how one can grow a small business in five easy and doable steps.
Top Five Easy Steps Tips to Grow and Expand Your Small Business as Per William D King
The first few years of a new business are said to be the most critical. According to business experts, if a business can survive in the market for the first two-three years, it will most likely continue to grow and expand in the future as well.
William D King’s top five easy tips to grow and expand a small business are as follows:
1. Conduct Sufficient Research
One major mistake many new and young entrepreneurs make is setting up a business they know very little about. Eventually, their lack of knowledge and understanding leads to their business shutting down in just a few months or a year.
According to William D King, conducting research is the first step to building a successful and lasting business. Doing so not only gives the business owner the much-needed knowledge and allows them to be confident in their decisions and helps them avoid damaging mistakes.
2. Increases Consumer Retention
The success of a business lies in the hands of its target consumers. If consumers are unable to identify the brand separate from its other competitors, and unable to remember key points about a brand’s offerings, the business is in trouble.
Hence, it is extremely important to design clever market campaigns that help trigger consumer retention and interest.
3. Find Ways to Finalize Sales
Running an online business may seem easier due to the reduced running costs; however, it has its own limitations and disadvantages. Since the consumer is unable to physically view or touch the product, retaining the consumer’s attention and finalizing sales can become a great challenge.
Hence, businesses should try to find ways to retain a consumer’s attention all the way to the point they make the purchase.
4. Never Miss Out on a Networking Event
According to William D King, networking events allow a business the chance to directly engage with its consumers face to face. This gives consumers a chance to trust the business as they get to physically view and experience the product.
Moreover, the direct engagement allows lasting consumer relationships to form which eventually help the brand pave its way to success.
5. Focus on Developing a Positive Brand Image
A brand or business’ image is one of its greatest and most sensitive assets. If the image gets tainted or compromised in any way, the damages done can be enough to bring a business to its slow death.
Hence, a small business should focus on developing a positive image. This they can do by being sensitive to different consumer needs, being non-discriminatory to all genders and races, and by immediately apologizing if they ever make a mistake.
Final Thoughts by William D King
No business will stay new or small forever if they know how to win their consumer’s hearts and move towards growth and success. Simple tips and steps cannot only help the business grow much faster, but can also guarantee long-term survival in the market.