Starting your own small business is no small feat as it needs a considerable amount of effort and courage. Scaling it is even harder because you will become your own competitor as your goal will be to surpass the current position of your business. This will involve trying on different hats and dealing with various aspects such as marketing, sales, customer service, finances, and a lot more. If you are feeling overwhelmed and don’t know where to start, here’s how to identify ways to expand your business fast.
The following ideas will help your business skyrocket in a minimal amount of time.
Consider a Sales Funnel
Scaling your business will require a well-thought plan that should involve a sales funnel; the term can be explained by imagining a real-life funnel where a substance is poured from one end and terminates its journey at a certain destination. The same concept is applied virtually when potential customers visit your website, but this time they may close the page without using your services. We don’t want that because we need them to reach the final destination or goal, which is buying from you.
It’s hard to convince someone at first glance to purchase from you and give you their credit card numbers. That’s why a sales funnel is a four-stage strategy aiming towards convincing your visitors to spend money on your website.
1- Be the Solution
Potential customers arrive at your website after doing their research to find a solution for their issue, be it a service they demand or a product they have been searching for. You should build enough content so that when they open your website, they find intriguing information that will increase their awareness. They may take some time to think about the knowledge they gained and the offers you have.
The goal is to push them towards entering the funnel and the likelihood of this happening is affected by how they found you. For instance, if google recommends you, that means that you have high authority and they will trust you in no time. Paid advertisements are not as effective because people know that you have spent money to sponsor your website.
2- Remind Them Regularly
Sometimes people forget about their needs after a while if there is nothing to remind them of it. That’s why you should remind them of their interest by sending them emails, especially if they left items in the cart. Another way to jog their memory and make them even more interested is to pitch to them why they should get the item they needed. When needed, play on their emotional chords until they find it hard to resist going back to the website.
3- Let Them Decide
Turning from a prospect to a buyer should be the person’s decision alone so that they won’t feel forced into it. The best way to make them decide is by proving to them that you are trustworthy. Including customers’ reviews and testimonials on the front page is a powerful way to show visitors that you are not a fraud.
4- Wait for Their Action
By now, potential buyers are too deep into the funnel that they are probably going to get out their credit cards. What you have been doing so far is what led them to this point, even if you have spent some money on advertising, you will get your money back in return in addition to making some profit. That’s how smart business owners do business because they know that the sales funnel will work out in the end and they won’t lose a penny.
Find the Right Funding Method
Finding the optimum funding method is a crucial step because to gain money, you have to spend money. Having a saving account alone won’t suffice if you want to go big as fast as possible. Going to your family, friends, or using up your own money is considered self-funding. This is a good method because you will have full control over your business but with great opportunities come great risks as well. If the expansion fails, you will risk losing your money or even face bankruptcy.
If you cannot afford to fund yourself but you still want to be your own boss, consider going for a small business loan. However, securing a loan is not easy because you will have to deliver a business plan and a detailed expense sheet. The bank will perform a background check to see your credit score and whether you verify for a loan or not. In the article Small Business Financing Made Simple, marketers advise going for smaller loans that you can pay back within several years. Lenders may not ask you about any documents and even give you same-day loans that you get to pay back over five years.
Learn How to Retain Your Customers
Marketers know that it takes a lot of money to bring in one new customer than to sell a new product to the existing one. That’s why you should learn how to retain your clients, especially in the long run. This is doable if you consider building a customer loyalty program, keep offering the same quality, and give high-buyers gifts and discounts.
Invest in Events
Hosting events can help you build strong relationships with your clients and get to know them better. Send out invitations to your most loyal customers and ask them to bring along their friends to enjoy a lovely night. This will help increase your brand awareness and other people will buy from you because their trusted friends have faith in you.
Investing time, money, and effort to grow your small business will pay off in the end if you have a well-thought strategy. Jumping into expansions and renovations without having a good marketing plan, new ideas up your sleeve, or reliable funding sources will lead to failure. It is advisable to actively search for ways to retain old clients because they will be the backbone of your success and eventual growth. The above methods will help you gain perspective on what it takes to make your business thrive.