Business Education

Creative Ways Entrepreneurs can Expand their Small Businesses

Starting a small business is a big undertaking, but it can be incredibly rewarding. However, growing a small business can be just as challenging. There are many factors to consider, such as marketing, financing, and staffing. But with a little creativity and ingenuity, entrepreneurs can expand their businesses and achieve their goals.

Creative Ways Entrepreneurs Can Expand Their Small Businesses

One neat trick (that isn’t necessarily easy to pull off) is to expand in order to provide not only additional revenue streams but stability, too. This helps to meet basic financial needs when certain products and/or services fail to perform to their normal or even desired standards.

Fortunately, it’s possible to expand a small operation without incurring a lot of time and expense. You’ll find some of these strategies don’t require work or capital whatsoever. In fact, a few are quite simple and straightforward. So let’s take a look at a few creative ways entrepreneurs can expand their small businesses:

Partner with other businesses. One way to expand your business is to partner with other businesses that complement your own. For example, if you own a restaurant, you could partner with a local bakery to offer delivery or catering services. Or, if you own a retail store, you could partner with a local marketing firm to help you with your advertising and promotions.
Expand into new markets. Another way to grow your business is to expand into new markets. This could mean opening up new locations, selling your products online, or targeting new demographics. For instance, if you own a clothing store, you could expand into new markets by opening up a location in a different city or by selling your products online.
Develop new products or services. Another way to expand your business is to develop new products or services. This could mean adding new items to your product line, offering new services, or creating a new line of business altogether. Here’s one example to follow, if you own a landscaping company, you could develop a new line of gardening products or offer lawn care services.
Offer franchising opportunities. If you have a successful business model, you can consider franchising your business to expand your reach. This involves licensing your business model to other entrepreneurs who can operate their own franchises. Franchising can help you expand your brand and increase revenue without incurring the costs and risks associated with opening new locations.
Create a loyalty program. A loyalty program can help you retain customers and encourage repeat business. You can create a loyalty program that rewards customers for their purchases or referrals. This can help you build a loyal customer base and increase sales.
Attend industry events. One way to stay ahead of the curve and learn about new trends is to attend industry events. This is a great way to network with other entrepreneurs, learn about new products and services, and get inspired. So, let’s say you own a restaurant. You could attend a food and beverage trade show to learn about new trends in the industry.
Get involved in your community. Another way to grow your business is to get involved in your community. This could mean sponsoring local events, volunteering your time, or donating to local charities. Getting involved in your community is a great way to build goodwill and support for your business.

These are just a few creative ways entrepreneurs can expand their small businesses. By being creative and thinking outside the box, entrepreneurs can achieve their goals and grow their businesses into successful enterprises.

Obviously, this isn’t a complete or exhaustive list of ways entrepreneurs can expand their small businesses. If you have any other bits of advice or suggestions, please take a moment to comment and share your thoughts and experiences so others can benefit from your perspective!

Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

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Here’s What You Need to Know About the ATT and Apple 5GE Sleight of Hand

February 14, 2019 No Comments

In case you haven’t yet heard, a new type of communication technology is on its way — 5G. It’s the fifth-generation cellular system, coming to replace 4G, the fourth-generation. And, it promises to deliver a whole new level of speed. Some experts forecasts speeds of 100x greater. In fact, it’s so fast, the wireless connections will easily rival hard-wired connectivity of the old system. So, it’s no wonder carriers and handheld device manufacturers are ready to get it out into the marketplace. Trouble is, it will take some time to roll out. But, that isn’t stopping two companies from getting-in on the action ahead of time. What Consumers Need to Know about the AT&T and Apple 5GE Marketing Campaign Recently, AT&T started to display “5GE” on select Android phones. Then, this week, Apple joined in, doing the same for some of its iOS devices. The problem is, “5GE” isn’t 5G tech. It stands for “5G Evolution.” This sleight of hand isn’t new. We want results, and we want them now. Your customers want the same thing and are willing to pay for it. A temptation could arise to promise them quick results when you know that’s not going to be the case. This kind of short-sighted thinking hurts your business in the long run. —Entrepreneur.com Companies have done this type of thing before. Of course, it’s misleading, to say the least. Customers might think they’re on a real 5G network, via a real 5G device. Although, the move hasn’t gone unnoticed. Rival T-Mobile posted a short video mocking AT&T, with a caption reading “didn’t realize it was this easy, brb updating.” Others have also joined in, rightly criticizing the move. 3 Real Costs of Deceptive Business Practices Now, the word will most definitely spread and people will catch-on to the ruse. So, it’s important to look at the impact of such misleading marketing and what it can really do. Here are the three biggest effects of deceptive marketing: Customers suffer. Needless to say, customers obviously suffer because such tactics instill a strong sense of distrust. If a business puts out misleading claims, when discovered, customers won’t trust it. What’s more, they’ll also become skeptical about other things. Businesses suffer. While the sleight of hand might payoff in the short-term, the long-term consequences can be quite severe. Word of mouth will spread and that could prove enough to bring about the demise of a business. Employees suffer, too. When a business tries to fool its customers, the employees will take the brunt of the blow-back. It’s not fair for employees to suffer undeserved consequences. What else would you add to the list? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

These Marketing Channels area Waste of Money

May 16, 2017 No Comments

When you’re in business, every dollar counts, and, counts big. Revenue is useful for many purposes, particularly those which propel your company forward. You choose where you spend your money wisely, and, always look to get a solid return on investment. This is why you are careful about your hires and day-to-day operations because these are the very backbone of your organization. Of course, one of the ways to grow a company is to make more potential customers aware of what you offer. That can be tricky, especially when you have a strict limitation on the amount you can spend. Therefore, you do what you can to ensure that those dollars are working to get you more work and not just go out the door without coming back in the form of new business. Don’t Waste Money on These Marketing Channels Because we live in an age of on-demand information, there are more channels available than ever before to market through. It starts with you and your team, and, your website and social media presence are all essential. Though the latter two are very much used and highly popular, you have to remember that these are just tools. Even during lean times, companies spend a lot of money on marketing, hoping that the spending will result in future sales. Unfortunately, marketing is one of those areas where it’s really easy to waste money. —Inc.com A cottage industry emerged with the solidification of social media and is now a multi-million dollar industry. Traditional marketing remains an option, as does other forms of spreading the word. While you ought to be as ubiquitous as possible, there are marketing channels that are just a waste of money. Here are some things you ought to avoid because of their poor return on investment: Internet marketing courses. These courses are supposed to instruct you on how to market your business online. The cost isn’t really the issue, but the amount of time you’ll spend learning how to do it and then trying to implement it is an exercise in frustration and futility. Vendor-focused trade shows. Renting a booth or table at vendor-focused trade shows is often a very expensive proposition. This might be worth it if potential customers were also in attendance. However, because these are typically closed to the public, you’ll only be exposing your business to others in business, even in the same industry, meaning your competition. Suggested content. When you’re reading an article, you’ll see titles related to what appears in front of you. Those aren’t there by way of magic, but through ad dollars paid by companies to get you to click through and be redirected to another page. Search engine marketing. This one is something that very few people are able to get results through because of the sheer amount of money it costs to make it worthwhile. Even if you have a large marketing budget, you don’t control where your ads appear, how often they appear, and your ads will be in a crowded space filled with competitors fighting for the same attention. Market research. This can be outdated and/or skewed to bolster a certain, predetermined conclusion. What’s more, you have no real way of validating all the information these contain. Another thing you probably should avoid is mailing lists. These name and address compilations can easily be outdated, and, it takes a lot of time and effort to put a mass mailing together. What’s more, the response rate is very small, only between 1 percent and 2 percent. Some firms claim as much as 4 percent, but that’s still quite low. The smart way to get your brand noticed is to build personal relationships. One of my favorite equations to illustrate my point is how to build Trust. People buy from you if the like you and trust you. The only way to Trust, is by building a Relationship, and the only way to build a Relationship is through Communication. Not by e-mail or text or even phone calls, but by interacting personally with your prospects. Through this personal interaction and Communication, you build a Relationship, and in building the Relationship, you earn the prospective customer’s Trust. Once you have their Trust … assuming you’re likeable … you will have the sale! So, a low cost way to market and grow your business is to build Trusted Relationships, and watch your business grow. It takes time, but how badly do you want to succeed with your business? You can do more to sell your products and services because you know all the information. Invest time into networking, mentoring, and volunteering because these are all worthwhile. [shareaholic app=”follow_buttons” id=”26833294″]

Tips for Creating an Effective Employee Social Media Policy

May 31, 2017 No Comments

Social media is part of our day-to-day lives. Even individuals who don’t have active social media profiles are still impacted by these various digital networks, in one way or another. And, the matter is all-the-more complicated when business practices are brought into the mix. The fact of the matter is, social media marketing is a must in this day and age. But, social media can easily steal time, money, and even reputation from your company. Tips for Creating an Effective Employee Social Media Policy Let’s face it, we all have unprofessional habits; and, some social media habits can be the worst among them. But, you need this medium to reach new customers and build a relationship with others. It’s also an invaluable tool for customer relations, as well as customer trust. Social media can effectively define a brand. The problem is, that image can easily be a negative one. Just one false move or faux pas is all it takes to unleash unwanted fallout. Facebook’s users spend an aggregate of 10.5 billion minutes per day on the platform (excluding mobile). And engagement — based on the number of monthly users who visit the site daily — is even higher today. Assuming that users spend about the same amount of time today, that means people all over the world have spent a collective 55 million years on Facebook since the beginning of 2009. Twenty minutes a day is a lot of time — well more than a year over the course of the average life span. If users spent just that time working for minimum wage instead of liking and poking each other, each would pull in about $880 a year. That’s almost $900 billion in aggregate hypothetical labor year. —NBC News So, like other things in life, this requires balance. You want productivity to remain high and efficient. But, you also do not want to limit freedom in the workplace. This creates a conundrum, although it doesn’t have to be paralyzing. To get the most out of social media for marketing and to keep employees content with the workplace, you need a policy. The good news is it doesn’t need to be complicated. In fact, being specific reduces confusion about what is and what isn’t acceptable. Here are some helpful tips for creating an effective employee social media policy for your business: Don’t step on their protected legal rights. Did you know there are federal laws which protect your employees relating to social media? The National Labor Relation Act states that companies are prohibited from interfering with employees posting or holding conversations through social media in regard to wages and working conditions. Clearly state which behaviors are not acceptable. Although there are some limits to what you as a business can and can’t do, it’s good to know certain behaviors do not have legal protections. So, you can prohibit use of defamatory, abusive, offensive, demeaning content, and the like. (This also includes personal complaints.) Require all employees include a profile disclaimer. You’ve probably seen the phrase, “Tweets are my own.” This disclaimer is necessary, particularly for team members who do not have express permission to speak for you company. A disclaimer also helps to reduce confusion between official company word and personal opinion. Learn your state’s laws before creating a social media policy. There are not only federal laws about social media, but your state likely has laws as well. Take the time to learn what your state’s laws are in relation to social media for your own protection. Be prepared to periodically (re)educate and enforce the rules. No social media policy is effective if it isn’t clearly understood and readily accessible. You need to periodically go over your policy and be ready to enforce it, when necessary. How do you use social media in your business? Do you allow employees to use social media for promoting your company? What do you think are the most effective ways to leverage social media through your employees? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]