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.

Independent Service Providers are Being Acquired and Local Businesses Can Use this Practice to Their Advantage Did you know your local service providers may not actually be part of an independent, small business? That’s right. The plumber you’ve called before, the electrician you’ve seen working down the street, or even the HVAC tech who has been at your neighbor’s house. While you may recognize their names and logos and think they’re a mom-and-pop organization, they very well be working for a large corporation. For people in the trades, this isn’t news. They’ve known about this for some time. It goes back to the COVID shutdowns when conglomerates realized the true value of “essential” services. These megacorporations recognized the potential earning power of local service providers and began to quietly acquire them. In order to maximize these new assets, the conglomerates allowed them to keep their existing names. But, when people call what they believe is their local service provider, they are really talking to a call center in another state or country. While many independent, small businesses use call centers, the difference is the technicians working for the acquisitions are no longer just trade professionals – they are now salespeople who push additional products and services. The individuals employed by these bought-out companies take the opportunity of their visits to upsell and their customers aren’t aware the familiar mom-and-pop business does not directly employ them. But, it’s not just the fact that these companies are ostensible fronts for selling additional products and services to increase profits for big corporations. It’s also the fact that legitimate small businesses must compete for the same customers. How Independent Businesses Can Take Advantage of Conglomerates Acquiring Competitors to Better Market Themselves Although it may be discouraging to compete against other companies backed by such deep pockets, there are some benefits you as a small business owner can tap into and use to grow your customer base. Yep, small, local businesses can use this trend to their advantage by emphasizing their authenticity and commitment to the community in their marketing efforts. Here are some strategies they can use you can copy in your own community: Highlight your local ownership. Emphasize your business is locally owned and operated by community members who are invested in the area. This can be done through website content, social media posts, and even in-store signage. Also, any vehicles, uniforms, and equipment. Engage with the community. Participate in local events, sponsor community initiatives, and collaborate with other local businesses to demonstrate your commitment to the community. This helps build trust and loyalty among local customers. Personalize your marketing. Use personalized marketing strategies, such as email campaigns, to connect with customers on a more personal level. Share the stories of vendors, employees, and customers to create a sense of community and belonging. Offer unique, local products or services. Highlight any unique products or services that are specific to your local area or that cater to the needs of the community. This can help differentiate your business from larger corporations and attract customers who value local products and services. Leverage online reviews and testimonials. Encourage satisfied customers to leave positive reviews on platforms like Google, Yelp, or social media. Share these reviews in marketing materials to showcase your support of the local community. Maintain a strong online presence. Ensure your business has a well-optimized website, active social media accounts, and accurate listings on local directories and review sites. This helps potential customers find your business and learn more about its local roots and commitment to the community. Offer superior customer service. Small businesses can often provide a more personalized and attentive customer experience compared to larger corporations. Emphasize this in your marketing materials and strive to consistently deliver exceptional service to build a loyal customer base. By focusing on local roots, community involvement, and personalized service, small businesses like yours can effectively differentiate themselves from larger corporations and attract customers who value authenticity and local connections. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,