Start Small, Think Big: 4 Ways Entrepreneurs Can Grow
As a small business owner, you may have dreams of your company becoming the next Amazon or Apple, or you might be content making a splash in your local community. Either way, you may wonder how you can make it against large companies that seem to have the people and resources to do the things you can't do.
Just because your business is small, that doesn't mean you can't think big. Below are four ways you can grow your small business without a big budget.
Find your niche
Big businesses tend to appeal to wide, general customer bases. As a result, customers with more specific needs are left out, because there's not enough profit potential for a big company to cater to those customers' needs. However, a small but eager customer base can be perfect for a smaller business.
"Step No. 1 is to recognize that a larger business is not necessarily your competition.
Put your efforts into innovating
One way to innovate an industry is to find a problem that most businesses are ignoring.
"Don't be afraid to solve the hard problems that everyone else avoids," wrote Clear. "There is a lot of money to be made when you're the first person to fix something."
Plan for growth
If you think big, you have to anticipate expansion. That might mean having some general plans in place for taking on more employees, setting up checklists and procedures to ensure quality control, and investing in products and equipment that will grow with you.
Don't do it all yourself
It takes an independent streak and a do-it-yourself attitude to start your own business, but that doesn't mean you have to do everything on your own. For example, partnering with a business that handles a specific task and sharing the profits lets you keep your focus on what you do best while getting a big project done.
Your business may have started small, but it doesn't have to stay that way. Plan for growth and seek out help and partnerships. Then, you can expand to something larger, successfully and on your terms.
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