Choosing to grow your business organically is a choice that many entrepreneurs make. There’s no doubt there are benefits to injecting your business with capital funding, however if you choose to grow your business with customer funding then you’ll want to follow these tips. Here, we reveal five ways to grow your business without investors.
1. Increase “Share Of Wallet”. Increase the amount each customer spends within your store by providing an expanded range of products and services. Most customers have a certain amount of money that they are going to spend in a day. If that’s $100, they may walk into your shop and spend $5 with you, then plan on spending $95 elsewhere. You want to increase their spend with your business by providing as many relevant products for them purchase. Ask your existing customers what they want, take that feedback and grow your business.
2. Increase loyalty. Increase the frequency with which someone visits you. You can do this by creating a loyalty program, taking email addresses and establishing email communications, or offering perks to your VIPs. Find ways to make them feel special!
3. Take Market Share. Find out what they are doing so you can improve your business and push your value proposition to your audience. In this way, you can command more market share.
4. Expand your territory. Figure out how can you reach more people. If you’re a local business, increase your online presence, add more physical locations or partner with aligned businesses to promote one another. Think bigger and go wider.
5. Increase your prices. Once you determine your value proposition – i.e. location, service, ease, expertise or quality – then you can look at increasing your prices. But first, you need to increase the value of your offering before you can justify the hike. Determine what sets your business apart. Capitalise on that. And don’t be shy about it – in a sea of competitors you have to unashamedly raise your voice.
If you’re already a Navig8Biz member on a monthly subscription, then you would definitely know all of this. However, if you aren’t, join us here and we will see you on the other side of a thriving business!