As a successful new entrepreneur, you may be interested in growing your small business into an empire. Not everyone is prepared to move from one self-contained business to a group of companies, but there are common-sense suggestions that you can follow to make your dreams come true.
Seasoned entrepreneur and King of Closing Dan Lok shares techniques that you can use to grow your company, creating a business ecosystem that will comfortably support you and your family for years to come and bringing you new opportunities to make money.
Establish a Mission
Before you try to grow your small business into an empire, you need to take the time to think about your mission statement, vision, and branding. You will need both authenticity and transparency to attract the kind of audience you will need to build an empire. You may wish to consult with an agency to help develop your story.
Expand Your Reach
Getting into e-commerce can be an excellent idea. Starting an e-commerce store can help you put your products before a larger audience. It also helps to join reseller programs to offer other companies’ products. You should also look for ways to transform your core product to be sold or delivered online.
Work on Branding
Having a great product is a good way to get a business started, but branding can help you reach new levels of success. You need to analyze your customer base and develop buyer personas that you can learn to serve. For example, you may be interested in targeting mothers with small children. Learn all you can about the demands placed on moms and the services they may need to make their lives easier.
Expand Product Offerings
When you want to transform your small business into an empire, you will need to offer more to your customers and target various niche audiences. If one service or product slips in profitability, you will have others pick up the slack and maintain your bottom line. Choose products that are natural fits with your current products so you can create deals and bundles.
Appreciate Your Employees
Your employees have been with you since your company’s infancy. If you are looking for new leadership talent, look no further than within your current staff. Your experienced staffers understand your company’s mission as much as you do, and your confidence in them will build greater loyalty and performance. If you have an experienced helper at your disposal, you will have an easier time focusing on growing your empire.
Networking can’t be overlooked if you want to build a business empire. Your suppliers could be a major source of assistance, and they want to see you succeed because you are driving their profits. Build partnerships with local businesses whose goals are similar to yours but whose customer bases do not overlap.
Join the local Chamber of Commerce and go to industry events, whether they are online or in-person. Be prepared to promote your business at every turn, but make sure you listen as much as you talk. Networking needs to be a two-way street, and you should offer your help to others as much as you expect to be helped yourself.
Budget for Growth
To grow your company, it is likely that you will need greater access to capital. Don’t be afraid to borrow money to fund your growth expenditures. If you are serious about growing your business, you will need to take a financial risk. Invest this new money into marketing campaigns and expansion initiatives.
Focus on Marketing
A unique marketing campaign can help you promote your company’s products and build your brand’s reputation. If you don’t put enough time and money into marketing, you will never grow to the point where you can call your business an empire. It may be time to hire a dedicated marketing staff or to outsource your marketing to an agency.
Create a Robust Customer Experience
Without happy customers, you will have a difficult time growing your company. Focus on customer service and customer experience, making sure that you understand the customer’s journey from their initial visit to your store or website all the way through to purchase and follow-up.
Train all of your employees to provide the best possible customer service. There should be no excuses for snappy, impatient people on the front lines of customer contact.
Growing Your Empire
If you follow these common-sense guidelines from Dan Lok, you can grow your business to the point where you can comfortably call it an empire. You will need to understand how your company fits into its target market and how it competes with others in your area of business.
You should be prepared to put money into your expansion project, so focus on saving this money or getting it from a lender. If you follow these tips, you will have a better chance of success with your business empire.
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