You’ve made it past the first 6 months of the COVID-19 meltdown, doors are still open, employees have come back to work and now you are looking at operation on 50% of what your Business Plan says will bring in a Profit. “Profits? Oh yeah that thing that comes after you’ve paid all the bills. Your accountant tells you, You must expand your business in order to become profitable again.
But how can you expand since everything cost so much money. Graphics designers, app developers, all cost an arm and a leg. You look at a new building…maybe next year but not today. How can you expand your present business without spending any money? Here are some simple ways to stretch out a bit more and all it will cost you is Time.
- Your Employees
The #1 way to Grow your business is through your employees. Employees are your best form of advertising because they are the ones out there in the streets after they go home from work. Train your employees on how to spread the news about your business and you are guaranteed to see your business grow. Make it a part of their compensation package. If an employee knows their helping you grow and will be compensated for their off hours chatting, they will be more than happy to do so.
- Social Media Presence
The most innovative thing to come on the market has been the advent of Social Media. The Big Three social sites are Facebook, Twitter and YouTube. You should be utilizing these platforms 1. Because they are extremely effective and 2. They are totally free.
Imagine being able to connect with 10’s of thousands of people each day about your product or service. That is social media at its best. Even the smallest business can leverage a social media account to make themselves look like the most prosperous and attractive shop in the town.
Every business should have a Blog. A Blog is much like a journal. It can be very simple, only a few lines. Or it can be very elaborate. The whole idea behind a blog is that you, the author is telling the world about whatever you want them to know. In this case, about your business, product or service, or some aspect of your industry.
A business blog can be the way people know about specials, giveaways or specials. Some of the largest shops in the nation put out a weekly blog with readerships in the millions. You could create a community which eventually can become customers.
- Affiliate Marketing
Affiliates are partners, who have said they believe in your product or service so much they are willing to come along side of you and help you promote your business either through your platform or their network. This may take the form of carrying your product in their store, putting your message on their website or any number of beneficial ways.
Your business in return, agrees to pay your affiliate a certain amount of commission for any sales that occur as a result of their promoting your business. It’s almost like having a franchisee without the cost of creating a franchise.
- Hosting Events
If you have a venue available, hosting an event can be a tremendous way to boost the bottom line. In my own business, we hosted a monthly car show. They become such a hit that up to 1500 people would come to my venue each week for the event.
Taken to the next level, you could agree to host events for other people, at your place. The agreement would be for you to charge a hosting fee along with a commission on anything sold during the event.
- Join a Networking Group
Many networking groups are free of charge. They are a group of business owners who much like a chamber wand to build themselves up. Business is all about connecting with people and other businesses.
Find a group which meets on a consistent basis and us that opportunity to expand your circle of fans and admirers. This is the way I’ve worked for the past 12 years, one person at a time.
- Become the Expert in your Field
With the amount of competition in business, it is hard to differentiate yourself from your competition. Becoming the Expert in your Field or Industry solves that problem.
People love to associate with someone who is the industry expert. All it takes is determination to learn all there is to know about your product or service. Print articles, produce videos, go to functions. Become known as the expert in your field. Once people get wind that you are the expert, they will flock to your business because you are known for what you are doing.
Challenge yourself and choose to adopt one if not a few of these options which have a proven track record. The sooner you can put one of these methods into practice, the sooner you will begin to see measurable success.