How to Grow Your Business (2023)

By Kristin Wong

Illustrations by Daniel Savage

So you have a business and business is good. Now how do you make it better? The best businesses are always looking for ways to improve, whether that’s offering better products or adopting more efficient processes. Here’s how you can take your business to the next level.

Signs It’s Time to Grow

You should always look for ways to improve your business, but there is such a thing as growing too soon or too quickly. Take American Apparel, for example, which opened nearly 300 stores just six years after its launch, then fell deeply in debt, filed for bankruptcy, and shut down its stores, becoming an online-only retailer. The lesson here? Before you invest too much time, energy and other resources into your business, make sure it’s the right time to grow. Here are some signs.

Your industry is growing

If your market or industry is poised for growth, it might be time to grow your business along with it. According to a report from financial services company Fundera, some of the fastest growing industries in the United States right now are real estate, hospitality and consumer retail. Jim Patterson, the managing editor of The Kiplinger Letter, shares a handful of other industries he expects to grow quite a bit over the next five years, including cannabis, online grocery delivery and health care.

Cash flow is steady

Make sure you’re financially prepared for growth. Before you take any major steps, you should have a few years of steady revenue and a steady flow of new customers. “A consistently growing base of people who want to be customers means the demand is there,” said Paco de Leon of The Hell Yeah Group, a financial firm for creative entrepreneurs. “And steady profits means you’ll be able to grow sustainably, and you’re not putting the cart before the horse.”

Your customers want more

If you have more business than you can handle, it’s probably time to grow. Of course, sudden spikes in sales aren’t necessarily an indicator that demand is high — this could just be a fluke. So make sure you consistently have more demand than you can supply. Do they want different products that you could be offering? Interview your customers. Survey them about satisfaction, interest in new products and overall feedback about your business. Then look for patterns in the responses you get. If your customers want more of your product, faster delivery or additional services, that’s a good sign.

Decided it’s time to take the next step? Here are a few strategies you could try.

Get New Customers

Perhaps the most obvious way to grow your business is to get more customers. And there are a handful of strategic ways to achieve this, whether those customers are consumers or other businesses.

Get to know your existing customers better

“To understand what people really want, you have to find out what their real challenges are,” said Ramit Sethi, the author of the New York Times best seller, “I Will Teach You to Be Rich” and founder of Growth Lab, a company that helps entrepreneurs build and grow online businesses. Figure out what made your current customers want to buy your product. This will help you pinpoint what you’re doing right, and what marketing strategies might be a waste of time. Mr. Sethi interviews tens of thousands of his own customers, who are also business owners, to find their pain points and advises them to do the same He asks the following questions:

  • Tell us about your day. What are the best parts? What are the hardest parts?
  • Have you bought something like this before?
  • If you could wave a magic wand, what would success look like?

If your company serves other businesses (known as B2B), ask about their business and revenue goals. You might conduct these interviews over the phone or via email. Choose a wide swath of customers: ones you interact with all the time and ones that only use your business once in a while. Either way, the interview process can help you figure out what’s working and what isn’t in your marketing.

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Pinpoint what makes you different

Many entrepreneurs find initial success copying a competitor’s business model. If you want your business to grow however, you’ll have to set it apart and find your unique brand identity. Customer interviews can come in handy with this, too.

Try it: Create an avatar for your target customer. Write a before and after description for him or her — that is, a quick bio of who they are before and after purchasing your product or using your business. You may have done this when you first launched, but it’s important to update this avatar as your business expands.

Get other people to help

Affiliate marketing involves selling your product or service through a third-party who then gets a small cut of your profits. This may be especially useful for B2B companies, who can tap their existing customers to share these products with their own customers. This is a smart way to advertise and grow your reach with the help of like-minded companies, bloggers or influencers. (Of course, you want to make sure these aren’t direct competitors.) You can try to reach out to potential affiliates on your own, but make sure you have an affiliate marketing process in place to track link clicks and purchases. Tools like ClickBank and Rakuten can help you get started.

Build a bigger online presence

Even if you don’t have an online business, expanding your online brand presence is crucial to getting your product in front of more eyes, especially if your product sells directly to consumers. Some strategies you might consider:

  • Post content consistently. Whether you share content via a blog, newsletter or Twitter account, posting regularly will help your followers stay interested and engaged with your brand. Use tools like Hootsuite and IFTTT to schedule posts and shares.
  • Stay true to your brand identity. Whichever online platform you use to promote your business, make sure the content you post is consistent to your brand’s identity. For example, if your brand is about simplicity and minimalism, you probably don’t want to post something about the best Black Friday deals.
  • Run a promotion. Generate buzz around your business with a giveaway or contest. For example, Lonely Planet uses Instagram to encourage users to tag their travel photos for a chance to be featured on the Lonely Planet page. This expands their reach to other audiences and gets users to advertise Lonely Planet at no cost to the brand.

Split test marketing strategies

There’s no shortage of quick marketing “hacks” you can play with. Split testing, also called A/B testing, helps you test out these strategies to see what works best. For example, you could test how well a green “buy now” button works on converting customers on your website versus a yellow one. Some other things you could split test:

  • Email subject lines: Which one has a higher open rate?
  • Web page titles: Which one gets more clicks?
  • Days you post to social media: Which day gets more engagement?

Chances are, the marketing tools you already use in your business give you the option to split test. HubSpot, ConvertKit and Google Ads, all offer this option. Play around and see what works.

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Do Business Faster

The speed at which your business operates will make a big difference to your bottom line. “The most important thing for a startup entrepreneur is speed,” said Patrick Bet-David, a former financial adviser and current C.E.O. of PHP Agency, Inc, an insurance agency .

“The faster you move, the sooner you can grow your business, ” he said. There are four operating speeds to think about:

Functioning speed

Your business functioning speed is how quickly the basic, day-to-day functions of your business get done. “The more support you have, the stronger your functioning speed,” Mr. Bet-David said. Typically, the bigger your team, the faster your functioning speed.

Example: You sell a physical product on Etsy and handle all the tasks associated with your business on your own. You create the product, manage social media, ship everything out and respond to customer feedback. You could hire an assistant to ship products and manage social media, and your business now functions much faster.

This doesn’t always mean hiring people, though. If your Wi-Fi is painfully slow, for example, switching Internet providers may increase your functioning speed a lot.

Processing speed

Your processing speed is how long it takes to get the product to the customer. “In real estate, this would be the time it takes to go from ‘I want to buy a home’ to actually closing on the home,” said Mr. Bet-David.

Example: You have a financial consulting business. When you get a new client, you spend days emailing each other back and forth to schedule your consulting calls. Use an online scheduler like Calendy or Square to eliminate the back and forth. Your client can now get their sessions scheduled in one step.

To increase this speed, focus on efficiency. Make a list of all the steps involved in processing a sale in your business, then see if there’s anything that can be eliminated or combined. Look at tools like Zapier, Hootsuite and Hubspot for automating basic business tasks to increase this speed. For example, if you spend too much time dealing with customer returns, tools like Returnly can automate and expedite the process for you. Or maybe your invoicing system requires an extra step that you could cut to speed up the process.

Timing speed

Timing speed is about leveraging the right timing to grow your business. It involves looking for opportunities and getting comfortable taking a step back in order to take a few steps forward. This is a harder one to plan for, Mr. Bet-David said. “Intuitive people are good at it.”

Example: When gas prices were increasing in 2005, Mitsubishi took advantage of the timing and offered a year of free gas for new customers, given as a prepaid debit card. The cost of this incentive was minimal to them overall but increased their sales by 7.2 percent, reported Heinz marketing. Even better, it improved their brand perception.

To increase your timing speed, focus on opportunity and positioning. Look for pain points that customers might be struggling with at the moment and opportunities to solve those problems for them. If you’re planning to launch a marketing campaign for your product, think about the best time to do this.

Expansion speed

Expansion speed is knowing the next move you need to make in your business and when you need to make that move. But control your ambitions, Mr. Bet-David warned. “A company that’s trying to grow too fast is worse than a company growing too slow.” Expansion speed is less about expanding in the moment, and more about knowing when it’s time to expand.

Example: You have a furniture rental business for real estate staging. It’s doing well, but you’ve noticed your customers request quite a bit of children’s furniture, a category for which you don’t have much inventory. After interviewing your customers and researching their needs, you decide you’ll expand your business and invest in children's furnishings to rent. You’ll do this next year, when business profits are on schedule to increase 8 percent.

To increase expansion speed, focus on strategy and thinking ahead. “Most entrepreneurs have no idea who their ideal customer is,” Mr. Bet-David said. “You have to figure out who’s in your niche, then figure out where your market is.” Again, this comes down to knowing where your customers live, where they hang out online and what they’re searching for. Tools like Google Keywords, Google Trends, Quantcast and Market Samurai can help with this. You can also interview and poll your existing customers. What are their additional needs?

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Sell More Things

If your current product or service is selling like hotcakes, it might be time to offer something brand new. “You can add more products, higher-priced products, or upgrades and add-ons,” Mr. Sethi said. “You could also consider a monthly subscription model, similar to what Netflix or Dollar Shave Club does.” If you already have multiple products, you could also get existing customers to buy more from you.

Research your idea

You probably already know the basics of launching a new product: It starts with research. “When you discover that nobody actually wants the product you spent thousands of dollars and months creating, it’s a huge blow,” said Mr. Sethi. To prevent this, research customer data that already exists for your offering. Let’s say you have a successful money-saving app and you’re planning to expand it to investing. Research online investing communities and read reviews for books on investing. What are customers saying? What are the problems they need to solve? Some other areas you might want to research:

  • Where your customers live, where they spend time online, and what they’re searching for. Use tools like Google Keywords, Google Trends, Quantcast and Market Samurai to help with this.
  • Competitors that offer similar products. What does their growth look like? What do their customer testimonials tell you?
  • Interviews and polls with your existing customers. What are their additional needs?

“Having customer conversations tells you what related services or products your business can launch,” Ms. de Leon said. “It’s important to note that your focus will inevitably be split if you decide to launch a complimentary product or service.”

Build a (basic) product

Before you go full force with this product, keep it simple. Start with a Minimum Viable Product (M.V.P.). This is a product that meets the bare minimum requirements to be launched. You don’t want to waste too much time building a complicated product that’s too hard to measure. Plus, you want to give your product room to grow, depending on customer feedback.

For example, let’s say you want to offer a new subscription model to your flower delivery service. You might be tempted to offer a handful of different arrangement options, schedules and price points customers can choose from. Instead, start simpler: A dozen roses for $39, delivered on the 15th of every month. If your customers respond well, you can build on this M.V.P. later. To launch your M.V.P., define the solution or benefit it offers, build its most basic features, then set up your sales channel, whether it’s your email list or a simple landing page with an ad campaign.

Upsell and cross-sell

Upselling is getting your customers to buy add-on products, and cross-selling is getting them to buy entirely separate products that might still benefit them in some way. Many businesses cross-sell and upsell on a checkout page or in a follow-up email. Either way, the idea is the same: Get your existing customers to keep buying from you.

Keep a few things in mind when you’re doing this:

  • Be upfront about the cost and additional value. If they’re already spending money, customers will be curious why they should spend more. Be clear about how much more they’ll need to spend. Tell them exactly what they’re getting from the sale.
  • Show social proof. Use testimonial videos or blurbs from customers. If you don’t have this, use numbers or data about your business — maybe you’d like them to join 5,000 other customers who purchased additional services from you.
  • Consider timing. Decide on the best time to offer an upsell. This might be after your customer reaches a milestone related to their original sale, or when seasons change or on a specific holiday. For example, if you’re a personal stylist, you might offer past customers new services during the fall or spring season, when wardrobes need refreshing.

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Hire a Team

“At some point, as your business grows, you just won’t have the time to be in the office, at the computer, doing the project management because you’ll be going on lots of site visits, meeting with current clients and wooing potential clients,” said Ms. de Leon. When you can’t take on additional work and you’re restricting the growth of your business, consider outsourcing to keep up with the growth and demand.

Know when it’s time to outsource

How do you know when it’s time to hire a team in the first place? Here are some good indicators:

  • You are turning down opportunities because you don’t have bandwidth.
  • You’re working overtime.
  • You turn down opportunities because you lack certain specialized skills.
  • You can quantify the value of a new hire (i.e. you’ll spend $30,000 a year but earn $100,000 more in new business).

If you already have a team, it makes sense to expand when the current team is at or near capacity, Ms. de Leon said.

Write the job description

You may already know the specific role you need to hire. If not, then make a list of all the work you do in your business. From there, pinpoint tasks on the list that are a repeatable process that someone else can do. You’ll see the job description come together.

Hiring help will be most effective if these operations are already in place. “The quicker you start to realize that a business is just a process that you’ve gotten so good at that people pay you for it, the quicker you can see how to make it better,” Ms. de Leon said. “No matter what you're selling — a service, a product, an application — you’re ultimately selling your special process for solving a specific problem.”

Hire the right people

When pulling together your team, you want to make sure you have the best people for the job. Look at an overlap of skills fit, character fit and culture fit, Ms. de Leon suggested. “Having the right skills is only part of finding the right person for your team. They need to be able to fit into the culture you’re creating at your company.”

Test new hires before bringing them on your team. If you’re looking for a detail-oriented person, give them a detailed task. If you’re looking for someone who works well under pressure, give them a task with a tight deadline. You can also suggest a trial run of 30 to 90 days to make sure both you and the potential new hire are happy.

As for finding people, go beyond job boards and tap your network. “Some of the best hires I’ve had were from people I knew or from meeting in a community,” Ms. de Leon said. “It’s hard to judge people by their resumes alone.”

When it comes time to interview potential hires, ask open-ended questions and leave enough time for them to talk. Of course, you’ll want to ask the obvious, general questions about past experience and greatest challenges. When you craft questions that are specific to the role and to your business, however, consider those three aforementioned traits: company culture, personal character and professional skills.

Learn some managerial skills

Of course, the goal of hiring a team is to make more money by focusing your efforts on the thing you’re best at while other people do everything else. “But here’s the big thing not a lot of people talk about,” said Ms. de Leon. “When you grow and you hire people, your job changes. You now have to manage another person or a group of people. You have to manage personalities and conflict and group dynamics.” Make sure this is a job you want to do and that you’re good at. Consider taking a basic managerial course to see if it’s something you would enjoy doing. You can find options on platforms like Coursera and Lynda.

“Otherwise there is really nothing wrong with not growing,” Ms. de Leon said. Indeed, growing too fast can be dangerous for your business. A report from Startup Genome Project, a research group, found that “premature scaling” is the top reason most startups fail. Growth is great, but sometimes the best thing you can do for your business is to allow it to thrive how it is. As Ms. de Leon added, “I hate growth for growth’s sake.”

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What are the 4 growth strategies? ›

The four growth strategies

These are Product, Placement, Promotion and Price. Where the Four Ps focus on audiences, channels & pricing, the Ansoff Matrix is more effective for a broader view of markets and uses the older Four P framework within each of the 4 Ansoff quadrants.

How do you increase sales? ›

  1. Be Present With Clients And Prospects. ...
  2. Look At Product-To-Market Fit. ...
  3. Have A Unique Value Proposition. ...
  4. Have Consistent Marketing Strategies. ...
  5. Increase Cart Value And Purchase Frequency. ...
  6. Focus On Existing Customers. ...
  7. Focus On Why Customers Buy. ...
  8. Upsell An Additional Service.
30 Mar 2021

What makes a business successful? ›

“One thing successful businesses have in common is … a strong customer focus,” said John Stevenson, marketing specialist at My GRE Exam Preparation. “They create a culture that is centered around their customers and focus their processes, products and services around their services needs.

How can I make my business popular? ›

How to promote your business in your community
  1. Strive to get local press. ...
  2. Form partnerships. ...
  3. Network network network. ...
  4. Attend, host, or sponsor local events. ...
  5. Try out direct mail. ...
  6. Advertise locally and offline.
2 Nov 2020

How fast should a business grow? ›

In general, however, a healthy growth rate should be sustainable for the company. In most cases, an ideal growth rate will be around 15 and 25% annually. Rates higher than that may overwhelm new businesses, which may be unable to keep up with such rapid development.

How do I take my business to the next level? ›

  1. Set Goals That Stretch You.
  2. Focus on Customers.
  3. Always Be Learning.
  4. Learn To Delegate.
  5. Increase Your Productivity.
  6. Stay Current With Technology.
  7. Try Different Marketing Tactics.
16 Aug 2022

What are the 4 types of business growth? ›

The four growth strategies
  • Market penetration. The aim of this strategy is to increase sales of existing products or services on existing markets, and thus to increase your market share. ...
  • Market development. ...
  • Product development. ...
  • Diversification.

How do I 10X my business? ›

Put very simply, the 10X rule is taking any goal you've set for your company or sales team, and multiplying it by 10. So if a goal is to increase revenue by 5%, using the 10X rule, you'd increase that goal to 50%.

How can I get customers? ›

10 Ways to Get New Customers
  1. Ask for referrals. ...
  2. Network. ...
  3. Offer discounts and incentives for new customers only. ...
  4. Re-contact old customers. ...
  5. Improve your website. ...
  6. Partner with complementary businesses. ...
  7. Promote your expertise. ...
  8. Use online reviews to your advantage.
6 Apr 2017

How can I grow my business in 2022? ›

  1. Get more customers engaged.
  2. Leverage your unique selling point (USP)
  3. Grow your online presence like a successful business.
  4. Develop your current products and services.
  5. Diversify your catalog.
  6. Adapt to the times.
  7. Join networking events for small business owners.
  8. Increase your social media presence. Finding the right platform.
24 Feb 2022

What is the entrepreneur mindset? ›

What is an Entrepreneurial Mindset? An entrepreneurial mindset is a set of skills that enable people to identify and make the most of opportunities, overcome and learn from setbacks, and succeed in a variety of settings.

What are the 4 selling strategies? ›

The four basic sales strategies salespeople use are script-based selling, needs-satisfaction selling, consultative selling, and strategic-partner selling. Different strategies can be used with in different types of relationships.

What are the 5 sales strategies? ›

5 Sales Strategies for Businesses
  • Define your buyer.
  • Tell a story.
  • Target a niche market.
  • Sell your brand.
  • Focus on internal growth.

How do small businesses get sales? ›

10 tips on how to increase sales for your small business
  1. Ask questions and listen.
  2. Showcase your full potential.
  3. Assume the sale.
  4. Stand out.
  5. Tell your story visually.
  6. Overcoming objections in sales.
  7. Don't fear giving away too much upfront.
  8. Understand what motivates your customers to buy.
19 Sept 2022

What are the top 10 successful businesses? ›

This can lower or even outweigh potential returns.
  • #1 Apple Inc. (AAPL)
  • #2 Microsoft Corp. (MSFT)
  • #3 Industrial And Commercial Bank Of China Ltd. (IDCBY)
  • #4 China Construction Bank Corp. (CICHY)
  • #5 Alphabet Inc. (GOOGL)
  • #6 Agricultural Bank of China Ltd. (ACGBY)
  • #7 JPMorgan Chase & Co. ...
  • #8 Alibaba Group Holding Ltd.

What businesses will always be in demand? ›

  • Food. Food is required for life and this means demand will always be high. ...
  • Pharmaceutical. The pharmaceutical industry has experienced impressive growth globally. ...
  • Healthcare. ...
  • Education. ...
  • Sin Industry. ...
  • 6. Entertainment and Media. ...
  • Professional Services.

What are the 5 critical success factors? ›

As a reminder, the 5 Key Success Factors are:
  • Strategic Focus (Leadership, Management, Planning)
  • People (Personnel, Staff, Learning, Development)
  • Operations (Processes, Work)
  • Marketing (Customer Relations, Sales, Responsiveness)
  • Finances (Assets, Facilities, Equipment)
1 Apr 2015

How do I get my small business noticed? ›

Getting Your Business Noticed in Your Local Area
  1. Don't Underestimate the Importance of a Local Market. ...
  2. Appreciate the Importance of Being Part of the Local Business Community. ...
  3. Attend Networking Events. ...
  4. Host Networking Events. ...
  5. Spend Time in the Community. ...
  6. Sponsor Events. ...
  7. Advertise Locally. ...
  8. Get Local on Social Media.
28 Oct 2019

How do you build success? ›

Tips for how to become successful
  1. Be committed. Through commitment, you can gain motivation to pursue success. ...
  2. Learn from the journey. ...
  3. Have fun along the way. ...
  4. Think positively. ...
  5. Change your perspective. ...
  6. Be honest with yourself. ...
  7. Take away distractions. ...
  8. Count on yourself.

What are the 4 types of promotion? ›

The four main tools of promotion are advertising, sales promotion, public relation and direct marketing.
  • Advertising.
  • Sales Promotion.
  • Public Relations.
  • Direct Marketing.

What business makes the most money? ›

Profitability of the Largest Companies
CompanyProfit per Day
3Alphabet (Google)$94,090,411
4Bank of America$75,150,685
46 more rows

How long do small businesses last? ›

RESEARCH Longevity

51 percent of small businesses are 10 years old or less, and 32 percent of small businesses are 5 years old or less.

What is healthy business growth? ›

Good economic growth can vary, but typically falls within two to four percent. This means that even if a company is only growing five percent a year, it could still have a good growth rate compared to other businesses.

How can I improve my marketing? ›

Business Know-How
  1. Put Your Customers First. All branding efforts should begin and end with the customer. ...
  2. Humanize Your Brand. ...
  3. Encourage Customers to Promote Your Brand. ...
  4. Create a Strong Online Presence. ...
  5. Be Mobile Friendly. ...
  6. Offer Valuable Content.
13 Dec 2021

How do you see your business in 5 years? ›

The 5-Year Vision Worksheet
  1. What results or improvements have you made?
  2. What challenges, problems or issues have been fixed?
  3. How would the business operate?
  4. What would it do and how big would it be?
  5. How much money would it make?
  6. What type of projects would make it better known?
  7. What type of customers would it target?
8 Feb 2016

How can you improve a business visibility? ›

7 Ways To Increase Visibility For Your Small Business
  1. Make good use of SEO. ...
  2. Create engaging content. ...
  3. Leverage on the power of social media. ...
  4. Keep your business' data up to date. ...
  5. Don't overlook feedback. ...
  6. Build a network. ...
  7. Measure your efforts.
17 Sept 2021

What are the 7 business life cycle stages? ›

The business life cycle is the progression of a business in phases over time and is most commonly divided into five stages: launch, growth, shake-out, maturity, and decline.

What is a growth strategy? ›

A growth strategy is an organization's plan for overcoming current and future challenges to realize its goals for expansion. Examples of growth strategy goals include increasing market share and revenue, acquiring assets, and improving the organization's products or services.

What is the best type of business growth? ›

Organic business growth is the most basic but most effective means of growth for a business. Organic growth focuses on producing more products, services, and space for business success. Businesses who are focusing on organic growth may buy a larger storefront or expand shifts to manufacture more product.

What is 10X strategy? ›

A 10X Economy is a transformational mind-set centred on what can be achieved with the right levels of ambition. The concept embraces innovation to deliver a ten times better economy with benefits for all our people.

What is the 10X Method? ›

The 10X Rule says that 1) you should set targets for yourself that are 10X greater than what you believe you can achieve and 2) you should take actions that are 10X greater than what you believe are necessary to achieve your goals.

What words attract customers? ›

10 Powerfully Persuasive Words Your Customers Want to Hear
  • Free.
  • Exclusive.
  • Easy.
  • Limited.
  • Get.
  • Guaranteed.
  • You.
  • Because.
2 Aug 2016

How can I get clients fast? ›

How to Get Clients
  1. 1) Find clients through your workplace.
  2. 2) Find clients through business organizations.
  3. 3) Tell friends and family you'd like more clients.
  4. 4) Advertise for clients.
  5. 5) Get clients through your personal activities.
  6. 6) Get clients through referrals.
  7. 7) Get clients through social media.
25 Jun 2019

What to say to sell a product? ›

Here are 15 selling words for marketers to consider:
  • Now. "Now" means at the present time or moment. ...
  • Amazing. "Amazing" describes something that causes great surprise or wonder. ...
  • Fix. The word "fix" refers to mending or repairing something. ...
  • Save. ...
  • Simple. ...
  • Exclusive. ...
  • Money-back. ...
  • State-of-the-art.
1 Jun 2021

How can I increase sales in 2022? ›

11 Effective Ways To Improve Your Sales In 2022
  1. Use a Personalization Strategy. ...
  2. Actively Listen to Your Prospects. ...
  3. ‍Provide Free Information. ...
  4. ‍Increase Organic Traffic Through SEO. ...
  5. ‍Avoid Pitching, Focus on Solving. ...
  6. Identify Your Unique Selling Position (USP) ...
  7. Utilize Email Newsletters. ...
  8. Prioritize Relationship Selling.
25 Nov 2021

How can an entrepreneur be smart? ›

9 Things Exceptionally Smart Entrepreneurs Do to Be Successful
  1. Takes calculated steps toward their goals each day. ...
  2. Concentrates on what they do best. ...
  3. Sees every problem as an opportunity. ...
  4. Steps out of their comfort zones on a regular basis. ...
  5. Open to learning more. ...
  6. Keeps track of short-term and long-term goals.
21 Jul 2014

What are the top 5 most profitable businesses? ›

What's the Most Profitable Business to Start in 2022?
  1. 22 Profitable Businesses to Start in 2022. ...
  2. Ecommerce Business. ...
  3. Dropshipping Business. ...
  4. Vacation or Home Rental. ...
  5. Online Courses. ...
  6. Bookkeeping or Accounting Services. ...
  7. Graphic Design Business. ...
  8. Digital Agency.
15 Aug 2022

What industry is booming in 2022? ›

Global Fastest Growing Industries by Revenue Growth (%) in 2022
  • Global Airport Operation. 47.2%
  • Global Hotels & Resorts. 40.6%
  • Global Travel Agency Services. 40.4%
  • Global Tourism. ...
  • Global Airlines. ...
  • Global Casinos & Online Gambling. ...
  • Global Commercial Aircraft Manufacturing. ...
  • Global Semiconductor & Electronic Parts Manufacturing.

What skill does an entrepreneur need? ›

A great entrepreneur must be able to effectively communicate, sell, focus, learn, and strategize. An ability to continuously learn is not just a key entrepreneurial skill, but also a very valuable life skill. Growing a business requires a sound strategy based on inherent business sense and skills.

What are the 10 qualities of a good entrepreneur? ›

10 Must-Have Traits for All Successful Entrepreneurs
  • Problem-solving. First up on our list is a trait that is often taken for granted. ...
  • Impeccable communication. ...
  • Determination to excel. ...
  • Calculated risk-taking. ...
  • Learning continuously. ...
  • Strong leadership skills. ...
  • Passion and ambition. ...
  • Open-mindedness.
20 Oct 2021

What are 3 ways to think like an entrepreneur? ›

  • Opportunity recognition. Entrepreneurs see and often seek out opportunities. ...
  • Comfort with risk. ...
  • Creativity and innovation. ...
  • Future orientation. ...
  • Flexibility and adaptability. ...
  • Initiative and self-direction. ...
  • Critical thinking and problem solving. ...
  • Communication and collaboration.
26 Oct 2015

What are the 4 types of business growth? ›

The four growth strategies
  • Market penetration. The aim of this strategy is to increase sales of existing products or services on existing markets, and thus to increase your market share. ...
  • Market development. ...
  • Product development. ...
  • Diversification.

How do I start a business with nothing? ›

How to Start a Startup
  1. Make a business plan.
  2. Secure funding.
  3. Surround yourself with the right people.
  4. Follow the right legal procedures.
  5. Establish a location.
  6. Develop a marketing plan.
  7. Build your customer base.
  8. Plan to change.

What are the seven levels of business growth? ›

The seed, startup, growth, established, expansion, maturity, and exit stages. Each stage of growth in business is important because businesses are known to face different challenges at each stage. They also require different financial management practices at each stage to survive.

What are the 7 business life cycle stages? ›

The business life cycle is the progression of a business in phases over time and is most commonly divided into five stages: launch, growth, shake-out, maturity, and decline.

What is a growth strategy? ›

A growth strategy is an organization's plan for overcoming current and future challenges to realize its goals for expansion. Examples of growth strategy goals include increasing market share and revenue, acquiring assets, and improving the organization's products or services.

What are the 5 stages of business growth? ›

Every new business and start-up, big or small, goes through the five stages of business growth. These phases include existence, survival, success, take-off, and resource maturity. All stages of small business growth come with challenges that every company will have to overcome.

How can you attract customers? ›

5 Tips for Attracting New Customers
  1. Identify Your Ideal New Customers. ...
  2. Use Direct Response Marketing to Attract Customers. ...
  3. Give Something Away to Entice New Customers. ...
  4. Give Your Business a Face Lift to Increase Sales. ...
  5. Get The (Right) Word Out.

How can I double my business? ›

5 Strategic Steps to Help You Double Your Revenue Next Year
  1. Start early. Many small companies determine their growth plans for the upcoming year some time in December. ...
  2. Dream and believe. ...
  3. Build a revenue ladder. ...
  4. Determine the stretch goals. ...
  5. Reward the people who make it happen.
8 Jul 2015

What is the cheapest most profitable business to start? ›

The Best Low-Cost Business Ideas with High Profit Margins
  • Blogging. Starting your own blog is one of the best online business ideas around. ...
  • Affiliate Marketing. ...
  • Dropshipping. ...
  • Selling Online Courses. ...
  • Amazon FBA. ...
  • Become a Social Media Influencer. ...
  • Podcasting. ...
  • Airbnb.
6 days ago

What skills do you need to run a business? ›

Essential business skills
  • Financial management. Being able to effectively manage your finances is critical. ...
  • Marketing, sales and customer service. ...
  • Communication and negotiation. ...
  • Leadership. ...
  • Project management and planning. ...
  • Delegation and time management. ...
  • Problem solving. ...
  • Networking.

What makes a successful business woman? ›

Being a successful woman in business has to do with confidence. It's important to take pride in what I do and have confidence in my skills even in the face of a challenge. It's also important to stay active in supporting my fellow women in business.

What are the phases of a startup? ›

There are three startup stages: early-stage, venture-funded (growth) stage and late stage. Moving from early-stage to venture-funded (growth) stage is well delineated, but other phases are only loosely defined. Knowing where you are along the continuum helps you anticipate what's coming next and prepare accordingly.

What is after startup? ›

Stage 4: Expansion

Businesses in this stage often see rapid growth in both revenue and cash flow as the blueprint has now been established, but be warned about getting too comfortable.

What is the first stage of starting a business? ›

Research Your Idea

An idea is just the seed, however; the first step in starting your business is determining whether there's a market for your idea. The SBA emphasizes the importance of understanding the market for your product or service before starting a business.


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