Key things you need to grow a new business
Are you wondering how to grow your business? You are not alone!
There are lots of new entrepreneurs out there wondering the same thing. Fortunately, this is something you can figure out if have the right advice or tips.
Starting a business is pretty easy compared to actually growing a business. It takes focus, commitment, and a host of other things to grow a business.
In this post, I am going to tell you what some of those things are to give you a headstart. If you are ready to start growing your business, let’s dive in!
Please note that this post may contain affiliate links. You can read my full disclosure at the top of the page.
1. YOU NEED SELF-CONFIDENCE TO GROW A NEW BUSINESS
Some people are born with self-confidence, while others have to work hard to believe in themselves.
From experience, I know many business owners lack self-confidence or feel like impostors. A good number of entrepreneurs lack confidence because they don’t feel they have the skills or knowledge to run or grow a business. In other words, they just don’t believe they are good enough or have what it takes.
If you are one of those business owners who lack confidence, the good news is that you can develop self-confidence. Self-confidence is a great attribute to have as a business owner and something to strive for.
The reason why self-confidence is important for growing a new business is that you can make important decisions whenever the need arises. Also, if you trust your ability to make smart choices, it takes the pressure of decision-making.
So, how do you develop self-confidence?
There are lots of ways you can go about it. But, here are some effective methods you can use.
- Learn everything you can about entrepreneurship. Understand the different areas of your business, and develop an entrepreneurial mindset. Here are five books I recommend to new business owners.
- Take note of gaps in your knowledge or skills and work to fill those gaps.
- Trust yourself and your abilities. If you don’t know something, research it and find the answer.
- Have a positive mindset. Journal or use affirmations if that is your thing.
- Know your strengths and weaknesses. Focus on your strengths and work on your weaknesses or outsource it (for instance, bookkeeping).
- Don’t indulge in self-criticism or beat yourself up when you fall short. Instead, regroup, plan, and try again.
It’s possible to develop self-confidence if you are willing to put yourself out there, identify and accept your limitations, and work on improving yourself.
Growing your business won’t feel like an uphill battle if you have self-confidence and can identify the right business strategies.
2. HOW TO GROW A BUSINESS: KNOW HOW YOU ARE DIFFERENT
One of the keys to growing a new business is to understand how you are different from your competitors, and how you can use that to your advantage.
As a new business owner, it’s easy to get lost in the sea of other entrepreneurs (especially if you are in a large or competitive niche). It’s is crucial for you to know your competitive advantage and how you are different from the others.
When you think about your competitive advantage, think about what you do differently from the competition or how your offerings help your potential customers in a way similar products or services don’t.
For instance, do you offer shorter delivery times? Are your prices lower or more affordable? Do you offer more payment options? What benefits do your products offer that others do not? In other words, why should your potential customers choose you?
Once you know how you are different and have identified a key selling point, use that to craft a compelling marketing message to attract your customers.
If you’d like to delve into this some more, there is a whole section on competitive advantage in my Focus and Grow Your Business eBook and Workbook. You can get it at an introductory price for a limited time. You can check it out and grab your copy here.
3. PROVIDE GREAT CUSTOMER SERVICE AND CUSTOMER EXPERIENCE
As a new business owner, you probably won’t start off with lots of customers. That’s typical and nothing to worry or be ashamed about. As long as you see some progress every month, you know you are moving in the right direction.
When you have very few customers, you want to focus on wowing them with great customer service. Your first customers can become your loyal customers and also cheerleaders if you treat them right.
Your customers can also refer lots of new business to you if they are happy with your products or services. Unfortunately, the reverse is also true. They can steer business away from you if they are unhappy with the customer experience.
So, how do you treat your customers right or provide a great customer experience?
Well, it all starts with knowing what your customers want or need, then going out of your way to make sure they get it. This is why it’s so important to solve real problems for your customers.
You have to do some research (and keep researching) on what your customers’ pain points are, and what they are looking for in a business. Once you know their pain points, you can tailor your message and products as the solution to their problem.
If you don’t know their pain points, you will struggle to reach them with the correct message. The right message is an important component of a marketing message, so you will need to get that right if you want to grow your new business.
So, what other ways can you provide a great customer experience? Below are some suggestions for you.
- Respond to messages or questions
- Ask for feedback from your customers
- Make sure your prices are fair and competitive
- Nurture your existing customers
- Make it easy for your customers to contact you
- Create new products or services to meet your customers changing needs
- Find creative ways to exceed customers’ expectations
There are lots of other ways to provide great customer service, so find out what they are and tailor them to your customers. Don’t be afraid to try new things or go out of your comfort zone.
4. INVEST IN YOURSELF
One of the best ways to grow as a new business owner is to invest in yourself. Now, this doesn’t mean you should invest in every single thing you hear about. It’s still important to make smart financial decisions when it comes to making business investments.
Investing in yourself and your business can accelerate your growth, so it’s important to have a plan for investing in your business. A good way to do this is to reinvest some of your earnings back into your business.
You can decide on a percentage or dollar amount to reinvest. It doesn’t have to be a huge amount, but it should be reasonable.
I know lots of new business owners are strapped for cash, so they hesitate to invest themselves. But, there are times when it makes sense to invest in something instead of trying to DIY it.
So, think about tools or resources that can help you improve or grow your business, then create a plan for investing in them. Focus on the areas of your business that needs more attention or the areas that will accelerate your growth. For instance, you may need to spend more money marketing your business, paying someone to help you design your products, or learning about another income stream for your business.
Figure out where you need the most help, and invest in that area.
5. FIND A WAY TO INCREASE CUSTOMER TRANSACTIONS
One thing I always keep top of mind is that it is easier to get an existing customer to buy than it is to acquire a new customer. That’s something you have to remember, especially as a new business owner.
If you can get your existing customers to buy more from you, you will grow your business and increase your profits faster.
Don’t spend all your time trying to acquire new customers. Spend some of your time brainstorming ways to increase your average transaction. The average transaction value is basically how much one customer spends on your business. If you can get each customer to spend more money during a single transaction, you will increase your bottom line.
So, what are some ways to go about this?
You can learn how to upsell or cross-sell. Upselling works great when you have some complementary products you can offer to your customers. For example, if a customer buys a DVD player, you can ask them if they want some DVDs to go along with it.
Amazon does a good job of upselling. Have you noticed whenever you are in the process of buying something, they show you other related products or things other customers bought? That’s how you make more money per transaction/customer.
So, for every product or service you offer, think about two or three other products you can use as an upsell. If that means creating more products, go for it.
Of course, not all customers will take you up on the offer, but you have got nothing to lose and everything to gain by upselling.
Final thoughts on how to grow a new business with confidence
Growing a new business requires time, patience, effort, commitment, and lots of creativity.
As a new business owner, you need lots of confidence in your ability, and you also need to stay positive when times are slow. Growing a business takes time, but if you use the right strategies like the ones in this post, you will eventually get there.
So, pick one or two strategies you can implement right away and start using them to grow your business. Finally, never stop learning or investing in yourself.
If you need more new business growth strategies, grab your copy of the New Business Growth Strategies Checklist below. Get instant access after you sign up.
If you prefer to just jump right into growing your business, you can get a copy of the Focus and Grow Your Business eBook and Workbook. You can get it at an introductory price for a limited time. You can check it out and grab your copy here.
Are you a new business owner wanting to grow your business? Are you struggling with anything? Leave a comment!