The sagest advice that comes to mind when I think about growing a small business is a statement Albert C Hurston, CPA made when Pamela Daniels and I interviewed him last year. He said before doing anything else, you must first sell your product. Never mind initially creating a website (WHAT?). Don’t stress out about social media. Find ways to get people to purchase the product or service you’re offering, then worry about creating other avenues of visibility.
I must admit, this concept was even an eye opener for me. The first piece of advice I got was to create a website. Looking back, I realize the wisdom of his suggestion, as it took a couple of years for my website to produce income.
Mr. Hurston suggests the smartest way to start the process is by advertising.
Place ads on Facebook, Twitter (Pardon me – X) or in industry journals.
Word of mouth is the cheapest form of advertising. Talk about your product or service whenever the occasion presents itself.
Research podcasters seeking to interview business owners.
Attend trade shows with business cards in hand.
Solicit opportunities to make presentations.
It’s also a smart idea to research grant opportunities, especially funds designated for women/minority-owned businesses when applicable.
You never know who’s willing to help. Years ago, when my partner and I started a temporary/permanent placement firm, the landlord of the building where our office was located was extremely helpful. He introduced us to an accountant in town, who then introduced us to a local bank branch manager. The accountant didn’t charge us a penny for his services until we sold the business. And the bank manager set up a line of credit for us based on our accountant’s referral.
We certainly appreciated them taking us under their wings, but in retrospect, I think these guys felt sorry for us. Viewed us as two women struggling to start a business who didn’t know what they were doing. 🤹♀️ But hey, whatever works! The point is to build community support and connections through networking. Leverage local resources as much as possible. Develop a relationship with your local bank. A potential source for needed capital is always a plus!
Let’s face it. You also have to invest in your business growth. Join organizations designed to connect business with opportunities like the Chamber of Commerce. Depending on where you live, the membership fee might be costly. Our local Chamber membership is not cheap, but 95% of your investment is tax deductible.
Sometimes small business owners are fortunate enough to gain financial backing from venture capitalists. The secured funding may or may not be a blessing. Headaches that come along with these opportunities could outweigh the benefit, especially for entrepreneurs who find themselves forced to reshape their businesses in ways they did not intend. They realize, too late, they might have been better off not having gotten into bed with angel investors.
Entering a partnership with a similar business is also a way to grow yours. Sharing resources and expenses can ease the pressure on both parties. This arrangement, like soliciting investors, also has its pros and cons. 🤞
Having said all the above, the most important aspect of growing your business is your attitude.
Operate with confidence that your business is going to bear fruit.
Concentrate on seeking opportunities rather than focusing on challenges.
And above all, remember to practice self-care.
You cannot run a successful business unless you possess a healthy mindset, which means making time to pamper yourself. Indulge in a hobby. Getting away from business concerns for a while allows you to return with renewed energy.
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