Starting a business is quite a risk in that you never know how well it will do. Of course, you should maintain an optimistic attitude but deep down you would always worry because one never really knows. One might be more apprehensive when the business plan is to start small as a result of low funds. It is a known fact that if there is huge capital available then the growth of a business will be easier and more rapid. When there is little funding however it gets a little harder to grow but not impossible.
The most important thing however is to be determined to succeed and make practical plans for that. Many big businesses that we know of today started small and with little funds available. How were these CEOs able to grow to what they are today? This article focuses on how to grow an already existing business with little funds, but you can find out here how to start a small business.
How can you grow your business with little funds?
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Be consistent: With the little you have, always show up. Don't be here today and absent for the next four days. If your circumstances make it impossible for you to always be available, then schedule your time so that your presence is always predictable by your customers.
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Boost your brand's visibility
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Reinvest profits. Whatever profits you make at the start of your business should not go into your pocket especially when you have limited funds. The wise and more profitable thing to do is to reinvest the profit in the business
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Use social media for marketing. Set up business pages across all social media platforms available to you.
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Minimize credit transactions. Giving out goods or products to people on credit would tie down your already limited capital and make it hard for you to source products for those who have the money to pay. Rather than sell to people on credit, politely offer to keep the goods for them till they have money to pay. Learn how to tactfully decline a customer's request. https://smartsmssolutions.com/blog/121-sms-marketing/business-communication/1605-how-to-say-no-to-a-customer-without-saying-no . Weigh the pros and cons of credit transactions.
https://www.plymouth.ac.uk/pr-opinion/managing-trade-credit
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Avoid stocking up on items that do not sell fast. Keeping comprehensive records would help you know this for a fact
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Appreciate and reward the customers you already have. A simple "thanks for your patronage" SMS would go a long way in building a sense of loyalty in that client and they would be more inclined to patronize you
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Offer great products and services. People would always want value for their money, do not disappoint your clients on this.
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Partner with other businesses. You really cannot do it all on your own.
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Study your competitors. Yes, conduct research, ask questions and find out what your competitors are doing, see how you can do even better than they are
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Minimize risk-taking. Yes, going into business is a risk in itself, but now that you are in business and still growing, minimize taking risks because your business might not survive it. Ensure you have a great risk analysis method in place.
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Be an expert in your field. Get a degree, go for training and workshops, and do all it takes to be an expert. Your customers would trust you, even more, when they sense that you are knowledgeable in your field
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Ask for feedback from existing customers and work on whatever complaints they may have. This is a sure way to keep improving.
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Develop a great workplace culture. Do not think it is not necessary since the business is still small. You would be surprised to learn what a great workplace culture can do for you https ://smartsmssolutions.com/blog/118-sms-marketing/small-business/1513-how-to-create-a-great-workplace-culture-for-a-small-business
You no doubt agree that all the points highlighted above cost very little to implement. Do not let the problem of limited funds hold your business back. Put the points mentioned above into practice and watch your business grow steadily.
When it comes to communicating with your customers, SmartSMSSolutions is the way to go. Our bulk SMS service is affordable. Create a free bulk SMS account with us and stay in touch with your customers and clients at a low cost.