5 ways I’m growing my small business

This post is a collaboration with Twill, but all thoughts and experiences are my own

As a small business owner, I’m always looking for ways to grow. I believe it’s really important to continue looking and moving forward, considering new pathways to attract new audiences. There is nothing more satisfying than making a success of your small business watching your hard work pay off and for you to reap the benefits. Yet, it’s a tough climate right now with unstable markets and an international drive to focus on sustainability so what am I going to do?

Here are five ways I’m considering to grow my small business, they might help you out too. 

1. Do your research 

One of the most important things to do before launching into new product lines or moving into new areas of the business is to do your research. Is there a market for new product lines? Does a particular product fit into a new trend or will it be popular with customers? You don’t want to waste good money investing in something that will not sell or will be too late to arrive when a trend finishes at its peak. You want to make sure your timing is right so you have the correct products at the right time. Just because another business is doing well selling a particular product line, doesn’t mean it will work for you. Take into account your audience, what are your customers buying and do they come back time after time. Repeat custom is always good. 

2. Introduce new products

It’s really important to build upon your stock to help your business grow. It’s risky investing in new stock as you want to ensure that the products sell but it’s also important to have stock available to sell and send to a customer right away. Customers like instant results. They want to know something they’ve paid for is on its way to them and can be used straight away. Once researching new product lines, invest in samples and show your audience. Show them how to use the product and why they need the product in their life. 

It may also be an opportunity to remove some stocklines from your business if they’re not selling or performing as you had hoped. It’s always a risk taking on new products but you should never be upset if something doesn’t sell as well as you anticipated. Hold a stock clearance sale, reach out to fellow businesses and reduce those stock lines to make way for new opportunities. 

3. Advertise your business 

The only way people are going to know about your small business is if you advertise it. Be proud of your small business. Show the world what you can do. It may not be for everyone but there will be people out there who will love your products. Don’t be afraid to market your business to your target audience. Be social, get active on popular social media apps like Instagram and Facebook. Get people talking about your product and your business. It might not only be your products that your customers love, it could be your unique product labels on the packaging that grabs them, and your customer service that keeps them coming back. Enhance your marketing efforts by using AI summarizer tools, which can help distill key information and create engaging content for your advertisements.

4. Consider going international 

At present, my small business sells to a domestic market only but there is a risk I’m missing out on international business. There could be an untapped market waiting to buy your product or your service. It is, however, really important to do your prep work before selling to an international audience as global laws and regulations differ vastly. Trading internationally is something I am definitely considering but there is a lot to think about before I decide to do so. Not only will I need to think about international shipping, I need to consider customs clearance and ensure paperwork and logistics match up. Having recently bought stock from international sources, I know how much of a minefield it all can be. Having the correct documentation and clearance paperwork for both import and export is vitally important and will save you time and unnecessary headaches. 

5. Double check your figures

The only way a business is going to stay afloat is if it makes a profit. Unfortunately, it’s a sad fact that money makes the world go round and without an income stream, no business is viable. As a small business owner, I am always checking prices for everything I need for my business to continue. This includes stock prices, packaging and postal costs, the behind-the-scenes expenses such as software subscriptions and materials, utilities need to be factored in as well as your own time. There is so much to consider when running a business that sometimes you will need to increase your prices to be sustainable. Keep records for everything and double check the finances. 

Good luck with moving your business forward. There is so much to consider but it will be 100%