What a beginner should know about business growth

Business growth is one thing every business should always consider.
Business growth involves:
Increase sales
Expand into new market or develop new products or services

Imagine this, a school running for 10 years and still has population of 30 pupils. Do not have qualified teachers (underpays the staff).

Now imagine a school who started with a population of 10 and over ten years increase to 200 pupils and has 3 new buildings. Increase the staff salary every 2 years. And gives scholarship to it's pupils.

The difference is the vision the owners has for the business.

To grow your business you must:
✓ Know your niche: it is essential that you choose which market you want to grow in from the beginning.

✓ Know your target audience: You should be able to tell who your target audience are. Whether children or adults or from age 14-30 .

✓ Fund your business: A good business invests in it's growth, funding ensures that things runs smoothly in the business

✓ Build a sales funnel: it is essential to capture leads in your business. You can do this by giving out free high value content offer and creating a good guarantee and offers.

✓ Build an online presence: this one is quite essential. When your customers who have heard about your somewhere are searching for you. A good place to be with be online. Also it build trust, connection, loyalty, ensures brand awareness with your customers.

How to expand your business with various tactics
• Have a brand strategy: A business creates brand awareness to existing and new customers to build trust.

• Products development: This is where a business creates new products so as to make sales

• Market expansion: This is where business tries to reach new customers through their products.

• Vertical integration: where a business begins to produce their own products or a key item for a product.

• New channel: The business offers products through new advertising channels.

• Diversification: A business produces new product for a new market instead of targeting the usual market

• Have a vision: this helps in keeping the industry on her toes.

#bmc
#thecreator'squest
#contentwriter
#day6