Employ these inexpensive tactics for small business growth.
Business growth is a hot topic – It’s every business owner’s goal, but not everyone knows how to achieve it. Luckily, there are affordable ways to grow your business. Let’s take a look at some inexpensive options:
7 Affordable Ways to Grow Your Business
1. Connect with other small business owners.
Small businesses are the backbone of the American economy. Connect with other small business owners to help your business grow and thrive. There are several ways to do this, and all of them can be helpful differently.
One way to connect with other small business owners is through online forums and groups. If you can’t find one that works for you, create one. Online groups are a great way to efficiently share experiences and advice. There are a number of groups on social media platforms like Facebook and LinkedIn.
Another way to connect with other small business owners is through local organizations, like a Chamber of Commerce. Often, these organizations will have networking events where you can meet people in person. Events offer an excellent opportunity to make connections with people who might be able to help grow your business. Networking is an excellent opportunity to forge partnerships.
Whatever method you choose, connecting with other small business owners is an affordable way to grow your business.
2. Attend local events and meetups.
Local events and meetups, like trade shows and shopping bazarres, are a great way to connect with potential customers and clients. If you have a product or service that would interest the people attending these events, it is worth your while to reserve a booth space. Alternatively, you can attend these types of events as an individual. Shop, mingle, and be sure to share your business card! A simple introduction is a great place to start making new customers, although be sure to keep it light. Avoid being overbearing and focus on being friendly while making the initial connection.
One of the best things about local events and meetups is that they are usually inexpensive. You often have to pay an entrance fee or a small fee to reserve your space, but then you’re ready to network. It’s a great way to connect with people without spending much money. This type of community involvement is fun too!
3. Create a referral program.
A referral program is an affordable way to grow your business. Offer an incentive for those who refer others to your business. The motivation can be anything from a discount to a free product or service. Referral programs provide an incentive for people to talk about your business, and word-of-mouth advertising is highly effective.
There are several different ways to set up a referral program, so it’s essential to research and figure out what would work best for your business. Fortunately, the process is affordable and can produce big results.
4. Get involved in your community.
Being an active and productive member of your community is not only a responsible thing to do; it can take your small business to the next level. Sponsor a local school sports team, adopt a road, organize clean-up events, attend local community events, etc. The possibilities are endless!
Sponsoring an organization or team can help your business reach a wider audience and connect with potential customers and clients while making a difference in the lives of your neighbors. Likewise, volunteering at a community charity, church or school makes an important impact on your neighborhood. Helping your business grow is a bonus!
Volunteer Tennessee is a great resource for opportunities.
5. Create offers for current customers.
Your existing customers love your business, and that’s why they keep coming back. To show your appreciation, create a special offer for valued customers. There are many ways to achieve this. However you arrange this, find a way to offer a high perception of value without making the cost too high for yourself.
Upselling is a great option for raising your average ticket amount. Offer add-on products or services, or have impulse-buy products at your register. Talk about these extras as you conduct business with your customer. Finding small ways to lift your ticket average is an affordable way to grow your business.
6. Use social media to reach new customers.
Want to expand your customer reach? Social media is a great option! It’s a fairly inexpensive way to connect with potential new customers and keep existing customers up-to-date on what’s going on with your business.
Review these social media trends for small businesses and then factor them into your online presence. There are plenty of paid options on social media platforms, however simply having a clean and professional appearance online is an affordable way to boost your credibility and spawn growth.
7. The most affordable way to grow your business is…
The most affordable way to grow your business is to give your customers the best possible experience every single time. Being consistently on-point is what customers want. As communities grow and competition becomes more fierce, you have to be at your best.
Being proactive with your marketing plan is one thing; retaining customers is another. It costs considerably more money to reach a new customer than it does to keep a current one. Every customer lost is one that a competitor gains. Moreover, you’ll be missing out on that customer’s sales while spending more to reach a new customer.
If you feel that your business needs a fresh start, consider creating a strategic business plan.
Affordable Ways to Grow Your Business
There are plenty of affordable ways to grow your business, and we hope this article gives you some good ideas. Kellum Creek Business Solutions offers affordable, reliable resources for your small business. We can help boost your online presence via a website upgrade or social media management. Contact us today for a free consultation. We would appreciate the opportunity to share about our suite of services.