Wed Jun 12

6 Tips on planning to start or expand an already existing small business

Written by Ahmer Tahseen

Starting a small business is a rewarding and exciting opportunity. You can be your own boss, set your own hours, and gain fulfilment by seeing your project reach maturity. Whether you’ve already started your business and want to expand or you are just launching your idea, it can be helpful to consider all the options to help you with the process (like using a service like CBC). Here are 6 tips that can give you an advantage and boost your new business.

Consider Your Products or Services

Step one when you’re starting or expanding your business is to determine if your products or services are needed in the market. Do people want to buy this? How can your product improve their lives or business success? Why should they buy from you?

Once you decide that your product is in demand, you can work on creating a business plan. The right plan can help you launch your idea or expand into new markets.

Learn About Your Competition

To know more about how your products and services can serve the market, look at your competition. What are other similar services doing to brand their business and grow? What can you offer that they cannot?

You may also find that there is a need for your specific business since the products or services are currently not offered in your market. If so, it’s a perfect time to start or expand.

Focus on Marketing

Marketing is at the core of success for any small business. Whether you’re opening a brick and mortar shop or conducting business entirely on the internet, you need to spread the word so people know where they can find you.

Social media is the easiest and often the least expensive way to share what you’re up to and encourage others to talk about your business. As you continue to grow and expand, it may be worth it to hire a freelance or full-time marketing professional.

Reduce Your Overall Expenses

If you’re just starting out, now is a good time to take a look at all aspects of your finances to see what can help you keep up with your new lifestyle demands. Starting a business costs money and you won’t be drawing a salary, so make every dollar.

For example, maybe you took out a title loan to help you get your feet on the ground. A title loan can have a higher interest rate than a more common or traditional loan. These high payments and high interest rates can eat into the money you could put into growing your business. You can refinance your title loan to reduce your payments or to secure a lower interest rate.

Partner with Other Businesses

You don’t need to do this alone. There are other small businesses out there also looking to grow and expand. If you partner with one another, you can all benefit from the relationship. For example, if you know a graphic designer, trade them for your freelance writing skills. If you’re starting a bakery, talk to other local businesses about trading baked goods for their services.

You can also partner to offer combined services to your clients. If you open a coworking space and offer a dedicated office to an accountant, they can offer discounted rates to the small businesses that rent space from you.

Your small business may be your passion or just an idea you believe is needed in the market. Whatever your reason for starting or expanding, make sure you have a good plan in place to market what you do, partner with other businesses, and maximize your profits.