It seems that everything costs excessive amounts of money and keeping overhead low in this day and age is a daily battle that requires constant attention. In order to expand your small business in the most frugal possible manner, take advantage of the following low-cost strategies:
Make Extensive Use of Social Media
Social media platforms such as Facebook, Instagram, YouTube, Twitter and the like are the best ways to get your message to the largest number of people. Each of these platforms offers a business account that you can open. The best course of action is to establish an online presence and interact with your followers regularly.
Spread the word starting with your personal account that you are transitioning to a business page and invite those who you know to join you and follow your business page. Develop a small following at first and it will grow from there.
Offer daily, weekly and monthly specials to your clients in the form of discounts and give-aways. Advertise exactly what it is that you do – do not assume that people that you know have an understanding what your business is about.
Make clear what your product is and how they may go about purchasing it. You will be surprised at the number of people who tell you that they did not know the nature of your business until you told them.
Attend Local Community Functions
Very often, your local community will have functions where the affairs of the local citizens are discussed. These are often held at City Hall or other government buildings.
Attendance is almost always free and sometimes food and drinks are served. Bring your business cards with you and arrive early.
Approach the moderators and explain to them that you are in business locally and you would like an opportunity to make a presentation to the local citizens either at that particular function or in the future.
Take all of the business cards of the people you meet and make a list. The very next day, begin to email each person and repeat this on a consistent basis.
Invite them to follow you on your social media business page and follow up with them regularly by way of email and text message if possible since the “open” rate of text messages far exceeds the “open” rate of email.
Join Your Local Rotary Club
Almost every community has their own Rotary club which is a gathering of professionals who have the intention and commitment to send referrals back and forth among themselves. Look into this and make it a point to join as many as you can.
This will give you an excellent – and low-cost – method to meet local and like-minded individuals who will be committed to referring you business since the entire concept of a Rotary club is that members refer clients back and forth to one another.
Physical Expansion
Consider consulting with a local builder or architect to expand your current office accommodations. There are many affordable ways to add on to your current office space that will enable you to either begin collecting rental income or to make your space more inviting to potential clients.
Physical appeal is important especially if you are taking photos inside your office and posting on social media. Work with local architects who are personally invested in their projects. They are the ones who will deliver the best results.
other valuable tips:
How You can Expand Your Business With These 4 Unique Strategies
Intelligent Expansion: 3 Business Growth Tips for the Financially Savvy Owner
For example, Vadim Podrobinok, an architect in San Francisco, CA, is noted for, “Understanding the project constraints in regards to space, time and cost are all crucial to developing a successful project.” He is a good example of the kind of Architect you will want to work with when considering expanding your business.
Using these three methods, it is almost certain that you will realize an increase in your business referrals. It is important to make expanding your business part of your daily routine.
Devote at least one hour to it during the day and also some time on the weekends. Make use of social media, text messaging and in-person meetings. Every person you meet is a potential customer, so always have your business cards on you.
Give them out freely and invite people to contact you if they need your assistance or advice. Smile, be friendly, offer a firm handshake and make eye contact with your potential customers.
If you apply these principles consistently and with diligence, you will notice that your sales increase and your phones will continue to ring.
Image Credit: expand your small business by Pixabay
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GUIDE: use a business broker to look of expansion opportunities
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