3 tips for growing a small business

Successfully scaling a company of any size is all about building a strong foundation and having the patience to see it through. But, with more than 30.7 million small businesses recorded by the U.S. Small Business Administration, it can quickly become overwhelming trying to figure out how to stand out from the competition.

As you create a growth strategy, answer these three questions so you'll have a clearer idea of exactly what success will take.

Who are your competitors?
The first step in any great business plan is research — and lots of it.

Competitive analysis helps you learn from businesses vying for your potential customers. This is key to defining your unique edge that will create sustainable revenue. As the SBA explains, you should identify your competition by their product lines or services. From there, you can better understand the landscape by researching:

• Market share
• Strengths and weaknesses
• Any barriers that may block you from entry

Defining the market you're entering not only helps you figure out what draws your potential customers to competitors, but it will also allow you to build a strategy to attract them to your business instead.

It's critical that small-business owners take the time to research their competitors to know what the market landscape looks like.

Who are you selling to?
No matter how great your product or service is, its success hinges on whether you have an audience to sell to.

While there are several ways to research your customers, SmallBizTrends recommends reviews and surveys as two of the most affordable sources. This will help you develop offerings that reflect the current demands of the market. Once you know who your audience is, you'll have a better idea of whether there are profits to be made, or if you need to adjust your strategy.

How are you marketing your business?
With so many potential channels available to market your company, it may be easier to answer which you won't be using.

While it may take some trial and error, social media can prove to be an affordable and effective means for reaching your customers. Figure out which platforms your competitors are on, as it's likely that those are the channels that your target market engages with the most.

Once you begin to figure out the persona your small business will take online, use a consistent and professional tone and post at least twice a week

Priming your business for success
Once you know who your competitors and customers are and figure out a marketing strategy that works for you, you'll be on the right track for growth. Although small-business owners may wear several hats in the early stages of their company, if you have any further questions or need legal assistance, contact the Law Offices of Donald W. Hudspeth, P.C. for help.

Our team assists businesses with corporate matters and various other types of legal concerns. Please call 866-696-2033 or visit our website to make an appointment.

Categorised in: Starting a Business in Arizona

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