Tag: small business

6 Tips on How to Grow a Small Business

How to grow a small business
Small Business Tips: How to grow your small business.

Published by FrankNez Team.

Building a small business means working round the clock. No real vacations, no time offs, and no dumping the responsibility over someone else’s shoulder.

We’re not sure why you chose the grind.

But now that you have, we’d like to congratulate you.

You’ve made a bold move because only 5% of the world’s population chooses entrepreneurship.

It’s surely a tough journey.

But if you do it right, it’s just as rewarding.

In this post, we will cover 6 tips that can help ease your early days and help you lay a strong, unshakeable foundation to grow your business successfully.

1. Know that you’re running a small business, not a one-person business

how to grow a small business
How to grow a small business

Speaking of 2022, one of the most common mistakes people make when they begin a small business is that they assume they have to do it all on their own.

They do so with the intent of saving more and having complete control.

That’s a destructive approach unless you’re running a one-person business.

Recommended read: Self-Employed VS Small Business: Why the Difference Matters?

Finances, marketing, product management, customer service, and resource management are all different and demanding domains.

If you hold yourself responsible for everything, there’s a high chance you’re going to mess things up and burn yourself out.

Consequently, you may lose your existing customers, waste investments, and lose health.

Your business will suffer instead of growing. 

So, one of the first things you should do when trying to grow a small business is to accept that you need help and build a team to help with your business goals.

2. Know your financial options

For a small business to grow, it needs funds.

Many entrepreneurs choose to go the debt route by taking out loans or using credit cards.

While this is a viable option, it’s not the only one and definitely not the smartest in the long term.

Small business growth hacking is all about minimizing risks.

So, instead of taking on additional debt, consider these financial options:

  • Crowdfunding: This is a great option if you have a solid product/service and an audience that’s willing to invest in your business.
  • Family and friends: You can always approach your loved ones for financial help. Just make sure you have a proper structure in place and treat it like a business deal by creating contracts, specifying interest rates (if any), and having a clear repayment plan.
  • Grants: Check with the government or other organizations for business grants that you may be eligible for. 

You can follow this link to learn more about financing a new growing business.

3. Aim for a small, dedicated, and resourceful team

If you’ve been smart enough to realize the need for teamwork in growing your business, there’s another common mistake you need to look out for — building a big team.

And we mean that both in terms of quality and quantity.

You don’t need to hire big names (i.e., the best professionals in the industry), and you don’t need to hire a lot of people.

Instead, consider hiring only a handful of energized people. Prioritize soft skills, field knowledge, and professionalism over field experience.

If they’re good at learning and have a dedicated drive to work, they can help you make your business a success.

Remember, you can teach technical skills, but you cannot teach soft skills. If the person is skilled at what they do but not dedicated to work, they can only keep your business running.

They’ll never help you grow it because they won’t be interested in going the extra mile. So, look for people with the right drive.

Also, initially, it’s a good idea to hire someone who can take care of 2-3 roles instead of one. The smaller your team, the better you’ll be able to communicate and innovate.

4. Build a strong online presence

how to grow a small business with social media
How to help a small business grow.

Digital presence is a great opportunity for any business in the 21st century.

Even if your target audience lives in your vicinity, it’s essential to establish a website and maintain active social media pages. 

Why? Because: 

  • It builds credibility and helps you become an authority in the industry
  • It eases customer experience as they can approach you without leaving their home
  • It serves as a gateway to potential partnerships and investments

And the best part?

It’s much cheaper than physical advertisements.

You can begin marketing your business on Twitter, Instagram, Facebook, and YouTube simply by creating and sharing relevant content for your target audience without any substantial investment.

Here are some easy marketing hacks to help kick-start your small business’s online growth.

5. Build a blog

how to help a small business grow
How to help a small business grow.

Blogs are also a part of your online presence. But if we were to recommend one aspect of digital marketing that can boost your small business’s growth by leaps and bounds, it would be blogging.

How so? Well, blogs help you build customer relationships and generate leads.

Basically, people read blogs to learn something new. When you share bits of your business and educate them about subjects relevant to your product/service, it helps them trust you and regard you as an authority.

It also helps them view you as an approachable and customer-friendly entity when they interact via comments or emails. 

Plus, if you link your blog with an analytics tool, you can monitor the traffic and get some very useful data to generate leads. You can further narrow down your target audience or market your service/product to them via email marketing.

Now, blogging need not be on websites only. You can maintain a blog wherever you’re likely to find the majority of your audience. If you target other business owners or CEOs, it’s a good idea to maintain a blog on LinkedIn.

Bluehostnow starting at $2.95/mo.

Plus, this approach is highly resource effective. It takes only about 30 minutes to share something valuable with your target audience (no need to go fancy, use free tools like Canva to design graphics and pair them with value-adding content). 

If you’re blogging on a social channel like LinkedIn, you will have minimal platform costs. And if you have a website, you’ll only have to pay around $20 – $60 monthly.

Related: Blog Like a Champ in 2022: Easy Beginners Guide 

6. Keep a close eye on competitors

Small business owners often make the mistake of assuming it’s too early to compete.

But once you’ve entered a market, you’re already in the competition. 

Do not hold yourself back by either thinking too less or too much of yourself.

You’re in the field and are just as equal.

So, make sure to regularly conduct competitor analysis and learn from their flaws and strengths.

A key tip to boost your growth by 10x is to look for that one complaint that your competitor receives frequently and fails to address. 

Good luck!

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Smart Ways You Can Reinvest Back Into Your Small Business

Smart Ways You Can Reinvest Back Into Your Small Business
Reinvestments = Growth!

So you’ve managed to build some capital from your small business. You haven’t quite paid yourself just yet. Now you’re looking at ways to scale by reinvesting. As an entrepreneur, you know it is in your best interest to grow and pay yourself later. Here are some smart ways you can reinvest back into your small business.

Welcome to Franknez.com – the blog where we post content on personal finance, side hustle ideas, entrepreneurship, and keep you updated on trending investing news. Lets get started!

#1. Use Paid Promotion

Reinvest back into your small business by using paid promotion

reinvest in your small business by using paid promotion

Paid promotions are a smart way to get your service or product in front of the eyes of many people.

You can use paid promotion through:

  • Instagram Sponsored Posts
  • Facebook Ads
  • YouTube Ads
  • Blogs such as Frank Nez
  • Twitter Posts

See our ‘Network’ tab – this is where we sponsor businesses and put their product or services in front of potential clients that will one day need their services.

While you can set a budget of $30 for 6 days on Instagram, we keep a published post about your services on our ‘network’ tab for only $45/yr.

We also include your service in a variety of posts if it is relatable to the topic!

So why is paid promotion a good investment?

Paid promotion is a great way to land new leads and new business. It’s a great way for your business to be seen by thousands of if not tens of thousands of people. Think of it as an online billboard!

Why promote with Franknez.com?

why promote with franknez.com

Social media platforms are too expensive. And, if you’re not great at analytics then your campaign won’t reach your targeted audience.

Franknez.com makes it simple. We publish a post about your business and service or product which can benefit our readers. Our readers:

  • Are interested in business and finance
  • They’re looking for ways to make more money
  • Are serious about progression and goal setting
  • Want to learn about starting their own business

Our ‘Network‘ tab allows our readers to network with your business so that their business and endeavors can grow. This is a great benefit to both our readers and clients. And pricing is only $45/yr!

Another benefit is that the businesses who renew will grandfather into the same price bracket even though our number of visitors continues to increase!

#2. Promotional Products & Apparel

Reinvest into your small business by elevating your brand

Promotional products and apparel is an attractive way of reinvesting back into your small business because it’s a fun process and it works.

Small businesses are marketing by handing out t-shirts and caps with their logo on them or simply wearing them to elevate their brand awareness.

This strategy serves as an eye-catching way to get people to recognize your business. It’s a great way to direct attention to your services and products no matter where you go! This self-promotion tactic brings customers right to your front door.

Easy Marketing Concepts is an advertising agency that allows you to order and brand apparel such as shirts, caps, jackets, backpacks, and other wearables.

They print on mugs, pens, and provide stickers for your business too!

Check out their Instagram or email them here.

#3. Purchase New Assets

Reinvest back into your small business by purchasing new assets

Purchasing new assets such as new equipment or new software is a great way to also put your money to good use.

If you started your business with older equipment and software but have built enough capital to reinvest in your business, then upgrade these tools.

Investing in the latest equipment and tools will pay off long-term and ensure you’re providing your customers with top notch quality work.

Most people are afraid to reinvest in new assets

The reason most people are afraid to reinvest in new assets is because their current assets are doing just fine at the moment.

The tools they are currently using has allowed them to make money therefore don’t think of the long-term gain but rather in only the short-term gain.

However, you should always strive for better quality, and overall a better way of operating.

Ditch the old equipment

When you’re able to do so, ditch the old equipment. As your small business continues to scale you will be thankful for this investment.

When you’re growing faster than ever you’ll be able to avoid the strains of dealing with the poor performance of older equipment and software.

#4. Start Building A Team

Hire talented professionals so you can continue to scale

There will come a point where you will need to reinvest in your company by hiring talented professionals to help in different areas of your business.

Reinvest in your small business by building a team to scale your company

If your revenue has been consistent for the past 5+ years and you’re looking to grow then you might want to consider building a team so that you can focus on bringing in the sales to further scale your small business.

Who do I hire first?

Who you hire first will vary from business to business. Ask yourself, “in what area can I use a hand with the most?”.

If accounting is taking too much of your time then hire someone to take care of that side of the business for you. Whether it’s operations, social media and marketing, or something else, make the investment to hire the talent so that you may continue to scale your business.

#5. Reinvest In Your Current Customers

Always give back

Your customers success is your success, so show them you appreciate them. Find ways to give back to them.

These incentives might be in the form of giveaways and gifts or discounted services and products.

Some businesses give their customers a free plate of food after their 10th order for example. Watch stores will sometimes provide their customers with a free battery after their fifth one.

These incentives will keep your customers happy and coming back for your service or product.

Take advantage of the holidays

During the holidays, present your best clients with gifts to show them your appreciation for their business.

This small reinvestment can yield high returns in the future and grow your relationship with the client.

These small tokens of appreciation demonstrate gratitude. And when you’re grateful bigger and better things tend to come your way.

Why Reinvesting In Your Small Business Is A Great Idea

Reinvesting in your small business is going to scale it. It’s one of those process that requires you to be patient with the payday. It’s delay gratification at it’s core. Instead of paying yourself from the profits, you are reinvesting the profits back into your business to increase your revenue.

You understand that reinvesting in your small business is going to yield bigger and better returns a year, five, and ten years from now.

This exact discipline is what’s going to allow you to continue succeeding in business and ultimately reaching your life goals.

Read: How Marketing Plays A Big Role In Your Small Business


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