How do small businesses become large businesses?

Answer 1

1. Establish a reputation for integrity. In the corporate world, employees may consider their work to be mere drudgery. Even if you have identified an extremely lucrative opportunity, staying focused and retaining your passion will not be possible unless the work is something you love and are proud of.

2. Address an existing need. Many would-be entrepreneurs in search of small business start up help have a business model that would be perfect if only there were a demand for the product or service. Their idea may be ingenious or their service innovative, but no start-up can be a success if each and every client has to be persuaded to try it. Filling an existing need is a much easier proposition, as the client need only be convinced that your business is the best choice.

3. Have a realistic projection of business expenses.Budgets for new businesses are tight to begin with. The additional stress of a heavy debt load can be more than they can handle. The temptation to be optimistic with cost projections can be a disaster if the budget does not adequately balance revenues with marketing, taxes and insurance.

4. Choose products and services that offer a big profit margin. Huge retailers can make pennies on each sale and still survive because of the sheer volume of sales. Start ups without an established customer base may have very few sales in their early months. Even occasional sales, however, that come with big profits for each can be a tremendous help to a small business.

5. Give your customers reason to trust you. Biting off more than you can chew is a great way to get a reputation for failure. Huge opportunities appeal to everyone, but every late delivery makes you more of a risk to prospective customers. A brand name that is not yet established relies on advertising by word of mouth. Exaggeration or misstatements of fact about the benefits of your product will turn customers against you almost immediately, and your business may never recover.

6. Work online. Marketing on the internet is something that every business has to deal with. Either you go to the trouble of doing it, or you give in to your competitors who do sell online. Building an on line presence is the biggest step a small business can take. A website potential customers can find; and an active presence on social media venues can help out a small business easily and without much effort. A business that wants to be found must be where people are looking for it. That place is the Internet, and if your site is accessible and looks legitimate, customers will find their way to you.

7. Hire a small business consultant. If you think that it may help you to hear from the experts, hiring a forward-thinking business consultant may be a great move for your business. You can figure out where you may be lacking insight and what you need to target to improve your satisfied customer base. There are many kinds of small business consulting services available - the trick is finding the right fit for you.