According to studies, at the end of the first quarter of 2019, there were close to eight hundred thousand businesses in America under a year old. If that is the case, it means that more than two thousand new businesses are registered in the United States daily.
Many Americans are interested in becoming entrepreneurs. And why shouldn’t they? There are plenty of benefits to having your own business. First, you can set your hours and decide when you want to work and when you want to spend time with family, friends, or doing the things you like.
Second, being a company owner is a source of pride. It is a clear sign that you made it in life, that you are successful. Finally, if your enterprise is profitable, the amount of money you can make is almost always higher than if you were an employee.
If you want to start a business, there are several avenues you could take. On the one hand, a great option would be to look at existing possibilities in high-growth areas. For instance, you could explore franchising opportunities for lawn care services or food. On the other, you could develop that idea that you’ve always had but never truly done anything with.
Still, deciding to start a new firm is the easy part. The difficult thing is what comes next, namely developing that business, nurturing it, and making it grow.
With that said, let us explore a few great new business growth ideas in the areas of marketing, technology, and communication.
Growth Through Marketing
The traditional concept of marketing is very simple. You work with an advertising agency to develop a strategy that often includes TV commercials, print media, and billboards in airports or train stations.
Yet, over the past few years, it has expanded into something much more affordable and inclusive. With 5G technologies that allow for never-before-seen speeds in connectivity and the transfer of data, marketing has become a collaborative effort between businesses, their existing customers, and potential clientele.
For example, if you want your small business to achieve recognition and popularity among the masses, you could set up a website and open a few social media accounts on platforms like Facebook, Twitter, Instagram, and YouTube. You would then proceed to design a campaign based on stunning visuals, great video content, and user participation.
Growth With Technology
Technology is meant to be used as a tool for businesses and individuals to speed things up, make processes more effective, and make life easier and more convenient. Luckily, we live in an age with an abundance of it, so much in fact that the issue many times lies in knowing what to use and what to discard.
From a business growth perspective, there are a wide variety of ways in which technology can be one of your most trusted assistants. For instance, an enterprise can use virtual machines and cloud compute engines to not only simplify processes but also save on valuable financial resources.
Another example is companies using analytics. In today’s day and age, the role of analytics is not only to gather information on how many visitors your website has or where they are coming from. Aside from this, analytics can give your firm the proper knowledge to exercise the best possible sales and marketing strategy. It can also measure in real-time whether this scheme is bringing in new prospects or you should turn to something else.
Growth Through Better Communication
A clear sign of bad management within an enterprise is the lack of proper communication channels and the absence of a step-by-step process to deal with the unexpected.
Let us imagine a situation in which one of your top engineers has called in sick, and there is a breakdown of your company’s network infrastructure. In this scenario, what is the first thing you should do? Should you call the engineer and beg him to come to work? Is it a better idea to email the CEO directly? What about handling the crisis yourself?
The most important thing is not how you answer this question. The key lies in not having to.
This decision shouldn’t be based on what you think is best. Instead, there should be an operating manual or procedure book to handle any emergency that might arise. It will not only optimize how your business runs but also save you money in the long run.
Business success is not guaranteed. There are plenty of things that can happen that are out of your control. Nevertheless, the focus should always be on minimizing these instances and helping the company achieve growth.
To do so, an enterprise must engage in clear marketing strategies, use existing technology appropriately, and put in place better communication channels. These are simple, realistic measures any business can take to maximize its growth opportunities.