How To Turn Your Small Business Into a Six-Figure Company | When you’re just starting out as a small business owner, six figures sounds like a dream. Depending on your industry, you may be handling supplies or cash well over that amount on a daily basis, but for many people, reaching that threshold can change lives. If it seems difficult, it probably is, but it’s also very doable with the right techniques and determination. Here are some ways to put your company on the right path.
Trying Targeted Marketing
Every marketing company thinks they have a marketing strategy small business owners need, you just have to find the one for you. While it can be convenient to have someone else handle all of the marketing needs for your business, you should still do some research on your own. Know where your target demographic spends time online. If someone suggests you start running ads on Facebook, but your customers are on Instagram or TikTok, the marketing campaign is going to fail. This can give you the false impression that your audience isn’t interested in the service or product you offer when in reality you just haven’t figured out how to reach them. If you don’t do this research, you could end up using faulty data to switch up your products when you don’t need to, costing you time and money.
Pursuing Sustainable Growth
You may want to hit that six-figure mark now, but the reality is that most small businesses need a few years to become profitable, and you may not even consider the company “successful” for another several year after that. Sure, some companies seem to blow up overnight, but you should view them as the exception rather than the rule. Plus, many companies that see rapid growth aren’t equipped to meet those demands, so they crash and burn instead. You don’t want to be that company that goes viral and then takes months to fulfill orders, or worse, finds a different supplier to fulfill orders, sacrificing quality and your reputation forever. Gather your data and consider all of your different resources. Consider your funding options, cash flow, and current financial data to create a realistic goal trajectory.
Do you want to know what your customers want? Do you want to know what about your company makes you so attractive to your current customers and keeps them coming back? Get personal. Ask for help and send a survey asking for their thoughts. You can’t read minds, and asking passionate customers what they want to see next will give you valuable insight into your audience. If you get the same feedback from more than one person, you’ll know you’re on the right track. Also, don’t be afraid to interact with your audience on social media. Like comments, respond to comments, and respond to messages. You don’t need to become best friends with everyone, but acknowledging people with a simple like makes them feel like you’re listening and that you value them.
Chasing the Excitement
Do you have a product or service that consistently sells far above your other products or services? This could be a sign that you need to alter your offerings. If people like your art on keychains, put more of your art on keychains! Don’t go overboard though, especially without doing your research. You could go broke making keychains when the real cause of success was the art piece itself, and really your audience wanted to see the design on other items. If a product goes viral online, don’t rush to create your own version unless it aligns with what you’re already creating. Trends can be useful, but they can also be risky. Don’t spend too much cash trying to chase them, because you may never catch up.
Many small business owners have income goals they want to reach, but it’s important not to rush them. Give yourself the time and space to grow, and with careful research and determination, you should begin to see more of the results you want.