Do you want to be a successful business owner or entrepreneur someday?
Do you want your small business to be profitable?
Do you want your small business to grow and flourish into a big business?
Do you want your small business to be worth something significant someday?
Most people answer all these questions with a forceful “YES” yet few small business owners are proactive about growing their business and making it profitable.
According to seasoned entrepreneur Carmelo Cerrelli, every small business wants to grow into a big business someday, but turning a small business into a big business is never easy.
According to research, only one-tenth of 1 percent of companies are able to grow their small business into a big business and make a substantial profit. In other words, most businesses start small and sadly remain small.
Though there are some small business owners who are satisfied to maintain a small operation that they can run themselves in return for a decent but limited income. However, there are others who are driven by the challenge of growing their small business into a high-profit venture with a much larger market share.
Here are some basic tips for growing your small business into a big business from seasoned entrepreneur Carmelo Cerrelli:
According to seasoned entrepreneur Carmelo Cerrelli, make sure you don’t make the mistake of attempting to grow too soon, simply because you should wait until you have a period of successful trading behind you in order to provide evidence that your business model works. Also along with some basic market research, it will tell you whether there is enough demand to justify expansion.
- Make sure you start your growth strategy by selling more to your current customers.
- You must attract new customers through increased investment in promotion and advertising.
- Make sure you expand existing sales channels or create new ones, for example, expanding through developing an online sales channel.
- You must enter new markets in order to open up new outlets. For instance, exporting could be an option, which would give you the benefi of selling beyond your region or you can simply aim your offer at an entirely new set of customers.
- Make sure you introduce new products or services to your marketplace that can give you an instant edge.
- You must also introduce new technology to your business.
- You must create partnerships with other businesses, simply because sharing resources and expertise with another business will enable you both to flourish without overstretching yourselves.
- Always remember, networking can introduce you to potential customers, business partners, investors and mentors.
Always remember, business growth involves risk and commitment, and it will not necessarily happen fast but every large business started somewhere. So if you want to grow your small business into a big one, then you should constantly motivate yourself about what you are doing right now would excel someday.