Traditional business advice often emphasizes to entrepreneurs that scaling their business is the key to success, however, common strategies used by small business owners may not always be easy to come by depending on the circumstances. Therefore, it's important to adopt a fresh approach and perspective to maximize opportunities and navigate the early challenges of entrepreneurship.
Here are a few non-traditional strategies to scale your business.
1. Build an online community
Having an online community serves as a virtual space where your customers can engage directly with your brand and with each other. There are many reasons why having an online community can be beneficial for growing your organization. Community members can often assist one another with commonly faced challenges, reducing your support costs associated with customer inquiries and saving time on your end. Another thing to note is that by interacting with your brand in this space, members may be more willing to invest in your products and services. You should also recognize that it takes an extra step for your customers to sign up and be a part of your online community. That's when you know you're doing something right and that they're more likely to be a long-term customer committed to your organization.
To kick off your online community, begin by choosing the platform that matches your business objectives and resonates with your audience's preferences. Facebook stands out for its ability to reach a diverse audience while offering dedicated features like groups and pages that are designed for community building. LinkedIn Groups are great for B2B organizations, professional networking and industry-specific discussions. Reddit, known for its niche communities, provides a valuable platform for you and your clients to discuss specific topics, host Q&A sessions and share personal content based on individual experiences. The next step is to define the purpose of your community. Whether it's sharing industry knowledge, providing customer support or gathering feedback, establishing a clear focus will help attract like-minded members and gradually grow your business. Once you've set the foundation, it's important to encourage your members to participate in discussions and share their own content. Before you know it, you've built yourself a dynamic community that will help scale your business.
2. Gain a reputation through awards
"Award-winning", "Critically Acclaimed" and "Top-rated" are words we've all seen countless times across different products, services and brands. Each of these terms convey a sense of achievement, instilling trust and establishing a positive reputation before any other assumptions are made. If attached to your own business, they'll serve as a powerful endorsement and confidence booster for your potential customers and investors. While it might seem like an incredible feat to achieve, obtaining such titles can be more attainable than you imagine.
The easiest route to win an award is to apply for contests that are smaller in size. These contests may be industry-specific or local and targeted in a niche category that your organization may be eligible for. Start with some research on relevant awards within your industry that align with your business's strengths and goals. Additionally, you should check newsletters, magazines and blogs that might mention any upcoming contests. Networking can also open numerous doors for you to connect with industry peers, mentors and business associations that may know a thing or two about the next big event. Once you find one that you're interested in, be sure to zone in and double down on what makes your business stand out.
Stay updated on award deadlines and plan ahead to prepare any necessary materials needed for submission. Once you win an award, make it a big deal - it truly is one! Share the exciting news with your customers and followers to showcase your business's success. Leverage the recognition by publicizing it on your website, social media platforms and in any marketing materials to further scale your business with its newfound reputation. New customers and opportunities will flood your way!
3. Raise money through crowdfunding
Just like we mentioned above about having a community for your business, crowdfunding is another way build a "fanbase." Crowdfunding empowers entrepreneurs to use online platforms for funding their small businesses. People who are interested and see the vision behind your passion can contribute financial support. Those who are interested in investing are often rewarded with future benefits or rewards tied to your business once your fundraising campaign is successfully completed. This may be a great alternative for your business if you're having problems securing traditional finances from banks or investors. As a bonus, crowdfunding automatically gives you an extra buzz and builds awareness for your business.
After choosing a platform that you'd like to crowdfund with (Indiegogo, Kickstarter, Fundable), make sure to complete your profile in its entirety. Campaigns usually require you to set a target funding amount and a specific timeline within which to raise the funds. Depending on the platform, you may have the option to retain the funds raised even if the goal wasn't met. The only costs associated with using a crowdfunding platform is that they may ask you for a percentage of the funds raised or require you to pay a subscription fee. Finally, you'll be on the path to scale your business through supporting various aspects of your business. For example, the funds you raise can be directed towards product development, manufacturing enhancements or expanding your offerings.
Scaling your business isn't always a walk in the park. However, by taking some non-traditional steps to maneuver your business towards success, you may find yourself with new opportunities for growth!
Feel free to check out our previous blogs on learning how to grow your business through reading and volunteering.
Author: Gary Wong
Have you used any of these methods to scale your business? If so, how has it helped?
Feel free to let us know in the comments below!
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