Tuesday, December 29, 2015

Growing business larger

     Free daily tips, information, advice and ideas
     to help you better manage your small business

     To get a business out of the garage and into the big time takes lots of dreaming, hard work and vision.

     Today's leaders in computer technology and social media started small. So did fast food chains--one place at a time.

     The ultimate size of a business depends on the vision of the owner. The main constraint is the marketplace. Markets limit growth.

     No matter the size of your dream, the buyers out there for your goods and services will determine just how big you get.

     Example: Professional therapists usually work alone, serving a relatively small group of clients. Also working alone, many specialists in massage, Reiki, yoga, personal trainers, even chiropractors and nutritional experts can only handle so many clients. But, by expanding into a wellness center, more clients can be served--and each specialty attracts more clients to take advantage of their services.

     Example: Small cafes can specialize, attracting tradespeople looking for hearty breakfasts and quick lunches. Electricians, plumbers, construction crews, landscapers and others start their day very early. They represent a niche market in the fast food business. Look at the market in your area for a new type of fast food. Not talking about Burger King or Starbucks--these places compete for a different market.

     Example: Older style gift shops can change direction and grow large by attracting a market segment that is more today. There is a growing niche market for up-scale, high-end, handmade items. A small or outdated gift shop can re-brand itself and grow by addressing this new market. Seek out artists and artisans who create--many of these creative types are looking for a shop to sell the things they make. 

     If your small business is stuck at the present level, start thinking outside the box. Re-examine your market. Look for new markets. It is the markets that rule--not your dream.

     Dreams are the stuff of small business. But markets always trump the thing you might have had in mind when you began.   

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