Over the past few years, over 35% of Americans have used side hustles and freelance work to complement or complete their income. When you invest your time, energy, creativity, and resources into your side hustle, it can quickly become your full-time career. If you have contemplated transforming your side gig into a career, there are few helpful things that you can do to expedite your success. In this article, we will share six ways to grow your business this year.
1. Invest in Marketing
When launching a business, many people are hesitant to invest in marketing. As you try to manage a lean budget, you may be tempted to think that marketing is an unnecessary expense. In reality, marketing is a critical component of organizational success. High quality marketing efforts will effectively deliver your message to the target audience. Without these efforts, how will prospective customers know about your services?
When you begin telling people about your company, you will be surprised to recognize how many people you are truly connected with. Utilize your connections to expand your network. Does your friend have a cousin that owns a large company? Is your neighbor a reputable person in the community? Ask the people in your life if they would be willing to introduce you to their network. Expanding your customer base through personal referrals is a pathway to success.
3. Get a Degree
When you go back to school and receive your MBA (Masters of Business Administration), you will gain a better understanding of the way that a company operates. Not only will you develop knowledge, but this certification will help define your business expertise. Thankfully, there are many amazing programs that allow you to have flexibility in your schedule. You can continue expanding your business while taking classes. There are part-time and full-time programs offered through accredited universities across the country.
4. Offer Incentives
As you get your business off the ground, consider offering incentives to your customer base. Some common incentives include:
- Access to free shipping when you reach a certain spending threshold
- Discounted rates on certain products
- Free giveaways with different spending thresholds
When you offer competitive sales, you have an increased likelihood of getting more customers through the door.
5. Invest in Your Customers
When you launch a business, you will begin to cultivate a customer base. As your base develops, you will continue to gain a better understanding of what the client is interested in. As you get to see the transactions and habits of the client, take an opportunity to build a personal relationship with them. When you get to know the foundational customers on a personal level, they will be loyal to your brand. If they truly love the product or service, they will refer it to their friends.
6. Stay Organized
If your documents and papers are unorganized, you will quickly lose grasp of the business. As people engage and transactions are made, implement a quality management system that can keep track of all profits, expenses, projections and customers.
This year, you have the opportunity to take the success of your business to the next level. Growing a business takes determination, grit, and passion. By investing in marketing efforts and relational equity, you will see your customer base grow. Staying organized and furthering your education will help you gain the necessary knowledge to persevere through difficult business decisions. Whether you are a photographer, a writer, or a fitness instructor, you can expedite the success of your business.