How to grow a part time business? What are the effective ways you can practice?
Here are 10 proven ways to promote and grow your part time business:
Once you have secured a client, always ask them to refer your service to friends and peers if they are happy with you. In return, reward them with a small sum of money (or goodies) as a show of appreciation.
The best thing about referral is that you do little convincing, as this was done by your referral. In fact, one day you may come to realize that most of your part time business is generated through a self-sustaining referral system.
2. Word of mouth
Word of mouth is the best and most rewarding promotion there is. Better, it’s free! No advertising charge incurred. No money leaked. To get the word of mouth advertising though, there is this pre-requisite – you must do your job extremely well. Only when you do so, people would come to you for business. You will be surprised to be approached by a total stranger telling you how much they need you.
Instead of buying that new kick-ass 27-inch TV monitor, why not spend the money to advertise your products or services? After all, if the business grows further, perhaps you can acquire the whole shop in the near future. There are many ways and platforms to create publicity – newspapers, internet, job boards, radio, brochures, magazines, bill boards or even TV.
4. Brand/image makeover
The most influential brands in the world are those that know the value of the branding power. Every single inch of the company is designed in such a way that reflects the industry and business they are in. How’s your business cards? Don’t have one? How does your logo look? What is your USP (Unique Selling Proposition)? Did you create a professional company profile just in case your clients ask for one? If there answers are no, it’s time for a makeover.
Yes, that’s true. Sponsorship needs money. And you’re so reluctant to do so because you thought sponsorship involves you giving away big money – like paying for a couple’s flight trip from New York to Singapore for holidays. No, it does not have to be big bucks. Sponsorship can start as small as distributing free books for children, t-shirt giveaway to camp participants, stationery, coupons and vouchers, and many others.
6. Remember the 80:20 rule?
While the Pareto Principle’s 80:20 rule is interpreted in many ways, the most common notion worth holding on to is that 80% of your business is generated from 20% of your customers. This is regardless if the business is done on full time or part time. It is pretty much consistent throughout.
It is also safe to assume that you’ll be spending as much as 80% of your time for this 20% clients that are giving your business. In other words, this means that to drive your business forward, do not take your existing clients lightly – they can make or break you, and they will.
Write. Write articles, tips and guides to newsletters, local newspapers, company brochures, magazines and so on. Join the internet bandwagon and start blogging. Pick your niche and start writing. Once you have continuously written a lot on your chosen field, people will start knowing that you are an industry expert. You will realize that you have built credibility when people will start coming to you for help and ask questions.
If property is location, location and location, then business is network, network, network. Networking is the art of developing personal acquaintanceship and grow it into professional and business relationship. Often, network is generated through events that gather people who share common interest. Trade shows, exhibitions, soccer, barbeque, horse riding, golf, hiking, ball painting are just few of them.
9. Partnership, JV, collaboration
Another effective way to boost your market presence. Practically, a partnership, JV (joint-venture) or collaboration can be done through various structures. For example, a small company can offer an attractive partnership initiative, the success of the JV formation depending on how well this small company convince the other. 2 small companies in 2 different fields may also decide to do cross-promotion and double their prospects.
Innovation is essential not only to grow your business but also for survival. Without innovation, every motorist today will be riding a black Ford, and franchising would still probably considered scam. Improvise, diversify, expand and streamline your business every now and then so that they can remain competitive, and can be grown bigger and bigger.