You want fast business growth, right? These are the growth strategies I believe are the most beneficial. Please understand that every business is different, so these may not work for you. It never hurts to try!
Hire Employees
If you are starting with a healthy amount of startup capital, I highly recommend you spend 20% of your budget on hiring employees.
Think about it this way, as an individual, you may be able to get out about 1 to 2 services a week. If you hire 5 people, you can boost that to 5 to 10 services a week. I’m a numbers girl myself, shout out to Xavier for my accounting and finance knowledge, so let’s run the numbers.
If you provide one service that costs $3000, and you have 2 clients a week, that’s $6000 a week, $24,000 a month, and $288,000 a year, which is about $261,420 after self-employment taxes. (This heavily depends on your business type: sole proprietorship, partnership, corporation, s-corporation, or limited liability corporation.)
Let’s imagine the same scenario, but this time you have 5 employees and you charge a 2% brokerage fee on every client they consult. If each employee takes on 2 clients per week that’s $30,000 in total and $600 in brokerage fees. This may not seem like much but $600 every week is $2,400 a month, $28,800 a year, and about $24,394 after tax. Who wouldn’t love an extra $24,394 for doing nothing but hiring someone?
In my opinion, hiring has no limits and minimal downsides and the goal of all business owners should be to exit their business as soon as possible.
Create a Social Media Presence
This one is a given. It’s easier to make sales and generate leads when you have a social media presence. I also explained the benefits of creating a social media presence as a business growth strategy in several blog posts.
The benefits include:
- Low-Cost Advertising
- Lead Generation
- Higher Business Awareness
- Streamlined Trust Building
In other words, building a social media presence is vital to fast business growth in today’s society.
Use Your Unfair Advantages
You may not know it yet, but you have something no one else has. That’s your unfair advantage. So, how do you find your unfair advantage? I like to break it down into 3 sections: your past, inherit abilities, and passions.
Your Past
Reevaluating your past is one of the easiest ways to find your unfair advantage. This theory is related to the 10,000-hour rule created by Malcolm Gladwell in his famous book the Outliers. In short, the 10,000 hour rule states that you gain an unfair advantage in a topic once you have reached 10,000 hours in study time. So, ask yourself: what do I have 10,000 hours in?
An incredible example of this is Microsoft co-owner, Bill Gates. As a High School student, Bill Gates spent hours in his local library learning how to code and program computers. He even went as far as to dig in the trash can of his local library to find a manual for the newest computer so he could program it better. Thanks to that manual, he began working on what we know today as Microsoft.
Your Inherit Abilities
What are you inherently good at? This one may be a bit harder to find. If you have trouble, think of what people come to you for naturally. Maybe your family and friends ask you for relationship advice. Use that to your advantage. Inherit abilities are great because they come with built-in clientele and reviews.
Your Passions
When you have a passion for something it shines through in your work. Kobe Bryant is an excellent example of this.
Kobe wasn’t just passionate about basketball. He was obsessed. He knew everything about the game and worked extremely hard to stay on top. It’s said that once he missed a shot because of a camera flash, so he spent the following off-season shooting the ball while staring into the sun. Kobe was relentless in his efforts to be the best. If you want to have your passions as the center of your business, you must be obsessed with being the best.
Key Takeaways:
- Employees are vital to your business growth because they boost your productivity while allowing you to focus on things that matter.
- Creating a social media presence is one of the fastest ways to grow your business, so it’s what I recommend you start with first.
- Everyone has an unfair advantage, you just need to find yours. Once you have it. Run with it.
Thank you so much for reading this post! I hope you learned something new, and if you did please let me know in the comments below. (There are affiliate links within this post)
