As a business owner, you have to seek out ways to take a larger portion of your market, something you most likely need to build a strong client base, and to achieve success in the long term. During the first six months of a business’s life, a business will often have to tread water simply to break even. This critical time can sink even the strongest business owner’s plans, even one with an excellent capital source and a sound business plan. The best way to mitigate your business’s early struggles is to keep moving forward, and to work on building a stronger customer base. This often works in two ways.
Your business has to provide excellent customer service to keep your customers paying for your products and services. Keeping your existing customers is often much cheaper than bringing in new customers. Don’t lose your regular clients by being sloppy. Keep the customers that keep your business alive both happy and loyal. Once you have a good customer base, you can build on that foundation through a strong advertising campaign, as well as by making your business available to your target customers. Creating a solid base for your business can often allow you to make a bigger investment in marketing services, and to begin expanding your market reach, at least as it pertains to products or services you offer. Your business will soon be a self-sustaining entity, and you can then invest your profits into hiring more employees and expanding your physical presence.
As your business expands, you will be able to take on more clients and serve your established customer base even better, and the system feeds back on itself. The more success your business achieves, the more you can expand, and the more you can help your customers and your market share. Even large businesses struggled when the first started. You can make yours into a winner if you prepare to succeed.
Russell Sergent is a small business owner from Rockford, Illinois. He runs three businesses: Pro-Source Distributors—a janitorial supply company, Pro-Source Xtreme—a snowmobile supply store, and a Quizno’s franchise.