How to Actually Grow Your Business.
Well, well, well. You made it to this article which can only mean one of two things; you've either kickstarted your business, or you're about to start your journey as an entrepreneur. Congrats, that's a huge step! Starting your own business is a decision that completely changes your life, regardless of anything else. However, having an LLC & a cool business name doesn't guarantee instant success.
Now, before we dive in deep, a quick chat from us at Artsition. We’re not here to sing the same old tune that "hard work is everything." Sure, it sounds good, especially on social media, but there's way more to the story.
If business success & accomplishing your dreams truly depended on only “hard work”, then Jimmy Hendrix would’ve won a Grammy; Tom Cruise would have an Oscar; Spongebob would know how to drive. The list can go on. Being told to work hard is a great motivator, but you need more than hard work to make the dream work.
We refer to a different mantra, “Work smarter, not just harder.”
Every business, whether it's a garage startup or a big corporation, can be summed up into three main components. These are like the three legs of a stool. If one is missing, well... you get the idea.
Your Offer (Product or Service):
What it means: This is all about the value and quality of what you're providing to your customers. Whether it's a tangible product or a service, it needs to meet or ideally exceed, customer expectations.
Why it matters: A good product or service builds customer trust and loyalty. If people love what you offer, they'll come back, and even better, they'll tell others about it. This word-of-mouth is invaluable.
Getting the Word Out (Marketing):
What it means: This is how you let the world know about your fantastic product or service. It's about strategically communicating its benefits and value to your potential customers.
Why it matters: Effective marketing creates awareness and generates interest. If people don’t know about your offer, no matter how good it is, they won’t buy it. Solid marketing ensures your product reaches as many eyes and ears as possible.
The Buzz Around (Demand):
What it means: It's about the market's appetite for your product or service. Is there a genuine need or desire for what you're offering?
Why it matters: A product can be great, and its marketing spot on, but if there's no demand, sales will stagnate. It's vital to ensure there's a market for your product, and if there isn't, understanding how to create that demand is crucial.
The Tale of Little Susie.
Imagine Little Susie starts a cupcake stand. Her cupcakes? Amazing. People who try them? They can't stop talking about them. Plus, the holidays are coming up! Everyone and their mother is in the hunt for sweet delicacies that are Little Susie’s cupcakes,
She's got all three down: Awesome cupcakes (product), people spreading the word (marketing), and the holiday crowd craving treats (demand). Susie’s hitting a home run.
Now, let’s switch it up a bit:
It's March. Susie, with her still amazing cupcakes, tells everyone. Puts up signs on the neighborhood street signs & lamp posts. But there's no buzz. No parties, no holidays. Great cupcakes, sure, and good marketing. But no demand. Without that, the cupcakes just sit there.. (Cue the sad violin).
A Moment of Reflection: Evaluating Your Business Through the Three Pillars
It's easy to read about concepts, but the real magic happens when you apply them to your unique situation. It's time for a personal business audit, using our three pillars as a guiding framework.
Your Offer (Product or Service): Take a step back and evaluate your product or service. Have you sought feedback from your customers lately? Are there aspects that could be improved, or perhaps something that differentiates you from competitors that you aren’t leveraging enough?
Getting the Word Out (Marketing): Consider your current marketing strategies. Are they effectively reaching your target audience? Maybe you're doing great on social media but missing out on local advertising, or vice versa.
The Buzz Around (Demand): Analyze the market demand for your product or service. Are there seasonal trends you should be aware of, like our Little Susie’s cupcake example? Moreover, if you perceive that demand is low, ponder how you can pivot or adapt.
Engage with other business owners, join forums, or attend webinars. The experiences of others can provide invaluable insights. Remember, staying informed and being willing to adapt are the hallmarks of successful entrepreneurs.
Here at Artsition, we've seen businesses transform by simply being introspective and proactive. Your business isn't just a means to an end; it's a reflection of your vision and passion. Honoring that by regularly evaluating its health through these pillars is not just good practice – it’s a duty to your dream.
In conclusion, nurturing a successful business is akin to cultivating a thriving garden. Each element – or pillar – must receive the care and attention it deserves. Understand them, work diligently on each, and watch your business flourish.
