In the fast paced world of business, everyone is looking for ways to save time, money and generate business growth. Sole traders, you’re no exception, and that’s why we’ve rounded up some simple hacks to help grow your business to the next level.
While you may not have the luxury of a massive budget to generate growth, these hacks are easy and accessible ways that you can work smarter at growing your business.
Branch out and network
Just because you’re flying solo doesn’t mean you can’t look at clever ways to network and expand your business. No matter what industry you specialise and operate within, there are always opportunities to get your business out there and growing.
For example if you are graphic design business, why not look at connecting with other businesses which complement the kind of services you provide. Have a chat to IT developers who may assist with other small businesses who may be needing logos and design work done for their websites.
Connecting can be as easy as sending them a message on social media and talking about ways you can support each other through referrals.
Use your reviews
Asking your customers for reviews and testimonials are priceless. Firsthand accounts from customers who have engaged with your business, give potential customers an honest insight into your business. They can help make or break some businesses.
Look at turning your reviews into social posts, and if you have a website make sure they are published for others to read too.
The power of word of mouth
It’s no secret that people talk, and word of mouth is one of the most powerful forms of marketing and growing a small business. If people are happy with the products and services, you provide they are going to be quick to refer your business to others.
Encourage your customers to refer others if they are happy with your business and be sure to keep a few business cards handy to give out.
Don’t forget about your existing customers
Touching base with existing customers that you have done business with in the past is sometimes an untapped resource. They may have used your products and services a while ago, and that’s why it is important to remind them of your brand and see if there is anything you can do to help them.
Depending on the type of sole trader business you operate, you might be able to entice them back with a special offer or discount to increase repeated business.
Take your time
Identify what stage your business is in and be realistic with your growth expectations. Rushing stages and putting your business in a position that may not be beneficial for growth for the long haul are mistakes many business owners commonly make.
Ensuring that you’re investing in the right areas of your business sometimes involves the eyes of an expert. Have a chat to a professional about your business, it’s financial position and get some advice on the next steps that are going to help your sole trader business grow to the next stages.
Be prepared for growth
Wanting to grow and being prepared for the increase are two different things. There are lots of things to consider when looking at growing and expanding your business. These are just a few things you may need to think about before growing your business:
- Will you have enough stock to fulfil the increase of your orders?
- If you are providing a service do you have enough capacity to keep up with the increase in jobs?
- Is your business premises big enough to keep new stock, tools, equipment etc?
- Do you need to purchase new equipment to help keep up with the increased work load?
- Will you need to employ more staff?
Making sure that you look at all aspects of the business and that you can keep up and provide the same level of service and quality is important for maintaining your business for the long term.
Growing your sole trader business doesn’t need to be nerve-wracking, neither does getting your business insurance arranged for your sole trader business*. BizCover offers business insurance solutions to help different kinds of sole trader businesses from Public Liability* to Tool Cover* and protecting your bricks and mortar with Building and Contents insurance* too.
Visit bizcover.co.nz and get insurance for your sole trader business without drama so you can get on with your day. If you’d prefer to pick up the phone and chat you can find us at 0800 249 268.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited.