If you are looking to build a business from the ground up or even looking to expand an existing business, there are several things that you have to consider. Your business skills are important, of course, but the way that you present yourself to the people who may be funding your business as well as frequenting that business matters as well. You must consider your reputation as part of the business equity that you are looking to either build or expand.
Purpose and Promise: Your Word is Your Bond
Every business has a business plan where they set forth what they plan to do. Of course, they plan to turn a profit and that is a viable goal. But, they also plan to give their customers a good service or product with solid customer service and reliable staff that are courteous and polite.
Your Target Market: Will You Maintain or Expand?
You have a target market, no matter what kind of business you are running. There are others who may be interested in that business, who may be called your ancillary or secondary market. It is important that you work to maintain the established customers because they are a solid part of your business. A business that tries to expand at the expense of their established customer base is a business that is bound to fail because they have pushed aside their most loyal fans.
Your Public Image: Can You See me Now?
A new business must create a public image from scratch while an established business may either need to revamp their image or continue the image they already have. A market survey can be a great way to find out how your customers and other s feel about you. If you use a survey for research, do reward your customers with a discount coupon or small gift to thank them for their time and their feedback.
Timing is Everything
When you start an expansion or start a new business, timing is key. If everyone else is clamping down on their operations, expansion is going to be seen in a suspicious manner. In a very bad economy, people are likely to view business expansion as a bad thing – wondering where the funds to add on, for instance, are coming from. Existing customers might fear that prices will increase to pay for new items or new employees. It is important to consider and alleviate these fears to keep your customers.