Part Three: Growing Your Business

OWN ITHandbook forHow To Be Self-Employed

HOW TO GROW YOUR BUSINESS

In this presentation adapted from the OWN IT Handbook for How to Be Self-Employed, we'll be covering a few of the hardest questions around growing a business on your own. This includes word-of-mouth advertising, using customer feedback to improve your offerings, and determining your most effective pricing.

Word of Mouth

In an ideal world, after you land your first customers they will just naturally start talking about your business with their friends, and suddenly it spreads like wildfire. That's where we all want to be. But getting there doesn’t always happen on its own.

Word of Mouth

You don’t have to sit around and wait for word of mouth to develop. There’s a lot that you can do to help nudge the process along. Here’s a practical approach to nurturing word of mouth for your business.

Start Small and Ask For Help

Ask for help from your friends and most loyal customers. They'll rave about you for hours, but only if you ask. You'll be surprised how many are willing to help, and you never know when someone has a relative or a colleague who is looking for exactly what you offer.

Start Small and Ask For Help

Treat your first 10 customers as a valuable part of your business. Take their feedback and incorporate it into your work, offer them exclusive deals and discounts, and make it easy for them to refer their friends.

Start Small and Ask For Help

Are you selling products that your friends and customers could bring to their day jobs? Give them a sample to carry around and show off to their co-workers.

Think about how you can reach out further to your own local community. Build your local base through referrals and face-to-face networking opportunities.

Start Small and Ask For Help

OWN IT Members have learned that by looking for ways to partner with another local business if you need distribution, and by building referrals into your pricing, you can find creative ways to bring in business via word of mouth.

“I can't expect the local community to support me if I'm

not supporting them.”

Audrey VaggioneChocolatier and Cafe Owner

“Both my customers and I take pride in our neighborhood and the amazing produce we have here. I feature local goods and neighborhood artists in my cafe because it makes a difference.”

– Audrey Vaggione

Use Customer Feedback to Keep You On Track

• Building a sustainable business means your customers are happy, and they keep coming back for more.

• Practice asking for feedback from day one, especially with your first 10 customers.

• Gather honest opinions about your product or service, and keep asking regularly.

• Offer small rewards or recognition for contributing feedback.

“I started shipping free samples in exchange for feedback. The suggestions I got were incredible. Free food goes a long way! Plus, I can rely on these customers to keep coming back regularly.”

Aihui OngOwner of Love With Food

Can I really make a living at this?

• How much cash can you actually earn? • How do you turn a goal for income into

real cash flow to support your business? • Experiment with pricing for the

answers.

Use your customers to gauge pricing and profits.

• If lots show interest, but few actually buy, is a steep price tag steering them away?

• If you’re saying "no" to clients because your hands are full, take a step back. Experiment by raising your prices slightly.

• It might take awhile to get your pricing strategy just right, as many of our OWN IT members have learned, but it will be worth it when you can manage your time and your customers in a way that keeps everyone happy.

“We learned that we needed just enough customers so that we could set prices that were fair for them, but profitable for us. We knew we were undercharging people when we had uncontrollably high demand and we still couldn't pay the bills.”

Jordana and Cassius WrightFreelance Photographers

Growing Your Business Beyond Local

• Are you selling a product? Think about exhibiting at trade shows, festivals or conferences.

• Are you offering a service? Build your business via the Web and social media.

• Get out of your comfort zone and go for it!

“So many artists fear criticism, so their work is hidden behind walls. Once I started getting outside and making art in front of people, there were no secrets or criticisms that came too late. I got much farther much faster, and this gave me courage to tackle new challenges.”

Eric MaruscakChalk Artist

Related Slideshow

Take a look at our related slideshow.

How to Grow Your Business on Instagram

FIND MORE INFORMATION on OWN IT• Visit OWNIT.com for our full guide on How To

Be Self Employed including additional information and links.

• Check out the rest of our helpful series. • Join the Network Dedicated to Small

Business Success. • Connect with thousands of small business

owners like you with our free app.

https://www.ownit.com/communities/ownit/posts/676100

Get more information for your small business on OWN IT.

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