Business Growth Stalled? Here’s What’s Next

Are you ready to grow your business but don’t know where to pick up where you once left off? Sales and customer service can only get you so far. If you’re ready to expand, today’s tips can help you move past simply sending more invoices.

Get more space.

Although many businesses operate on a virtual platform either full or part-time, sometimes you need a bit more space to spread out, collaborate with your team, or physically create inventory. For office space without a permanent commitment, sign up with San Angelo Studios coworking space. There are many flexible membership options that start at just $50 per month.

Change your business structure.

Many small businesses began as sole proprietorships or LLCs. However, there are other options out there, including an S corporation. This is a type of structure that gives you the benefits of a corporation with the pass-through tax advantages of an LLC. This means you can count business losses on your personal taxes and skip paying federal taxes on the business level. To save, file yourself online.

Evaluate your process with BPM.

If all of your business processes are currently manual, it’s time to reevaluate. Look for ways to get your systems to talk to each other. This is usually achieved through business process management strategies, which help you automate many practices. Your workflow, data, and people will be in more constant contact with each other, and you’ll cut down on laborious tasks. Talk with your staff continually to see if your BPM plan is working, and listen to them when they offer advice on how to make it more effective.

Hire more people.

Even though everyone around you considers you Superman or Superwoman, you can’t do it all alone. Your business got to where it is with your hands-on guidance, but now may be the perfect time to let go of some responsibilities and hire new people. Marcus Lemonis has famously said for years that his employees are his number one priority, taking that coveted spot away from the customer. When you have great employees, they are an asset to your business and can help you grow in ways you never imagined.

Research complementary products.

Complementary products are those that your customers are likely to purchase alongside of or shortly after buying yours. Make sure that you know what your customers need and want, and then offer it to them. If you are a salon, for example, you might sell your shampoos, conditioners, and styling tools. You’ll also want to make sure you always have gift cards on hand, which is just one of the many marketing tips from The Salon Business blog.

Consider buying out the competition.

If you’re ready for a huge leap on the growth journey, consider buying out the competition. Lendio explains that this has many benefits, including fewer competitors and quick growth. However, you will want to proceed with caution as it may be tough to integrate, and you may go into debt to make the purchase.

Streamlining with business process management, hiring new staff, and moving to an S corporation structure, along with the other tips we presented above, are just a few ways to grow. What’s important for your business is that you look ahead and lay a strong foundation for the future. Remember, growth does not have to happen all at once, and even small steps along your journey toward success are something to be proud of.

San Angelo Studios has a desk for you. Contact us today to see how you can get a free day in our cozy and comfortable coworking space.

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How to Manage Entrepreneurship Across States

If you run a business that operates in several states, becoming a multi-state homeowner may have been a strategic choice that you made for entrepreneurial success. But managing multiple homes while running a business isn’t easy. Designing great workspaces with tips from Phoenix Home + Garden can simplify your life! Furthermore, these tips can walk you through everything from managing your cost of living to secure your homes to finding a registered agent.

Keep Your Homes Safe

If you own several properties and you move between them, you need to ensure that they’re safe and secure when you’re gone – especially if you store business tools or documents in your homes. You may want to buy security cameras, an alarm system, or a safe. To make sure you’re investing in high-quality products, check out detailed reviews from neutral sources before making any purchases. 

Assign a Registered Agent 

When your business is registered in one state, but you manage operations throughout several states, it’s a good idea to have a registered agent in the state where your business is officially based. You can rest assured that your business will run smoothly even when you’re on the road. You’ll have to lay out established processes and decision-making guidelines for your agent. If a lawsuit or tax notification crops up in your absence, your registered agent can handle the situation for you.

 Choose the Right Insurance Policies

Everyone needs various forms of insurance – but your policies are typically tied to the state where you live. What if you own homes in multiple states? If you divide your time equally between states, you can enroll in a health insurance policy in the state that offers the lowest rates. If not, you’ll want to enroll in a policy in the state where you spend the most time. To purchase car insurance, you will need to choose a policy in the state where your car is registered. 

Stay on Top of Organization 

Staying organized is key for multi-state homeowners and entrepreneurs. Keep your digital files in a cloud storage system that you can access from anywhere, and ensure that your physical documents are kept in order at your homes. You may want to make copies of key documents to store at different homes. If possible, you may want to hire a remote personal assistant who can handle your business affairs no matter where you are.

Control Your Cost of Living

Managing a business and several homes in multiple states means that you’re always dealing with changing prices. A service that’s expensive in one state might be cheaper in another state! These cost of living figures can help you balance your budget while living between states:

  • If you want to expand your real estate portfolio in Scottsdale, AZ, a new home will cost you around $845,000.
  • CareLuLu states that for couples with children in Tucson, AZ, daycare generally costs about $630 per month.
  • Payscale states that going to the doctor for a checkup in Salt Lake City, UT, will run you approximately $115.21.
  • Over the course of a year, residents of Albuquerque, NM, will typically spend about $3,792 on groceries.
  • If you’re seeking a storage unit in Las Vegas, NV, note that Vegas storage options are usually priced around $125.87 per month.

Operating a business in several states can leave you feeling pressed for time. Managing your life efficiently is key. With these tips, you’ll be able to make a reasonable lifestyle budget, choose the right registered agent, and ensure that all of your properties are secure.

Are you looking for a great co-working space that’s good for both handling your business and meeting like-minded people? Check out San Angelo Studios today.

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How to Create a Brand for Your Small Business

To grow your small business, you need to develop a brand that helps you stand out and attract customers. Branding can encompass many aspects of business, from advertising to product development. You can help your company succeed by understanding the different approaches and styles used in business branding. These tips can steer you in the right direction.

The Importance of Branding

Branding helps you differentiate your business from competitors and allows you to build recognition and reach your target market. Furthermore, branding practices can aid you by increasing consumer retention and loyalty. Successful branding strategies create emotional value for the customer.

A memorable brand also generates value for the company because customers tend to choose products or services they know. Positive experiences with a company improve the customer’s impression of the brand, and they are more likely to try other services and products offered by the business.

Creative Marketing Strategies

Marketing strategies help you identify and reach your target audience. Branding is an important part of any successful marketing strategy. You can build credibility and distinguish your business within the marketplace. Your branding practices should align with your company’s marketing plan. You should conduct market research to learn about the location, income and demographics of your customers. Surveys and interviews can provide valuable feedback about your company’s logo, products and customer experience. Working with a marketing professional can help you develop a consistent and effective branding strategy.

Using Social Media to Market Your Brand

There’s no doubt that social media is a powerful tool for marketing your brand. Platforms like Facebook, Instagram, and Twitter give you the opportunity to reach a huge audience. When marketing your brand on social media, it’s important to define your target audience. Who are you trying to reach with your message? Once you’ve pinpointed your target audience, be consistent in your branding across all social media platforms, and make sure you’re active on social media.

To get the most out of your social media marketing efforts, you can also create targeted ads on Facebook. Design a Facebook ad using a free ads maker. This tool allows you to use a premade template to create customized ads with your own text and images.

Developing a Memorable Brand

Research finds that 59% of customers prefer to buy from a trusted brand. You can create a consistent and cohesive brand by developing a memorable branding story. Your company’s mission can help you discover the voice and aesthetic of your brand. Explore various logos, fonts and colors on your own or work with a professional designer.

Stand out from the crowd by developing products and services that reflect your values and appeal to your specific target market. You should strive to create an experience that excites new customers and satisfies existing ones to help your business grow.

Successful Rebranding Tips

You should also conduct research to identify issues with your branding strategy before they impact your business and income. Using a wide range of marketing techniques can help you protect your business from changes.

If you notice problems with your strategy, you can alter aspects of your brand or, as Business News Daily notes, develop a new approach through rebranding. For example, you can update the design of your company to reflect more modern styles. For a fresh start, consider renaming your business. If you need to totally revamp your company’s branding strategy, start by redefining your mission and values.

Pollfish points out that customer feedback and market research can help you decide when and how to rebrand. For instance, you might discover that your target market struggles to remember your company. Creating a more distinct brand that contrasts your competitors could be helpful. You might also rebrand your business as you branch out and offer new services and products. Finally, if your company develops a negative reputation, changing your branding can help you recover and move on.

Regardless of the type of business you run, your company can benefit from a consistent, memorable brand. Your branding and marketing strategy should align with your values and reflect your company’s mission. By developing your company’s image and reputation, you can cultivate a loyal customer base and help your business thrive.

Looking for some help rebranding your growing business? SethLife offers great packages to get started turning your brand into a community!  

Need more space for your growing business? San Angelo Studios offers affordable coworking spaces. Schedule a tour!