Explosive Ideas to Grow Your Small Business
Are you a business owner, entrepreneur, or solo entrepreneur? Today, I'd like to share some powerful ideas from "Your Small Business Boom" by Steven D. Strauss. This book is packed with explosive ideas to grow your business, make more money, and thrive in a volatile world. Here are some highlights that might inspire you to pivot and expand your business.
The Pivot and Grow Rich
1. Master Change In business, the only constant is change. Political, social, economic, and technological shifts are inevitable, and the key to success is embracing these changes and pivoting your business model accordingly. As Mark Cuban noted, when we look back at the pandemic in 20 years, we’ll recognize that numerous world-class companies emerged by adapting and innovating during the crisis. This era is ripe with opportunities to start and grow your business.
2. Do the Opposite In this chapter, Strauss emphasizes the importance of taking a contrarian view. Peter Thiel, co-founder of PayPal, often asked entrepreneurs seeking funding, "What important truth do very few people agree with you on?" This mindset encourages you to embrace unconventional ideas and strategies. For example, in my own business, I pivoted to digital communication models, including online learning platforms and coaching programs via Zoom, following political upheaval in Myanmar.
3. Make Money While You Sleep Tim Ferriss, author of "The 4-Hour Workweek," popularized the idea of making money passively. Strauss outlines a framework to achieve this:
4. Get Bigger Clients One of the most transformative concepts in the book is choosing your clients wisely. Not all clients are equal. By targeting and securing larger clients, you can streamline your business and better meet their needs, leading to more substantial and predictable revenue streams. Seth Godin encapsulates this idea perfectly: "Choose your clients, choose your future."
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Crushing It Online
When I saw the title "Crushing It Online," I immediately thought of Gary Vaynerchuk, also known as GaryVee, who authored "Crushing It." GaryVee is known for his powerful insights on leveraging the internet and social media to build a personal brand and business.
1. Create Clickable Content To succeed online, you need to set up a robust digital presence, including social media pages, a website, and a business email, especially for B2B clients. Your content should be compelling and clickable, enticing potential customers to engage with it. Consistently creating valuable content can convert followers into customers.
2. Leverage Digital Tools The digital landscape offers numerous opportunities, from e-commerce platforms like Amazon Fulfillment Center to affiliate marketing and drop shipping. Learning and utilizing these tools can significantly boost your online presence and profitability.
3. Use Freelancing Platforms Freelancing platforms like Upwork and Fiverr offer vast opportunities to generate income. By creating a credible profile and offering your services, you can attract clients from around the world.
4. Utilize Other People's Money Exploring unconventional capital sources, such as angel investors or crowdfunding, can provide the necessary funds to scale your business without traditional bank loans.
Final Thoughts Adapting and thriving in a changing business environment requires creativity, resilience, and strategic thinking. By embracing change, leveraging digital tools, and focusing on innovative strategies, you can transform your small business and achieve significant growth.
Author's Note: As a marketer and entrepreneur, I've personally implemented many of these strategies in my businesses, from online learning platforms to digital coaching programs. The results have been transformative, and I believe they can be for you too. Remember, the key is to stay adaptable, think creatively, and always be ready to pivot when necessary.