Small and medium businesses are the backbone of the Australian economy. These businesses are responsible for around 57 per cent of our GDP. And these businesses also employ around seven mission Australians. That’s why there’s no doubt these businesses are considered as the drivers of the economy.
In Australia, there are 2,065,523 small businesses that employ at least 19 employees, the Australian Small Business and Family Enterprise Ombudsman said. And within this population, 63 per cent are sole traders or businesses that only have the business owner as an employee. Being a sole trader comes with difficulties because you only have yourself.
But, how do other sole traders do it? How are they able to stand up with their own two feet and reached what they are today? It’s possible and if you’re planning on buying a business and make it into a one-man operation, here are business growth tips for you.
Turn to Outsourcing
Owning a small business means you have to wear multiple hats to get the job done. You task yourself in doing different jobs, such as a managing, accounting, and even meeting with clients. But you don’t need to pressure yourself in doing everything. One answer is leveraging outsourcing.
Outsourcing is a solution that lets you hire another company or individuals to perform designated tasks. So, if you have a lot of data entry tasks, you can let someone else do the job for you. This will help you focus more on important tasks while lowering your overhead costs.
Know your Niche
There are different types of customers in the world. What you need are customers who will come back and buy again from you. These customers are under your niche — or the ones you should target with your marketing strategies.
There are questions you can ask yourself in order to identify your niche market:
- Who do you think are the customers perfect for the business?
- What solution can you provide them?
- What are their concerns?
- Have you searched their demographics?
The answers are essential data that will help you come up with solutions and marketing strategies that will get their attention. It’s important to start your research and data gathering right away.
Talk to Experts
As a sole trader, you may not have any board of advisors to consult regarding the future of the business. It’s important to consult with people with experience since they’re the ones who have faced different challenges — and may have faced what you’re experiencing right now.
Even if you’re planning to Buy and Sell Businesses in Australia, there are also experts in this industry that can provide you with insights. National Brokers Network has experienced agents who have worked in various industries when it comes to selling and buying.