Many small business owners are content to make a decent living doing what they love. This article is for those looking for something more. While building an empire out of a small business can seem like an impossible dream, it’s been done over and over again. Of course, the bigger the dream, the bigger the risk. But don’t forget about the reward. Here we’ve outlined how you can build your small business into an empire.

Establish Your Story And Mission

Your story, mission statement and core beliefs are what allow customers to relate to your business.  They’re what stir emotions and cause a connection between consumers and your brand.  Authenticity and transparency are necessary in order to command the type of audience needed to build a small business empire. Consult with your co-founders, employees and consider hiring an agency to help develop your story.

Build Brand Awareness

A great story and a strong company culture will only get you so far.  Building brand awareness is an ongoing investment and can require a great deal of time and resources to achieve the desired results. Getting to know your ideal customers by developing detailed buyer personas will help you relate to them through the marketing of the products and services that you provide. This is how you grow and gain loyal customers.

Network Relentlessly

It’s all about who you know. When building a business empire, your strongest asset will be your professional network. Networking with suppliers, government officials and other small business owners can help you to develop strategic partnerships which can benefit your business in the long term. Join your local chamber of commerce, attend industry events, get involved in your community. This is how you develop relationships and a strong support system.

Promote From Within

Promoting from within puts people who know your business and have remained loyal into positions of power and influence. When your management team has completely bought in to your business, you have a solid core of individuals on which to build an empire. While it is always good to have fresh faces and ideas, having a core group of trusted employees allows you to focus on growth, rather than putting out fires.

Budget For Growth Initiatives

Growing a business requires an investment outside of your typical operational budget. Setting aside or acquiring funds specifically earmarked for expansion and innovation projects is a must in order to yield significant growth. If you’re serious about growing your small business, you’ll need to make calculated financial investments into initiatives, such as marketing campaigns and expansion projects, that will drive the growth of your business.

Strategically Delegate Tasks

You can’t do it all yourself. If you’re spending all of your time concerned with daily operations, you will have little to no time to think about growth and innovation. Delegating begins with the hiring and promotion process. You need to have the right people in place in order to delegate important tasks without causing delays or other operational mishaps. Decide which tasks can and should be handled by someone else and focus your mind on the growth of your business.

Invest In Marketing Campaigns

Strong and unique marketing campaigns help to promote your products as well as build the image and reputation of your brand. Even if you’ve done everything else right, without marketing you stand little chance of moving inventory at the rate needed to build an empire. Hiring an agency or dedicated marketing team will ensure your marketing dollars are spent wisely. Stay involved while allowing them to do their job. Make sure you have a grasp on where your money is being invested and share your own ideas.  After all, it is your company.

Download our E-Guide to learn more.