3 Growth Ideas for Your Business to Consider Today

What You Need to Know Before Buying a 3D Printer Online

The following article is a guest post.

If your business has managed to survive the competitive environment of its start-up phase, then you can reward yourself for being in the ten percent that make it.

Starting a business is a challenge; however, it’s just the beginning. Now that you have managed to achieve some stability in your cash flow and earnings, it’s time to look into ways to grow your business.

Every business model has its unique aspects that make it a valuable part of the local and global economy. But not every company will need to use the same growth strategies to achieve their business goals. Here are three growth strategies that can offer you a good return on your time and your capital, while growing your business into a sustainable, profitable company.

#1 SEO and Social Media Marketing.

Your business probably has a website, but are you using it effectively? Having an online presence does not mean owning a website that does nothing for you and a bunch of social media accounts with no following.

Hiring an SEO specialist will allow your site to feature in the top rankings of search engines and create more visibility for your brand online. Linking your site to authorities, improving the latency and building a reputation online takes a lot of time and effort, so make sure that you choose to work with a professional team.

Social media marketing has given businesses and brands a platform where they can directly access their target market. Facebook, Instagram, Twitter, and Snapchat have changed the way we communicate as a civilization.

Today, linking up with the right influencer on social media and sponsoring them to promote your brand or product can earn your accounts millions of new curious customers that are keen to buy your products because a person they trust on social recommends them.

#2 Open a Second Branch.

If you own a physical business location that trades to the local community, consider expanding your business to another part of town that could benefit from what your business has to offer. Make sure that you do as much research into your new location as you did with your original business.

The best part about this growth model is that it allows you to take what you learned in your first business and use the knowledge to drastically reduce the learning curve of your new location, reaching success faster.

#3 Merge with other Companies.

If your business has snowballed and you are flush with cash and potential investors, then consider buying out other company’s in your industry or related industries with a leveraged buyout (LBO). By acquiring or merging with other businesses, you can strengthen the weak areas of your business by using the resources and strengths of other companies.

Applying for Small Business Finance.

Small businesses tend to avoid credit wherever they can. This principle may seem like a prudent financial strategy when starting up, as debt can choke up your cash flow and ruin your business. However, as the firm has never applied for credit, it will have no credit history that will enable the company to apply for institutional finance. Big banks do not like to loan to small companies with bad credit because they see it as a risky investment. However, there are smaller micro lenders that will gladly take on the risk of your business expansion and give you a small business loan with bad credit.

Never take on debt that you cannot afford to repay, always speak to your accountant or financial advisor before signing any loan agreement as it could cost you your company if you default on the loan agreement.

The Final Word

Take these strategies and identify the one that resonates with your business. Form a plan and start executing on it.

One of the key characteristics of successful entrepreneurs is that they can make fast decisions and execute on them quickly. Time is money, and the sooner you decide on a growth strategy that suits your company, the faster the profits will start rolling in.

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How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money

How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money - Interview with R.J. Weiss from TheWaystoWealth.com

This is an interview-style post with R.J. Weiss from The Ways to Wealth.

Hey R.J. What’s your background and what do you do?

I blog about all things personal finance at The Ways to Wealth.

Before I went full-time into blogging, I spent ten years in the financial services industry. Specifically, helping families buy the right type of life insurance.

During my time with a full-time job, I’ve always had different side hustles going on. From freelance writing, Amazon FBA, conversion rate optimization, to website design — there were many projects I pursued outside of work.

How did you start your career in finance?

I got started in finance straight out of college working for my the family insurance business. As I love the financial planning side of things, I choose to specialize in life insurance planning. This led me down the path to obtaining the CFP® Certification.

What made you start blogging?

The Ways to Wealth, which I started in 2016, has been my 5th blog.

The others mostly fizzled out most due to a lack of interest. But, in 2009 I started a personal finance blog called GenYWealth.com (no longer around) that had some success.

The idea GenYwealth.com was to write about what I was learning about studying to take the CFP®. The blog was, by all means, a success. I was able to gain valuable knowledge, pass the CFP® exam, earn some extra money and build up a good community.

I then took this knowledge and started a business blog, which allowed the insurance agency I was working for to generate leads.

I started The Ways to Wealth because my passion is personal finance–from investing to travel hacking, I love the challenge of optimizing my finances.

How was The Ways to Wealth born?

I didn’t have much of a plan for starting The Ways to Wealth when I purchased the domain name.

I was actually thinking it would be a niche site, which was inspired by Pat Flynn’s niche site duel. Then, I came across the income reports of Michelle Schroeder-Gardner and wisely changed direction to a more traditional blog.

This change came about 6-months after starting to blog.  I did a timeline of the site in one of my income reports.

What worked best when trying to grow the site?

I had a decent knowledge of SEO. So at first, I started growing the site with email outreach. One of the first posts I had about best investing books of all time, had about 15 links to it.

This was nice to start with but was quite slow to build up, as it can take a while to earn Google’s trust.

The big turning point came when I started to understand Pinterest. I spent a few frustrating weeks on the platform, then it finally started paying dividends.

I went from about 100 sessions a day to 1,000, which was huge for me at the time.

How did you get to 3 million monthly viewers on Pinterest?

the ways to wealth pinterest 3 million monthly views

I lay out my Pinterest strategy here. But at the core the idea is to:

1) Write high-quality content that Pinners want to click through, read, and share.

2) Pin to my own and high-quality group boards, with a keyword-rich description.

3) Continue to Pin my best pins across my own boards/group boards, ruthlessly eliminating Pins that don’t perform well.

One thing to keep in mind is impressions don’t mean much on Pinterest. What counts are clicks to your website. So, you want to design not for impressions but clicks.

What aspects of the online business are you outsourcing or automating and how?

The first thing I outsourced was Pinterest design. I’ll design about 30-40 pins a month, so this was big time saver for me.

Of course, it took some work to get going. At first, I hired 5 or so people on Fiverr. I found one decent designer but the work quality deteriorated over time.

I then went to Upwork and posted a job for a  graphic designer. I found a great team down in Argentina, who I’m very happy with.

I’m currently experimenting with working with a ghostwriter. A few of my latest posts have been transcribed from my recording, with the ghostwriter making sense of it all.

I can compile about 3 posts in 90 minutes, then take another 90 or so minutes to prepare them. Saving me around 3-4 hours per post this way.

What’s your main income stream and why do you think it works for you?

My main source of income for the blog is affiliate revenue. It works because the partners I do have are high-quality businesses, who deliver value and solve real problems. This makes it easy to naturally link to such a partner.

When did you start making more than $10K/month and what was the turning point?

My first month over $10K was in January of 2018. In December of 2017, income was around $3,000 and in July of 2017 around $500. So, it was definitely a jump.

What happened then in January?

First, personal finance is at its peak interest in January.

Second, I had multiple Pins go viral.

Third, in November I started driving traffic via Facebook to the site. So, in January I could take campaigns I’d been fine-tuning for a few weeks and scale them.

How do you balance work and family life?

I have a routine I stick to Monday through Friday.

When inside of my designated working hours, I work. When outside of these hours, I’m not.

This is a lot easier said than done. But the thing important for me is not to take work everywhere I go. This means I don’t have any apps on my phone that are work-related (email, analytics, etc..)

What are you 3 best finance tips for newbies?

  • Focus on your savings rate. How much you save is the most important decision you’ll make.
  • Small incremental improvements add up over time. My favorite example is increasing your savings rate 1% every quarter, means you’ll be saving 20% of your income in just 5 years.
  • Study happiness. Become a student on how to increase your level of happiness. The natural result is you’ll want less overtime, making the game of personal finance a lot easier to win.

What books, blogs or podcasts help you stay motivated along the way of growing an online business?

I read a fair amount to keep fresh ideas in my head.

My favorite podcast is The Tim Ferriss Show.

Two blogs I enjoy reading are:

Farnam Street
Barking up the Wrong Tree

And as far as books. I try to read one a week. A few books I would recommend to online entrepreneurs would be:

Deep Work by Cal Newport
The Compound Effect by Darren Hardy
The Four Hour Work Week by Tim Ferriss

Pin this post if you enjoyed the interview.

Check out my interview with R.J. from TheWaystoWealth to see how he entered the finance niche, started making money blogging, began bringing traffic from Pinterest and monetizing it with affiliate marketing, and is now making $10,000/month from his online business. #blogger #interview #blogtraffic #incomeideas #income