Thrive is one of my favourite words at the moment. Arianna Huffington brought this name to the fore with her launch of Thrive Global and I’m so glad she did because I just love it. We all want to thrive rather than just survive as individuals. If you’re a small business owner you thrive if your business thrives. Some fabulous tips in the contributed post below.
Helping Your Small Business to Thrive
Nowadays, small businesses who operate in real life, tangible stores (rather than solely online) have things harder than ever.
Competition is fierce, and brands operating within the realm of E-commerce tend to have fewer outgoings, meaning that they can offer the same goods at a lower price. But that’s not to say that high street stores are necessarily going to disappear.
There’s still big money to be made from brick and mortar stores. You just have to do a few extra things to help your business to thrive and grow.
Here are a few ideas to help you along the way!
Accepting Debit and Credit Card Payments
One area where many small businesses miss out on sales is limited payment methods. Nowadays, not everybody carries cash on them, and though they may have found something in your store that they like, they might not be bothered enough to walk to a cashpoint to get the money out to pay you for it.
Either that or they’ll leave with intentions to come back and complete the purchase, but get distracted along the way. This is why it’s so important that you accept as many payment methods as possible.
Now, accepting debit and credit card payments generally comes with a charge, so you want to make sure that you scour the market before committing to a merchant service provider.
Look for deals with low rate processing to minimise your outgoings and maximise your profits!
Signposting Your Store
Not every store has a prominent location on the main road or high street. In fact, many stores are relatively hidden away down alleyways or around corners.
So you need to find a way of making sure that people, or potential customers, know that you exist and where you are located. If you don’t, they may walk right on by, taking their disposable income to competitors rather than you.
The most effective way of doing this is signposting. This is a technique that you will find many smaller businesses using. Simply set up a signpost or newsboard with your shop name, logo, and an arrow in the direction of your store on the nearest busy street.
Also, give people a rough idea of how far they will need to walk to get there. This will be most effective if the distance is short.
Implement Loyalty Schemes
Few online stores carry out loyalty schemes, as it’s difficult to keep a track of every single order that goes through. However, working in a physical store means you can offer out loyalty cards with each purchase and offer your customers rewards each time they revisit.
Stamp cards are a great option: add a stamp per item purchased, or certain amount spent, then reward customers with a free product or service once they achieve a certain amount of stamps.
This encourages loyalty to your brand, even when competitors offer lower prices or sales. Your customers will still opt to pay that little extra for you, as they may be close to receiving their free treat.
These are just a few ideas to get the ball rolling. Hopefully, they can come in handy!
All set and ready to thrive? What steps have you taken to make sure your business thrives?