Taking the risk to expand your brand or business could either be a HUGE win or a massive loss. Here are some of the Top 5 FITposium do’s and dont’s to help avoiding a loss for you when expanding, because we want all of our FITposium Family to succeed!
Starting with the DON’Ts!
1:Lack in having a thorough plan- yes plans will always change when unexpected things happen, but if you don’t have a marketing plan you will get off track and lost in it all.
2: Neglect your brand and costumers- sometimes when we get excited about something new, we lack the attention on what has made our businesses stable and successful thus far. Make sure your brand is on track and you are putting the costumers first.
3: Neglect your employees- the happier your employees are, the better they promote your business. If you are neglecting them during expanding they will not be as motivated, happy and thus lack in their selling abilities.
4: Avoid the finances- expanding isn’t cheap, some businesses more than others, but it will cost you. If you avoid this fact there is a higher chance that you will lose more money compared to if you pay close attention to every cent that goes in and out.
5: Think you know best- just because it is your brand and your business doesn’t mean you will always know what is best for success. That is why you need to avoid being arrogant, ask for other’s opinions, ask for help and generate ideas with everyone you can.
Now what to DO!
1: Talk to your customers and followers- see what they think of your new ideas, see what they would want to see from you, what they like and what they don’t like. Always remember that you are NOT your customer.
2: Market wisely- you need to spend money to make money, but the less you spend the better. Social media is a cheap and efficient way to test the market and see how profitable your new ventures could be! Remember to not rely solely on social media, as it is always changing.
3: Proceed with caution- don’t just go full throttle into your new products or ideas. Scale back and take it one step at a time.
4: Hire the right people- who you hire represents you, your brand and everything about your business. So, take the hiring process extremely seriously. You want your customers to love them.
5: Always be adaptable- you cannot predict the future or exactly how customers will react to new things. Make sure you pay close attention to people’s reactions and make changes as you go. Nothing is perfect right off the bat.
We have all seen brands or businesses that have come up with something that is totally not them, ruin their business by changing too much or not listening to their customers. Stay in your lane, only cross that line if you’re going to get ahead of the rest and expand onto the open road giving yourself more opportunities, success and *cough cough* money! Remember that a key to business success is to risk as little as possible for the greatest award.
Editor in Chief: Taylor Salewske