How To Grow Your Income By 75 Percent As A Small Scale Business Owner.

As a small scale business owner, even as someone who has got a paid job of little daily, weekly or monthly wage, one thing you must understand, is that money grows like a 🌲 tree. Depending on the amount of effort and time you're willing to devote to it, and nuture it, you're definitely going to get the maximum result. 

But quite unfortunately, a lot of business owners do not understand this principle of making their money grow like a tree, from very little seed to a giant tree. Little wonder their income has remain static, without any growth or increase in sight. The truth is that, if you do nothing about the size of your income, it will basically remain at a particular level, and overtime you'll begin to realize that you can no longer sustain with it, due to inflation.

It's basically for this reason that in today's post, we want to consider how you, as a small scale business owner could be able to grow your personal income or maximize your profit by at least 75 percent, to enable you have enough to spend and save, or meet up with other financial needs and exigencies. Let's go in detail about this topic.

5 Strategies To Grow Your Income Monthly As A Business Owner:

Growing your income as a small scale business owner, requires some basic practical steps that you must undertake in order to expand the size of your pocket and become financially successful and independent. In this post, I want to reveal five key strategies that'll help you to grow your personal business income in a short time and remain financially stable. Let's go right ahead.

1. Reinvest 75 Percent of Your Total Profit:

One of the major mistakes many small scale business owners often make, is the desire to hurriedly want to save their income or profit when they're just starting out their business. The excitement of having made their first profit often makes them very eager to save. No, this is surely not a wise decision to make, especially when you're just starting a new business. 

The basic truth is that, the size of your business will determine the amount of profit you'll make. You don't expect to make tons of dollars overnight from a business you just started, and have only invested just a few hundreds of dollars. Similarly, you don't expect to make more money than someone who has got their business running for years, and have invested more than tens of thousands of dollars, while you're just starting the same business. But you can reach that level in a short period of time, depending on how determined and passionate you are about it.

Growing a business takes time, and also requires an ample amount of effort from you. But if you're willing to within a short time grow your business and increase your profit or personal income, then you must be deliberate about reinvesting at least, 75 percent of your total daily, weekly or even monthly income into the business. The size of your business will determine how much profit you'll make from it. The rule never changes. Small business will yield small profit, while large business will also result in large profit. 

When it comes to doing a business, the buck stops on your table, to decide how large you want it to be, and consequently how much profit you'd want to make. But reinvesting up to 75 percent of your total income is no doubt the surest and easiest way to expand your business and increase your income.

2. Analyze Your Competitors Strengths:

Another strategy you could also use to expand your small scale business as a business owner, is to be very intelligent and strategic about it. You may not have enough money to plunge back into your business, but being very intelligent and strategic will help you beat every obstacle and emerge successful. You can achieve this through analyzing your competitor's strengths and tapping into it. 

Your competitors could be someone who had been in the business for a while, or they're just starting out. You need to strategically find out areas of their strength. What they're doing right that you're not, their secrets of success and why they've got very loyal clients or customers. You need to factor in all these, and see how you could also apply and implement them in your business. By doing this, you may not have enough resources to put into your business, but you've no doubt got some little secrets and strategies to expand your income.

3. Take Advantage of Your Competitor's Weaknesses:

Business is also about being smart. As everyone has got one form of weakness or another, so also every business has got some weaknesses. And no matter how big or small a business is, if you look critically, you must find one or two weaknesses that are associated with them. It could be in their customer service, branding, pricing, packaging, or in the brand of products they sell that's no longer in high demand. 

There must definitely be something that could count for a low in the business. Your ability to capitalize on your competitor's weakness and take advantage of them in shoring up those weaknesses and give your clients and customers better services and value for their money, makes you a smart business owner. And it will definitely have a positive trickling effect on your income.

4. Satisfy Your Clients And Customers:

This is definitely a no brainer. Any small scale business owner who wants to grow their business, and consequently increase their income, must not take customer and clients satisfaction for granted. When I come to patronize your business, and am being treated well, and was given a value for my money, I will definitely return next time to patronize you. But if I wasn't well treated, that could be my last time of coming to patronize your business. It's as simple as that. 

Every client or customer wants to be well treated. Who does not like to be treated like a king? Your clients or customers are the livewire of your business, it's from them you make your money. So if you understand this, and agree that a customer is king and also deserves to be well-treated, then growing your business and as a result, increasing your income or profit, is a matter of months and not years.

5. Get Feedback:

A good business owner must as a matter of necessity, and from time to time get feedbacks from clients and customers. This is very important, in order to know what your clients or customers are saying about your business, and also areas you'll need to improve on. By getting feedbacks from loyal customers or clients, puts you ahead of your competitors, and you'll also get the confidence and continued loyalty of everyone who had once patronized your business. 

In conclusion, growing a business takes time, and also requires deliberate and consistent efforts to achieve. But, following these five key strategies, will enable you to quickly grow your business, consequently increase your income or profit.