Recession Buster- Grow Your Small Business Exponentially by Consulting

By Belinda Lavie Doleman (ACCION USA Client)
 

Let's face it; growing your small business with traditional marketing is EXPENSIVE. When faced with limited capital, entrepreneurs must utilize every resource at their disposal to make their businesses profitable.  As the owner of Diva Beauty Supply, a lace wig retailer, I may seem an unlikely candidate for the world of small business consulting. However, as a small business owner during the recession, I'm excited to share how a little out-of-the-box thinking has increased my company's income by 50%.

Thanks to a $10,000 small business loan from ACCION USA last year, I was able to expand my product offering.  However, as talk of our dire economy dominated the news, it seemed that our customers were dead set on watching their spending. Frankly, it became evident that either I would find a new way to increase our income or I'd need a part time job.

Shorty after that realization, I received a phone call from an existing client, Vanessa, who intended on opening a wig store in Michigan and wanted my help.  She offered compensation for my time and in turn, I helped her gain access to the right vendors and develop a training manual. Since completing that consulting job, I went on to gain two additional clients, one local in my city and another person overseas in Iraq with whom I consult telephonically.
   
As a result of our success in Beauty Supply consulting, my business partner and I started Atlanta Business Gurus, a Consulting Firm geared towards helping individuals seeking to start-up and grow their existing businesses. Consulting is an excellent opportunity to grow your business and although it can take time, it often doesn't take a lot of additional capital or assets to perform.

Here are some tips for you to start increasing your bottom line:

• Master your industry and document every aspect of your business. Once you develop a written manual of every job function, product or service you sell, you are better able to train an outsider on how your business works.
•  Remain in contact with your clients. Touching base via email keeps your business fresh in their mind, which keeps the lines of communication open. Try marketing your products to current customers via an email newsletter offering tips & tricks, or helpful information about your product or services.
• Advertise your willingness to share your expertise, for a fee of course! Many consumers may have interest in learning more about starting a similar business, but may hesitate to approach you. Avoid losing potential business by creating a section on your website advertising your consulting services.
• Take it up a notch! Depending on the type of business you're in, you may be able to take your expertise out of your own market and bring it to similar service providers in other markets.