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How To Grow A Service-Based Business

An exploration of how to grow a service-based business.

How To Grow A Service-Based Business

No matter your industry, be it tech or marketing, business growth is an essential component of keeping up with the competition.  

If you’re a service-based business owner, it's key to know how to expand effectively and in accordance with your business goals.

Growing a service-based business requires a multifaceted approach, and if you’re unsure how to get started, this guide can help.

To grow a service-based business, you should:

  1. Establish your core offering
  2. Implement customer loyalty schemes
  3. Join a business growth programme
  4. Seek strategic business partnerships
  5. Optimise your website for search
  6. Attend events in your industry 

 

1. Establish Your Core Offering

The first step to growing a business is to establish your core offering,

It’s best to hone in on the one thing you do exceptionally well, or in other words, your standout service, for which people can begin to recognise your brand.

This helps you develop the quality of your offering and streamline your resource allocation to better your expertise.

Establishing your core offering can narrow your focus and position your team as specialists in your industry, leading to faster growth.

By focusing on one core service, you can position your business as the best in your field.

2. Implement Customer Loyalty Schemes

Another method to grow your service-based business is to implement customer loyalty programmes.

Customer loyalty schemes aim to reward repeat customers by offering incentives, from sales to free goods and services, to encourage them to continue using your service over a competitor’s service.

Considering that a ‘5% increase in customer retention can increase company revenue by 25-95%’, the opportunity customer loyalty schemes can create becomes all the more evident. That said, the key is to design a scheme that offers real value to your customers.

You can significantly enhance customer retention by implementing an effective loyalty scheme, and growth will soon follow.

3. Join A Business Growth Programme

Business growth programmes are designed to support businesses at various stages of their development.

Many business growth programmes are available, from incubators that can help develop initial business ideas to accelerators that can provide vital support to startups.

They provide expert guidance, essential advice and resources to help new businesses thrive in a competitive market.

Are you interested in a business growth programme? Look no further than Tramshed Tech.

Our programmes are focused on helping startups raise pre-seed funding, develop their products and services, build their teams, and prepare them for future growth and scalability. 

Visit our programmes page or get in touch with a member of our team today.

Business growth programmes can be hugely helpful for business owners.

4. Seek Strategic Business Partnerships

A key way to grow a service-based business is to seek strategic business partnerships. 

A great thing about strategic business partnerships is that they allow you to unlock new growth opportunities.

What Are Strategic Partnerships In Business?

In short, a strategic partnership in business is a ‘collaboration between two or more entities that pool resources, technology, and/or finances to achieve mutual success’.

By partnering with reputable businesses that offer complementary services to yours, you can expand your client base, provide your customers with a more comprehensive service, and share resources. 

In turn, this allows you to reach a wider audience and capitalise on the positive association a strategic partnership can have in order to grow.

5. Optimise Your Website For Search

To grow your service-based business, you should optimise your website for search.

For your business to attract more customers, it’s important to focus on strategic SEO practices to rank higher on search engines.

By investing in an effective SEO strategy, your business will not only become more visible, but you’ll also be able to compete with leading businesses in your industry.

How To Develop An SEO Strategy

There are many steps that go into developing an SEO strategy. That said, here are some key things to consider:

  • Conduct a website audit - If you’re short on budget, free SEO website audits are available.
  • Carry out keyword research.
  • Optimise landing pages with trending keywords.
  • Produce keyword-focused content.

6. Attend Events In Your Industry

Lastly, a way to grow a service-based business is to attend events in your industry.

From conferences to seminars, industry events offer numerous opportunities that can support your business growth.

Not only do events provide the perfect opportunity to network with people and businesses in your industry, but they also allow you to showcase your expertise and services to other industry leaders.

Moreover, you can absorb invaluable industry knowledge and trends that you can apply to your growth strategies to help your brand achieve its goals.

Attending industry events enables you to learn and take away valuable information from other industry professionals

How We Can Help

Tramshed Tech is an ultra-connected community of tech startups and scaleup businesses built with flexibility and innovation in mind.

If you’re interested in growing your service-based business, our business growth programmes and events offer the perfect opportunity to do so.

Want to know more about the business support we provide at Tramshed Tech? Call 02920103090 or email us through our contact form

We are Tramshed Tech: a startup ecosystem home to 50+ companies and 600+ registered members from the digital, creative and tech communities.

We’re currently based in Grangetown, Cardiff Central & Newport, Barry and Swansea

Written by Jemima for Tramshed Tech.

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