If you're a small business owner gearing up for your second year, take a moment to congratulate yourself. Business development is an ongoing process, and unfortunately, many small enterprises don't see their second year due to challenges with target audiences, underdeveloped marketing plans, and other competitive factors. As you celebrate a satisfactory first twelve months, here's how to approach future success.

How to Find New Ways to Grow in Your Company's Second Year

Making it to the second year in business means you are doing something right. Take stock of your current advantages, such as a long list of email subscribers, a popular product line, or a web advertising campaign that's increased brand awareness, and find ways to build on them. For example, if a particular product line has generated buzz and revenue, make it more enticing with complementary products. It's also possible to increase product buzz with freebies, like BOGO sales or free products for consumers who spend a certain amount. 

Another way to build on current business development is with investments. You could use some of the revenue you made during the first year to pad the marketing budget or purchase more inventory. Investing in your business can also include hiring additional team members to handle specifics, such as an advertising expert known for creative campaigns or more drivers for timely delivery services. 

Attending networking events is also beneficial, as it helps forge relationships with fellow small business owners. Supporting local entrepreneurs and asking for their support in return boosts your company’s reputation as a dedicated community member. You might also find angel investors or potential affiliates at networking events who are interested in learning more about your products and services.  

How to Keep Faith in Your Company

Enjoying a strong second year in business can test an owner's faith at times, which is normal. On days when you wonder if it’s all worth it, remember what drove you to open your business. Perhaps it stemmed from your desire to help people by providing affordable products or sharing creative works. No matter what your motive was, keep it in your heart and mind on both easy and stressful days. 

Maintaining faith in yourself and your abilities also means learning from setbacks to avoid making the same mistakes. Everyone fumbles sometimes, but it's how people deal with the aftermath that defines their character. Find lessons in every mistake, big or small, and use them to strengthen your resolve. You might find new, better ways to approach different aspects of your business, such as more streamlined shipping processes or a need to devote more time to the business's social media platforms. 

For business development assistance, join forces with the South Fulton Chamber of Commerce Inc. Since 1947, these community advocates have served Fulton County, GA, providing small business support through networking events, entrepreneurial guidance, and other resources. Call (770) 964-1984 today to get started or learn about upcoming business development events online. Like the Facebook page for the latest community news.