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What Is Business Development?

  • Understanding the Basics
  • Areas of Development
  • The Process
  • Creating a Plan
  • Skills Needed

The Bottom Line

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Business Development: Definition, Strategies, Steps & Skills

Why more and more companies worldwide are embracing this planning process

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In the simplest terms, business development is a process aimed at growing a company and making it more successful. That can include seeking new business opportunities, building and sustaining connections with existing clients, entering strategic partnerships, and devising other plans to boost profits and market share.

Key Takeaways

  • The overarching goal of business development is to make a company more successful.
  • It can involve many objectives, such as sales growth, business expansion, the formation of strategic partnerships, and increased profitability.
  • The business development process can impact every department within a company, including sales, marketing, manufacturing, human resources, accounting, finance, product development, and vendor management.
  • Business development leaders and team members need a wide range of both soft and hard skills.

How Business Development Works Within an Organization

Business development, sometimes abbreviated as BD, strives to increase an organization's capabilities and reach in pursuit of its financial and other goals. In that way, it can impact—and also call upon the specialized skills of—a variety of departments throughout the organization.

As the financial services giant American Express puts it, "When it comes to organizational growth, business development acts as the thread that ties together all of a company's functions or departments, helping a business expand and improve its sales, revenues, product offerings, talent, customer service, and brand awareness."

For example:

Sales and Marketing

Sales personnel frequently focus on a particular market or a particular (set of) client(s), often for a targeted revenue number. A business development team might assess the Brazilian market, for example, and conclude that sales of $1.5 billion can be achieved there in three years. With that as their goal, the sales department targets the customer base in the new market with their sales strategies.

Business development often takes a longer-range perspective in setting goals than many sales departments have in the past. As the Society for Marketing Professional Services puts it, "A traditional view of sales is akin to hunting, but business development is more like farming: it's a longer-term investment of time and energy and not always a quick payoff."

Marketing , which oversees the promotion and advertising of the company's products and services, plays a complementary role to sales in achieving its targets.

A business development leader and their team can help set appropriate budgets based on the opportunities involved. Higher sales and marketing budgets allow for aggressive strategies like cold calling , personal visits, roadshows, and free sample distribution. Lower budgets tend to rely on more passive strategies, such as online, print, and social media ads, as well as billboard advertising.

Legal and Finance

To enter a new market, a business development team must decide whether it will be worth going solo by clearing all the required legal formalities or whether it might be more sensible to form a strategic alliance or partnership with firms already operating in that market. Assisted by legal and finance teams, the business development group weighs the pros and cons of the available options and selects the one that best serves the business.

Finance may also become involved in cost-cutting initiatives. Business development is not just about increasing market reach and sales, but improving the bottom line . An internal assessment revealing high spending on travel , for instance, may lead to travel policy changes, such as hosting video conference calls instead of on-site meetings or opting for less expensive transportation modes. The outsourcing of non-core work, such as billing, technology operations, or customer service, may also be part of the development plan.

Project Management/Business Planning

Does an international business expansion require a new facility in the new market, or will all the products be manufactured in the base country and then imported into the targeted market? Will the latter option require an additional facility in the base country? Such decisions are finalized by the business development team based on their cost- and time-related assessments. Then, the project management /implementation team can swing into action to work toward the desired goal.

Product Management and Manufacturing

Regulatory standards and market requirements can vary across regions and countries. A medicine of a certain composition may be allowed in India but not in the United Kingdom, for example. Does the new market require a customized—or altogether new—version of the product?

These requirements drive the work of product management and manufacturing departments, as determined by the business strategy. Cost considerations, legal approvals, and regulatory adherence are all assessed as a part of the development plan.

Vendor Management

Will the new business need external vendors ? For example, will the shipping of a product require a dedicated courier service? Will the company partner with an established retail chain for retail sales? What are the costs associated with these engagements? The business development team works through these questions with the appropriate internal departments.

10 Potential Areas for Business Development

As noted earlier, business development can require employees throughout an organization to work in tandem to facilitate information, strategically plan future actions, and make smart decisions. Here is a summary list of potential areas that business development may get involved in, depending on the organization.

  • Market research and analysis: This information helps identify new market opportunities and develop effective strategies.
  • Sales and lead generation: This involves prospecting, qualifying leads, and coordinating with the sales team to convert leads into customers.
  • Strategic partnerships and alliances: This includes forming strategic alliances, joint ventures, or collaborations that create mutually beneficial opportunities.
  • Product development and innovation: This involves conducting market research, gathering customer feedback, and collaborating with internal teams to drive innovation.
  • Customer relationship management: This involves customer retention initiatives, loyalty programs, and gathering customer feedback to enhance customer satisfaction and drive repeat business.
  • Strategic planning and business modeling: This includes identifying growth opportunities, setting targets, and implementing strategies to achieve sustainable growth.
  • Mergers and acquisitions: This involves evaluating potential synergies, conducting due diligence , and negotiating and executing deals.
  • Brand management and marketing: This includes creating effective marketing campaigns, managing online and offline channels, and leveraging digital marketing techniques.
  • Financial analysis and funding: This includes exploring funding options, securing investments, or identifying grant opportunities.
  • Innovation and emerging technologies: This involves assessing the potential impact of disruptive technologies and integrating them into the organization's growth strategies.

The Business Development Process in Six Steps

While the specific steps in the business development process will depend on the particular company, its needs and capabilities, its leadership, and its available capital, these are some of the more common ones:

Step 1: Market Research/Analysis

Begin by conducting comprehensive market research to gain insights into market trends, customer needs, and the competitive landscape. Analyze data and gather additional information to identify potential growth opportunities and understand the market dynamics.

Step 2: Establish Clear Goals and Objectives

Leveraging that research, define specific objectives and goals for business development efforts. These goals could include revenue targets, market expansion goals, customer acquisition targets, and product/service development objectives. Setting clear goals provides a focus for the business development process.

Step 3: Generate and Qualify Leads

Use various sources, such as industry databases, networking , referrals, or online platforms to generate a pool of potential leads. Identify individuals or companies that fit the target market criteria and have the potential to become customers. Then, evaluate and qualify leads based on predetermined criteria to determine their suitability and potential value.

Step 4: Build Relationships and Present Solutions

Initiate contact with qualified leads and establish relationships through effective communication and engagement. Utilize networking events, industry conferences, personalized emails, or social media interactions to build trust and credibility. As your relationship forms, develop and present tailored solutions that align with the client's needs. Demonstrate the value proposition of the organization's offerings and highlight key benefits and competitive advantages.

Step 5: Negotiate and Expand

Prepare and deliver proposals that outline the scope of work, pricing, deliverables, and timelines. Upon agreement, coordinate with legal and other relevant internal teams to ensure a smooth contract execution process.

Step 6: Continuously Evaluate

Continuously monitor and evaluate the effectiveness of business development efforts. Analyze performance metrics , gather feedback from clients and internal stakeholders, and identify areas for improvement. Regularly refine strategies and processes to adapt to market changes and optimize outcomes.

While it's common for startup companies to seek outside assistance in developing the business, as a company matures, it should aim to build its business development expertise internally.

How to Create a Business Development Plan

To effectively create and implement a business development plan, the team needs to set clear objectives and goals—ones that are specific, measurable, achievable, relevant, and time-bound (SMART). You can align these objectives with the overall business goals of the company.

Companies often analyze the current state of the organization by evaluating its strengths, weaknesses, opportunities, and threats through a SWOT analysis . That can make it easier to identify target markets and customer segments and define their unique value proposition.

A substantial component of a business development plan is the external-facing stages. It should lay out sales and marketing strategies to generate leads and convert them into customers. In addition, it may explore new potential strategic partnerships and alliances to expand your reach, access new markets, or enhance your offerings.

Teams should conduct a financial analysis and do resource planning to determine the resources required for implementing the plan. Once you implement, you should track progress against the key performance indicators (KPIs) you've chosen.

Skills Needed for Business Development Jobs

Business development is a fast-growing field across industries worldwide. It is also one that calls upon a wide range of hard and soft skill sets.

Leaders and other team members benefit from well-honed sales and negotiating skills in order to interact with clients, comprehend their needs, and sway their decisions. They have to be able to establish rapport, cope with challenges, and conclude transactions. They need to be able to communicate clearly, verbally and in writing, to both customers and internal stakeholders.

Business development specialists should have a thorough awareness of the market in which they operate. They should keep up with market dynamics, competition activity, and other industry developments. They should be able to see potential opportunities, make wise judgments, and adjust tactics as necessary. Because many of their decisions will be data-driven, they need good analytical skills.

Internally, business development practitioners need to be able to clarify priorities, establish reasonable deadlines, manage resources wisely, and monitor progress to guarantee timely completion.

Finally, people who work in business development should conduct themselves with the utmost morality and honesty. They must uphold confidentiality, act legally and ethically, and build trust with customers and other stakeholders.

Why Is Business Development Important?

In addition to its benefits to individual companies, business development is important for generating jobs, developing key industries, and keeping the economy moving forward.

What Are the Most Important Skills for Business Development Executives?

Development executives need to have leadership skills, vision, drive, and a willingness to work with a variety of people to get to a common goal.

How Can I Be Successful in Business Development?

Having a vision and putting together a good team are among the factors that help predict success in business development. A successful developer also knows how to write a good business plan, which becomes the blueprint to build from.

What, in Brief, Should a Business Development Plan Include?

A business development plan, or business plan , should describe the organization's objectives and how it intends to achieve them, including financial goals, expected costs, and targeted milestones.

Business development provides a way for companies to rise above their day-to-day challenges and set a course for a successful future. More and more companies, across many different types of industries, are coming to recognize its value and importance.

American Express. " Business Development and Its Importance ."

Society for Marketing Professional Services. " What Is Business Development? "

World Economic Forum. " The Future of Jobs Report 2020 ," Page 30.

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10 Common business development activities

Lucia Piseddu

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Common business development activities you should be doing. Check this shortlist to organize your work and get results.

If you work in business development and you often wonder what activities you should be focusing on, you came to the right place. And you will be happy to know that you’re not the only one to struggle to create a successful plan of action.

In fact, we found out that the majority of business development pros have a hard time even explaining what they do. Why is that?

The main reason is that business development tends to be quite complex as a field. As a quick recap, we define business development:

A set of tasks and processes meant to develop and implement growth opportunities within and between organizations in a sustainable way.

I know…it’s not very straightforward, right?

And that’s the issue with business development. In a field in which you have so many choices, it becomes easy to freeze and not be able to focus on the right activities.

Nevertheless, good business developers exist and the only reason why they are successful is that they identified the right business development activities they should be doing.

We got curious and wanted to understand their recipe for success, so we interviewed thousands of them and they helped us map out for you the 10 most common business development activities you should be working on.

Here is the shortlist:

  • Research, research, research
  • Ecosystem mapping
  • Spot growth opportunities
  • Idea generation
  • Experimentation ideas
  • Lead generation
  • Prospecting
  • Project management
  • Strategic partnership management
  • Analyze data

Let’s dive deeper into these common business development activities that will help you become a better business development pro.

The business development school - 10 Common Business Development Activities

     The BD School – 10 Common Business Development Activities

1 – Research, research, research

The first step to creating a successful plan of action is to spend time understanding your environment. It’s important you allocate part of your time to researching your market, industry, competitors, and of course…customers!

After all, you can’t be successful at something you don’t fully understand.

Run complete market research or whenever available, read the one your company already did in the past. Ask dumb questions to Google to understand the size of your market, the relevant trends, and anything in between that can help you move forward.

Of course, you’re not alone in trying to conquer the market , so make sure you dedicate time to analyzing your competitors . Your competitors are a great source of inspiration and can help you identify new growth opportunities .

A cool trick you can use when researching your competitors is to look at the negative reviews of their customers. You’ll find golden opportunities to differentiate yourself and provide something your customers want.

Last, of course, you need to research your customers and really understand what they need and find out how your product or service actually helps them.

2 – Ecosystem mapping

Second, in the list of most common business development activities is ecosystem mapping. Once you have a clear idea of how you position yourself in the market, you need to identify relevant stakeholders that can help you achieve your goals.

Think about all the potential individuals and organizations that can bring you closer to your end customers and work on building strong relationships with them. Generally speaking, you should look at institutions, media, companies offering complementary services to yours, or influencers.

But of course, each company is a story on its own, so you need to dig deeper and find specific stakeholders relevant to your case. And of course, it’s not just about you finding quick ways to get results.

Building an ecosystem means understanding what your stakeholders need and making sure you can bring value to their organizations.

A well-developed ecosystem amplifies your impact on the market and will help you get results quicker.

3 – Spot growth opportunities

One of the most common business development activities is, of course, spotting growth opportunities . That’s pretty much the reason you’ve been hired for.

Although, also one of the most difficult to wrap your head around. How does that work? How do you find opportunities? What’s an opportunity anyway?

Opportunities are literally everywhere, but you need a process to be able to actually see them. One best practice is to look at new trends emerging in the market and think of ways your business can benefit from them.

For example, earlier this year, the whole world went crazy on Clubhouse, the app where you could listen to real-time conversations and interact with your favorite people.

It grew extremely fast going from 2 million users in January 2021, to 10 million just 5 months later. Of course, many companies jumped on it, increasing their reach basically overnight. Good business developers like our student Erica Pew saw the opportunity too.

She used Clubhouse to establish herself as the go-to person in the events space in the UK. Erica went on to be nominated for the BD100 Awards , a prestigious accolade in the UK creative industry, and landing a position as Client Service Director for an award-winning Creative Event Agency.

Don’t stop at trends. Talk to your customers, analyze content on social media, go to events, analyze old unsuccessful deals, ask your partners, and so on. The main point is that you need to think out of the box and not restrict yourself to safe activities you’ve been doing forever.

Get creative and let opportunities come to you!

4 – Idea generation

Now that you have identified some good opportunities, you need to think of ideas to realize them in real life. Keep in mind that an opportunity by itself doesn’t mean you’ll grow your business. You need to leverage the opportunity and adapt it to your specific case.

You might be thinking: I’m not very creative, I don’t get the famous great ideas under the shower…what do I do?

The good news is that idea generation is a process and there are plenty of tools you can use to come up with great ideas. For example, you can use mindmaps to lay down your thoughts and connect different concepts into innovative ideas.

Another tool you can use is collaborative innovation which consists of discussing topics with others who might have different views than you. The combination of the different insights will help you reach new, unexplored conclusions.

Or, if you like freedom, you can try the Blue-Sky Thinking approach which literally means brainstorming without any sort of limit. The idea behind this approach is to help you remove boundaries and look at your challenges in a different way.

The only thing that really matters when it comes to idea generation is to keep an open mind and use creative thinking.

Listen to this podcast for inspiration: Creativity in Business development

5 – Experimentation

Idea generation is the first step of another common business development activity which is experimentation. Because although your ideas might look great, you can only know they work if you test them.

Experimenting means dissecting your idea, understanding what you want to achieve with it, and preparing a plan of action to execute it. And of course, you need to make sure you monitor your experiment to see if you’re getting closer to your goals.

There are many types of business development experiments you can run. For example, you can open up a new channel that you never tried before to reach out to your audience. Or you can improve your emails and run some A/B tests to see what works best with your stakeholders.

Once you have some results from your experiments, make sure to scale the activities that brought you the best results and ditch the ones that were not successful.

Whatever you do, make sure you have a process in place to validate your assumptions!

6 – Prospecting

Next in the list of common business development activities is prospecting which is the process of looking for contact information of relevant stakeholders and getting in touch with them.

Prospecting is also one of the activities that gives the most headaches to many business developers. It’s very common to contact hundreds of people and not really get results. This usually happens when you don’t have a clear target in mind.

The key to successful prospecting is having a clear customer profile in mind and knowing exactly what are their pains and needs. You also need to create great value propositions which help your prospects understand how your product or service can help them achieve their goals .

There are many strategies you can use when prospecting and the most used are cold calls , cold emails, and cold outreach on social media. And of course, there are plenty of tools you can use to automate some parts of the process, for example finding email addresses of phone numbers.

One of our favourite tools is Hunter but you can find an extensive list of business development tools at this link . But we recommend you to do the process manually first and only when you get good results, automate it.

Tools are great to enhance what works, but if your process sucks, they will only harm you: use them with care!

7 – Lead generation

Lead generation is one of the most common business development activities and it means generate interests from relevant stakeholders in what you do. In short, it’s not enough to have a long list of emails that you contact every day.

To be a lead, your contacts need to express a genuine interest in your product or service.

Lead generation can either be outbound or inbound. Outbound leads are generated when you contact relevant stakeholders, while inbound leads are the ones that contact you first.

There are benefits in both processes. Having an outbound lead generation process will give you control and will help you better forecast your results. You can always contact more people or imrpove your approach and it’s entirely up to you.

One big downside of outbound lead generation is exactly timing. Because not all companies you contact may need your service right now and this comes with rejection, which can be tough on many of us. But it’s important not to take rejection to heart. If you struggle with that, probably this article will help you put things in perspective .

On the other hand, inbound lead generation will give you more relevant leads who are currently looking for your solution. This makes the process easier as it removes the timing barrier. They’re there for you and your job is to educate them and help them find the right solution.

An effective business development strategy includes both processes. Make sure you have a good balance!

8 – Project management

Business developers need to be excellent project managers. This is because you will work on many different tasks involving many different people. As a business developer, you need to have great time management and organizational skills.

Besides, you need to be great at communicating with other departments or external stakeholders in order to achieve your targets. Of course, you should also be great at documenting processes so that you can easily scale the activities that bring the best results.

As usual, there are many collaborative tools you can use to help yourself. Our favourite is Trello which is very intuitive and easy to use to manage complex projects. Our tool stack includes also Miro , Hubspot , and Canva helping our business development team have a clear overview of their tasks and better collaborate with the marketing and design team.

9 – Partnership management

As a business developer, the essence of your role is in building and maintaining partnerships. It’s important to build a solid process for partnership management so you can achieve your target.

Finding the right partners always start by setting clear goals for yourself in order to find the best stakeholders that will help you reach them. Once you set your goals, you can get in touch with potential partners and identify the best ones.

Strategic partnerships involve a good deal of negotiation and building trust, so you need to be good at asking questions, active listening and of course, negotiation! Partnerships can really help you skyrocket your results, but only if they are win-win.

You need to find out what’s important for your partners and create a proposal that makes both of you satisfied.

10 – Analyze data

Last in the list of common business development activities is analyzing data. Very often business developers feel like they have to justify their roles because they don’t seem to have results. You know, when your boss is constantly asking you what you’re actually doing and you have no clue of how to handle it!

That’s never a good position to be in, but there is a solution which is looking at the data and let them speak for you. Of course, when you work on many different tasks, many of which long-term, it can be a daunting task.

However, there is a way to measure any business development activity and the secret is to identify tangible KPIs for each of them. Basically, you need to attach a number!

For example, if your job is to find partners, then you can measure how many potential partners you contact in a month and how many of them actually decide to work with you.

After keeping track of your activities, consolidate the findings into reports so you can get a better overview of your activities. From here, you can optimise your efforts to be more effective, accurate, and efficient.

If you would like to learn an easy step-by-step process to measure your activities and show your value to your boss, all you have to do is to watch our webinar on this topic.

But that’s not all!

By joining our course, you’ll get access to 1000+ hours of practical and actionable content delivered by experts in the field. You will improve your skills and you will learn how to generate more leads and increase revenue for your business.

So your boss will never question your presence again!

Enrol to the certification program today.

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  • A Game-Changing Business Development Strategy to Achieve Consistent Growth

Joe Pope

Your business development strategy can be key to the success or failure of your firm. In this post, we’ll explore how to create a strategy and associated plan that can propel an individual, a practice or an entire firm to new levels of growth and profitability.

Business Development Defined

Business development (BD) is the process that is used to identify, nurture and acquire new clients and business opportunities to drive growth and profitability. A business development strategy is a document that describes the strategy you will use to accomplish that goal.

The scope of business development can be wide ranging and vary a lot from organization to organization. Consider the model of how professional services organizations get new business shown in Figure 1.

business development funnel

Figure 1: The three stages of the business development funnel

The first two stages of the model, Attracting Prospects and Build Engagement, are traditional marketing functions. The final stage, Turning Opportunities into Clients, is a traditional sales function. In the traditional role, business development would be looking for new channels of distribution or marketing partners.

But roles are changing and naming conventions evolve. In today’s world many firms refer to the entire marketing and sales process as business development. I know, it can be confusing. So let’s sort it out a bit.

Business Development vs. Marketing

Marketing is the process of determining which products and services you will offer to which target audiences, at what price. It also addresses how you will position and promote your firm and it’s offerings in the competitive marketplace. The result of all this activity should be an increasing awareness of your firm among your target audience — and a stronger flow of qualified leads and opportunities.

Download the Business Development Guide

Historically, business development has been a subset of the marketing function that was focused on acquiring new marketing or distribution relationships and channels. While this role still exists in many companies, the business development title has become interchangeable with many marketing and sales functions.  

Business Development vs. Sales

Sales is the task of converting leads or opportunities into new clients. Business development is a broader term that encompasses many activities beyond the sales function. And while there is some overlap, most traditional BD roles are only lightly involved in closing new clients.  

Business development is often confused with sales. This is not too surprising because many people who are clearly in sales have taken to using the title of Business Developer . Presumably this is done because the organization believes that the BD designation avoids some possible stigma associated with sales.

Nowhere is this practice more prevalent than in professional services. Accountants, lawyers and strategy consultants do not want to be seen as “pushy sales people.” This titular bias is firmly rooted despite the fact that developing new business is an important role of most senior members of professional services firms.

Since so many clients want to meet and get to know the professionals they will be working with, the Seller-doer role is well established in many firms. The preference for Seller-doers also tends to discourage firms from fielding a full-time sales force.

As an alternative approach to leveraging fee-earners’ time, some firms have one or more Business Developers on staff. In the professional services context, these folks are often involved in lead generation and qualification, as well as supporting the Seller-doers in their efforts to close new clients. In other organizational contexts, this role might be thought of as a sales support role.

The result of this confusing picture is that many professional services firms call sales “business development” and make it part of every senior professional’s role. They may also include some marketing functions, such as lead generation and lead nurturing, into the professional’s BD responsibilities.

It is this expanded role, where business development encompasses the full range of lead generation, nurturing and sales tasks, which we will concentrate on in this post.

See also: Heller Consulting Case Story

Business Development Examples

To be clear on what this role entails, let’s consider this business development example:

Bethany is the Director of Business Development at a fictional mid-sized architecture firm. She is not an architect herself. Nor is she involved with any aspect of delivering the projects that the firm has signed. Instead, her role is exclusively focused on signing new business for her firm—with either new clients or existing ones. 

For new clients, Bethany spends much of her time responding to RFPs, communicating directly with inbound leads generated by the marketing/sales enablement team, and nurturing potential clients that she met at a recent industry conference. Bethany also collaborates with the marketing team in the development of new materials she needs to sell to new accounts.

When it comes to existing accounts, Bethany also has a role. She meets monthly with delivery teams to understand whether current client projects are on scope or if change orders are needed. Moreover, she maintains a relationship with key stakeholders of her firm’s clients. If another opportunity for more work opens, she knows that her relationship with the client is an important component to that potential deal.

In this example, Bethany is the primary driver of business development but that does not mean she is doing this alone. Imagine she has a colleague Greg who is a lead architect at the firm. While Greg’s first focus is delivering for his clients, business development—and even marketing—should still be a part of his professional life. Perhaps Greg attends an industry conference with Bethany, he as a speaker and expert and her as the primary networker. The business development dynamic should not end with Bethany and should permeate the whole organization.

In this business development example, you can see that the range of roles and responsibilities is wide. This is why it is essential for business development to not be ad hoc, but done strategically. Let’s talk about that now.

Strategic Business Development

Not all business development is of equal impact. In fact a lot of the activities of many professionals are very opportunistic and tactical in nature.This is especially true with many seller-doers. 

Caught between the pressures of client work and an urgent need for new business they cast about for something quick and easy that will produce short term results. Of course this is no real strategy at all.

Strategic business development is the alignment of business development processes and procedures with your firm’s strategic business goals. The role of strategic business development is to acquire ideal clients for your highest priority services using brand promises that you can deliver upon.

 Deciding which targets to pursue and strategies to employ to develop new business is actually a high stakes decision. A good strategy, well implemented, can drive high levels of growth and profitability. A faulty strategy can stymie growth and frustrate valuable talent.

Yet many firms falter at this critical step. They rely on habit, anecdotes and fads — or worse still, “this is how we have always done it.” In a later section we’ll cover how to develop your strategic business development plan. But first we’ll cover some of the strategies that may go into that plan.

Top Business Development Strategies

Let’s look at some of the most common business development strategies and how they stack up with today’s buyers .

Networking is probably the most universally used business development strategy. It’s built on the theory that professional services buying decisions are rooted in relationships, and the best way to develop new relationships is through face-to-face networking.

It certainly is true that many relationships do develop in that way. And if you are networking with your target audience, you can develop new business. But there are limitations. Today’s buyers are very time pressured, and networking is time consuming. It can be very expensive, if you consider travel and time away from the office.

Newer digital networking techniques can help on the cost and time front. But even social media requires an investment of time and attention.

The close relative of networking, referrals are often seen as the mechanism that turns networking and client satisfaction into new business. You establish a relationship, and that person refers new business to you. Satisfied clients do the same.

Clearly, referrals do happen, and many firms get most or all of their business from them. But referrals are passive. They rely on your clients and contacts to identify good prospects for your services and make a referral at the right time.

The problem is referral sources often do not know the full range of how you can help a client. So many referrals are poorly matched to your capabilities. Other well-matched referrals go unmade because your referral source fails to recognize a great prospect when they see one. Finally, many prospects that might be good clients rule out your firm before even talking with you. One recent study puts the number at over 50%.

Importantly, there are new digital strategies that can accelerate referrals. Making your specific expertise more visible is the key. This allows people to make better referrals and increases your referral base beyond clients and a few business contacts.

Learn More: Referral Marketing Course

Sponsorships and Advertising

Can you develop new business directly by sponsoring events and advertising? It would solve a lot of problems if it works. No more trying to get time from fully utilized billable professionals.

Unfortunately, the results on this front are not very encouraging. Studies have shown that traditional advertising is actually associated with slower growth. Only when advertising is combined with other techniques, such as speaking at an event, do these techniques bear fruit.

The most promising advertising strategy seems to be well-targeted digital advertising. This allows firms to get their messages and offers in front of the right people at a lower cost.

Outbound Telephone and Mail

Professional services firms have been using phone calls and mail to directly target potential clients for decades. Target the right firms and roles with a relevant message and you would expect to find new opportunities that can be developed into clients.

There are a couple of key challenges with these strategies. First they are relatively expensive, so they need to be just right to be effective. Second, if you don’t catch the prospect at the right time, your offer may have no appeal relevance — and consequently, no impact on business development.

The key is to have a very appealing offer delivered to a very qualified and responsive list. It’s not easy to get this combination right.

Thought Leadership and Content Marketing

Here, the strategy is to make your expertise visible to potential buyers and referral sources. This is accomplished through writing, speaking or publishing content that demonstrates your expertise and how it can be applied to solve client problems.

Books, articles and speaking engagements have long been staples of professional services business development strategy. Many high visibility experts have built their practices and firms upon this strategy. It often takes a good part of a career to execute this approach.

But changing times and technology have reshaped this strategy. With the onset of digital communication it is now easier and much faster to establish your expertise with a target market. Search engines have leveled the playing field so that relatively unknown individuals and firms can become known even outside their physical region. Webinars have democratized public speaking, and blogs and websites give every firm a 24/7 presence. Add in video and social media and the budding expert can access a vastly expanded marketplace.

But these developments also open firms to much greater competition as well. You may find yourself competing with specialists whom you were never aware of. The impact is to raise the stakes on your business development strategy.

Combined Strategies

It is common to combine different business development strategies. For example, networking and referrals are frequently used together. And on one level, a combined strategy makes perfect sense. The strength of one strategy can shore up the weakness of another.

But there is a hidden danger. For a strategy to perform at its peak, it must be fully implemented. There is a danger that by attempting to execute too many different strategies you will never completely implement any of them.

Good intentions, no matter how ambitious, are of little real business development value. Under-investment, lack of follow through and inconsistent effort are the bane of effective business development.

It is far more effective to fully implement a simple strategy than to dabble in a complex one. Fewer elements, competently implemented, produce better results.

Next, we turn our attention to the tactics used to implement a high-level strategy. But first there is a bit of confusion to clear up.

Business Development Strategy Vs. Tactics

The line between strategy and tactics is not always clear. For example, you can think of networking as an overall business development strategy or as a tactic to enhance the impact of a thought leadership strategy. Confusing to be sure.

From our perspective, the distinction is around focus and intent. If networking is your business development strategy all your focus should be on making the networking more effective and efficient. You will select tactics that are aimed at making networking more powerful or easier. You may try out another marketing technique and drop it if it does not help you implement your networking strategy.

On the other hand, if networking is simply one of many tactics, your decision to use it will depend on whether it supports your larger strategy. Tactics and techniques can be tested and easily changed. Strategy, on the other hand, is a considered choice and does not change from day to day or week to week.

10 Most Effective Business Development Tactics

Which business development tactics are most effective? To find out, we recently conducted a study that looked at over 1000 professional services firms. The research identified those firms that were growing at greater than a 20% compound annual growth rate over a three-year period.

These High Growth firms were compared to firms in the same industry that did not grow over the same time period. We then examined which business development tactics were employed by each group and which provided the most impact.

The result is a list of the ten most impactful tactics employed by the High Growth firms:

  • Outbound sales calls from internal teams
  • Providing assessments and/or consultations
  • Speaking at targeted conferences or events
  • Live product/service demonstrations
  • Presenting in educational webinars
  • Pursuing industry award opportunities
  • Business development materials
  • Email marketing campaigns
  • Conducting and publishing original research
  • Networking at targeted conferences or events

There are a couple of key observations about these growth tactics. First, these techniques can be employed in service of different business development strategies. For example number three on the list, speaking at targeted conferences or events, can easily support a networking or a thought leadership strategy.

The other observation is that the top tactics include a mix of both digital and traditional techniques. As we will see when we develop your plan, having a healthy mix of digital and traditional techniques tends to increase the impact of your strategy.

Business Development Skills

Now that we have identified the key business development strategies and tactics, it is time to consider the business development skills your team will need. Business development skills require a broad range of technical skills but there are some that make a difference.

When the Hinge Research Institute studied marketing and business development skills in our annual High Growth Study , we found that the firms who grow faster have a skill advantage within their marketing and business development teams.

business development ideas

Let’s dive into the top three skills from this list. 

The number one business development skill high growth firms enjoy are strong project management skills. And for experienced business development specialists, this makes good sense. Staying organized, accurately tracking business development activity, and managing accounts are essential for building and maintaining strong business relationships. Activities like the proposal development see business development team resources manage and produce a strong proposal quickly, including the right stakeholders, and without sacrificing quality.

The next most important skill is simplifying complex concepts. In business development conversations, it is vital that team members are strong communicators of your firm’s service offerings and capabilities. Those who are able to take a comlex scope of work and communicate it in a way that a potential buyer can understand. Speaking in industry jargon or overly complicated charts is a fast way to see a business lead become unresponsive. Therefore, it is no surprise to see that the fastest growing professional services firms have an advantage in communicating complex information in a way that buyers understand.

The third most important business development skill is face-to-face networking. Despite the hiatus of many in-person events, high growth firms still reported that strong networking skills are a top skill enjoyed by their firms. Strong face-to-face networking skills are as much of an art as it is a science. While some can be more charismatic than others, everyone can prepare their teams with the resources and plan they need to succeed in a networking environment.

Review the other business development and marketing skills in the figure above and determine which skills your team should aim to develop. Strategy development for planning your business development plan, research for understanding the competitive landscape and industry trends, and social media prowess all play an important role in business development, too. Developing these skills should be a key priority of your business development team.

How to Create Your Strategic Business Development Plan

A Business Development Plan is a document that outlines how you implement your business development strategy. It can be a plan for an individual, a practice or the firm as a whole. Its scope covers both the marketing and sales functions, as they are so intertwined in most professional services firms.

Here are the key steps to develop and document your plan.

Define your target audience

Who are you trying to attract as new clients? Focus on your “best-fit” clients, not all possible prospects. It is most effective to focus on a narrow target audience. But don’t go so narrow that you can’t achieve your business goals.

Research their issues, buying behavior and your competitors

The more you know about your target audience the better equipped you will be to attract their attention and communicate how you can help them. What are their key business issues? Is your expertise relevant to those issues? Where do they look for advice and inspiration? What is the competitive environment like? How do you stack up?

Identify your competitive advantage

What makes you different? Why is that better for your target client? Are you the most cost-effective alternative, or the industry’s leading expert? This “positioning” as it is often called, needs to be true, provable and relevant to the prospect at the time they are choosing which firm to work with. Be sure to document this positioning, as you will use it over and over again as you develop your messages and marketing tools.

Choose your overall business development strategy

Pick the broad strategy or strategies to reach, engage and convert your prospects. You can start with the list of top strategies provided above. Which strategy fits with the needs and preferences of your target audiences? Which ones best convey your competitive advantage? For example, if you are competing because you have superior industry expertise, a thought leadership/content marketing strategy will likely serve you well.

Click to play video

Choose your business development tactics

A great place to start is the list of the most effective tactics we provided above. Make sure that each technique you select fits your target audience and strategy. Remember, it’s not about your personal preferences or familiarity with a tactic. It’s about what works with the audience.

Also, you will need to balance your choices in two important ways: First, you will need tactics that address each stage of the business development pipeline shown in Figure 1. Some techniques work great for gaining visibility but do not address longer-term nurturing. You need to cover the full funnel.

Second, you need a good balance between digital and traditional techniques (Figure 2). Your research should inform this choice. Be careful about assumptions. Just because you don’t use social media doesn’t mean that a portion of your prospects don’t use it to check you out.

Online and Traditional Marketing

Figure 2. Online and offline marketing techniques

When, how often, which conferences, what topics? Now is the time to settle on the details that turn a broad strategy into a specific plan. Many plans include a content or marketing calendar that lays out the specifics, week by week. If that is too much detail for you, at least document what you will be doing and how often. You will need these details to monitor the implementation of your plan.

Specify how you will monitor implementation and impact

Often overlooked, these important considerations often spell the difference between success and failure. Unimplemented strategies don’t work. Keep track of what you do, and when. This will both motivate action and provide a great starting place as you troubleshoot your strategy. Also monitor and record the impacts you see. The most obvious affect will be how much new business you closed. But you should also monitor new leads or new contacts, at the bare minimum. Finally, don’t neglect important process outcomes such as referrals, new names added to your list and downloads of content that expose prospects and referral sources to your expertise.

If you follow these steps you will end up with a documented business development strategy and a concrete plan to implement and optimize it.

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Free Resource

The Business Development Guide

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How Hinge Can Help

Hinge, a global leader in professional services branding and marketing, helps firms grow faster and become more profitable. Our research-based strategies are designed to be  implemented.  In fact, our groundbreaking  Visible Firm ®  program  combines strategy, implementation, training and more.

Additional Resources

  • For hands-on help developing a high-performance business development plan, register for our  Visible Firm ®  course  through Hinge University.
  • Keep pace with the marketplace, generate leads and build your reputation all at once:  Marketing Planning Guide.
  • Find out how to turn your firm into a high-visibility, high-growth business. Download our free executive guide,  The Visible Firm® , in which we layout a detailed roadmap of this research-based program.
  • For more insights, check out our blog post, How to Develop a Winning Go-to-Market Strategy for Your Firm  

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How to Come Up with an Innovative Business Idea

Aspiring female entrepreneur researching innovative business ideas on a laptop

  • 21 Jul 2020

Entrepreneurship is the pursuit of opportunity beyond currently controlled resources. By definition, entrepreneurs seek to fill a need in a new way.

For aspiring entrepreneurs, however, generating strong, novel business ideas can be challenging.

If you’re interested in being an entrepreneur , brainstorming ways you can satisfy needs and solve problems is a good place to start.

Remember the golden rule of brainstorming: There are no bad ideas. As your thoughts flow, jot them down so you can later prune the list to focus on your strongest concepts.

Here are some thought-starters for coming up with innovative business ideas and examples of how entrepreneurs have used them to build successful companies.

Access your free e-book today.

How to Come Up with a Business Idea

Is there an easier way.

One place to start brainstorming potential business ideas is by asking yourself, “What task can I make easier?”

A common denominator for successful businesses is their ability to fulfill customer needs . In this case, the need is to create a product or service that makes people’s lives easier.

Related: How to Identify an Underserved Need in the Market

The most innovative businesses have flourished from simple ideas. For example, HelloFresh has taught people how to cook and provided tools to prepare meals more efficiently. It started with a need to make meal planning and grocery shopping easier. By preparing meal kits that directly fulfill busy people’s needs, this idea has seen major growth.

Check out our video on how to come up with innovative business ideas below below, and subscribe to our YouTube channel for more explainer content!

This method of creating a product to fill a need can be viewed through the lens of Harvard Business School Professor Clayton Christensen’s jobs to be done theory , which he presents in the online course Disruptive Strategy .

“A ‘job to be done’ is a problem or opportunity that somebody is trying to solve,” Christensen says. “We call it a ‘job’ because it needs to be done, and we hire people or products to get jobs done.”

Look for these kinds of opportunities in your own life. Every “job” presents an opportunity to create an easier way to get it done.

By centering your business plan on a particular need, you can increase your chances of building a profitable business.

Related: Jobs to Be Done: 4 Real-World Examples

Can I Make This More Accessible?

There are many useful products and services that aren’t readily available to the entire market, creating an opportunity to produce a similar, more accessible product offering.

The founding of Airbnb by Brian Chesky and Joe Gebbia is an example that HBS Professor William Sahlman uses in the online course Entrepreneurship Essentials .

“Chesky and Gebbia observed how hard it was to find housing during big local events,” Sahlman explains. “They decided to list online three air beds in their apartment for people coming to San Francisco for a design conference.”

From there, they added a third member to their founding team, Nathan Blecharczyk, who built the platform for connecting people with spare rooms to travelers needing a place to stay. They called it AirBed and Breakfast, which later became Airbnb .

Chesky and Gebbia noticed hotel rooms weren’t easy to book during large events, recognized a business opportunity, and devised a solution to fulfill a need for accessible, short-term lodging.

There are countless industries and companies whose offerings are inaccessible to certain market segments or during specific periods. Consider how you might fill those needs.

Related: 10 Characteristics of Successful Entrepreneurs

What Can I Improve About This?

For every successful product offering, there's a multitude of ways to make it better. Think of companies you admire and imagine how you could improve their products. As you do so, consider the following four factors.

Graphic showing four factors to consider to improve a product: delivery process, location, cost, and customer experience

1. Delivery Process

Your business idea doesn’t have to be entirely new—it just has to fill a need. If you can identify a more convenient way of delivering an existing service, it could be an opportunity for your business.

Uber is used as an example in Entrepreneurship Essentials . Taxis have existed for decades, but Uber delivered its services in a new, innovative way by linking drivers in their own cars to customers via an app.

This example also shows there are no limits to what type of business you can create. Your business’ ability to fulfill a need will matter more than whether it’s a brick-and-mortar or online business.

Related: 3 Effective Methods for Assessing Customer Needs

2. Location

One of the simplest improvements to a product or service is bringing it to a new location.

Returning to the Uber example in Entrepreneurship Essentials , ride-sharing company Didi was founded in China—a location Uber hadn’t yet reached. Didi used a similar platform and model as Uber but filled a location gap Uber had left open.

What products, services, or concepts have you experienced in other places that you’d like to bring to your community?

Entrepreneurship Essentials | Succeed in the startup world | Learn More

One improvement that can make a significant impact is cost. Determining how to make a high-quality equivalent to a leading product and offer it for a fraction of the price has great potential.

Home security brand Wyze was founded using this logic. After four ex-Amazon employees discovered they could produce high-quality security cameras and sell them for one-tenth the cost of leading competitors, they sold one million security cameras in their first year as a company.

It takes testing to ensure product quality isn’t sacrificed for a lower price, but finding a way to reduce the cost of an in-demand item could jumpstart your entrepreneurial journey.

4. Customer Experience

Taking an existing offering and improving the customer experience for all or a segment of the market can be a valuable way to fill a need.

One example of an organization that’s done this well is Wanderful , a platform that, similar to Airbnb, connects travelers to locals who can offer lodging and travel advice—with the provision that all users are women.

Beth Santos, founder and CEO of Wanderful, noticed that female solo travelers made up 11 percent of the travel industry , which failed to take into consideration the safety, gender norm, and cultural concerns of women traveling alone.

She improved this experience by creating a network of women that can be tapped into for lodging, travel advice, or just a friendly face in a new location. Wanderful has since expanded its mission to give female and non-binary travelers voices in the travel industry through conferences, communities, and recognition programs.

If there’s an opportunity to improve the experience of a specific group of people, act on it and see where the opportunity leads.

Related: 6 Questions to Ask Before Starting a Business

Is It Time to Pivot?

When starting a business, you may need to pivot from your original idea as new needs arise in the market.

For instance, Jebbit , a tech startup that originally offered a platform to pay students for the advertisements they watched, saw a rising need for privacy and consent in the consumer data space. It pivoted to create a platform for secure, declared customer data.

Another instance in which it makes sense to pivot is during technological evolution.

In Disruptive Strategy , Christensen explains that technological advancements can be either sustaining or disruptive innovations , depending on how they impact your company.

Take Netflix : The service was created to allow people to watch movies without going to the video store and accomplished this by mailing DVDs to customers’ homes with prepaid return envelopes.

When streaming came on the scene in 2007, Netflix implemented the new technology into its business model and has continued to adapt as it’s evolved. Because Netflix was able to adopt new technology to continue serving its customers, streaming was a sustaining innovation.

In the case of video store Blockbuster , streaming was a disruptive innovation that it tried but couldn’t affordably adopt. It ultimately led the business to shut down.

When technological advancements arise, think of how your current business model could shift to use innovation as a sustaining force.

More Examples of Innovative Business Ideas

As you think of ideas for businesses, take inspiration from the world around you. Analyze the foundational needs other businesses have fulfilled for society and how they’ve adapted to what customers want.

Remember: As a future business owner, it’s critical to understand your company’s core mission. Focusing on that can help align your startup ideas and provide a greater chance for success.

To gain even more insight and inspiration, consider the following examples, which show how diverse your business model and mission can be.

Notarize , the first online platform for legally signing and notarizing documents is just one example of an online startup that discovered an overlooked need. For many, it’s a hassle to find a notary public to sign a document in person. This prompted Pat Kinsel, founder and CEO of Notarize, to make this difficult, but necessary, task more convenient.

"It really struck me that notarized documents are often some of the most important things people sign, and yet, we have this system that’s 100 years old," Kinsel said in an interview with Inc .

Kinsel designed the Notarize app to connect people to licensed notary publics via video chat so they can see their documents signed in real time.

This need for notarized documents seemed to be a common, but overlooked, need for many professionals. By thinking outside the box, Notarize seized a business opportunity and brought it to its fullest potential.

The development of Starbucks under former chairman and CEO Howard Schultz is another example that highlights how to efficiently choose locations for your brick-and-mortar.

“Schultz admired the sidewalk coffee shops he’d visited in Italy and decided he would introduce the same basic idea in the United States,” Sahlman says in Entrepreneurship Essentials. “That venture became Starbucks.”

Now, it’s rare to walk a few blocks without seeing a Starbucks on a corner. Strategic locations within high traffic routes created a customer base that’s made Starbucks an essential part of their lives.

Perhaps one of the most well-known companies in the world, Amazon is a prime example of fulfilling people’s need for convenience.

This e-commerce business made it the norm to buy items online—including books, music, movies, housewares, and electronics—and have them quickly and conveniently delivered.

Which HBS Online Entrepreneurship and Innovation Course is Right for You? | Download Your Free Flowchart

Think Like an Entrepreneur

Coming up with an innovative business idea isn’t difficult if you’re observant. By asking yourself key brainstorming questions, you can generate a list of business ideas that fill market needs, improve existing products, and make daily life easier and more enjoyable.

Do you want to turn an idea into a viable venture? Explore our four-week Entrepreneurship Essentials course, six-week Disruptive Strategy course, and other online entrepreneurship and innovation courses to discover how you can harness the power of innovation. Download our free course flowchart to determine which best aligns with your goals.

This post was updated on September 19, 2022. It was originally published on July 21, 2020.

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How to Create the Right Business Development Plan

Daniel Brown

Key Highlights

  • A business development plan is a strategic roadmap that outlines the steps and strategies needed to achieve specific business goals, such as identifying new opportunities, expanding into new markets, forging partnerships, and improving overall performance.
  • A well-crafted business development plan provides clear direction, allocates resources efficiently, aligns teams, and allows for tracking progress and measuring success.
  • Key components of a business development plan include setting goals, understanding target audiences, analyzing the competition, creating marketing and sales strategies, and implementing action plans.
  • Startups should focus on high-impact growth opportunities, maximize their marketing budget, build strategic partnerships, and prioritize teamwork. Large organizations should invest in long-term strategic initiatives, diversify their business development efforts, leverage their resources and expertise, and establish talent development programs.

Whether steering a fresh-faced startup or commanding a massive corporate ship, mastering the art of crafting a robust business development plan is your secret weapon for success.

In this comprehensive guide, we’ll take you through the process and strategies of creating a robust business development plan. Whether it’s leveraging market research to identify new opportunities or utilizing the power of partnerships to accelerate growth, these strategies will equip you with the tools to navigate the dynamic business landscape confidently.

  • What is a Business Development Plan?

A business development plan is a strategic roadmap that helps a company grow and succeed. It outlines the steps and strategies needed to achieve specific business goals. These goals may include identifying new opportunities, expanding into new markets, forging partnerships, and improving overall performance.

Now, you might be wondering why you need a business development plan. First, it provides a clear direction for your company’s growth, ensuring your efforts are focused and targeted. For example, if your goal is to enter a new market, the plan will outline the necessary research , partnerships, and marketing efforts required to achieve that goal.

But that’s not all. A well-crafted business development plan also helps you allocate resources more efficiently , preventing wasted time and money. By outlining priorities and setting realistic timelines, you can ensure that every aspect of your business gets the attention it deserves.

Moreover, a business development plan can be one of the most powerful tools for team alignment . When everyone on your team understands the company’s objectives and strategies, they are more likely to work together seamlessly, improving overall productivity and efficiency.

A solid plan also allows you to track progress and measure success. By setting specific targets and monitoring key performance indicators (KPIs), you can quickly identify areas that need improvement and adjust your strategies accordingly.

In short, a business development plan is your company’s GPS, guiding you toward growth and success. By creating a comprehensive and actionable plan, you can ensure that your business is always moving forward, ready to seize new opportunities and overcome challenges along the way.

  • Key Components of a Business Development Plan

A comprehensive business development plan should include several key components to guide your organization’s growth efforts. These components provide a structured framework for identifying, evaluating, and pursuing growth opportunities. 

Close up on business plan documents

Here’s a detailed look at each element:

  • Goals : Clearly defined objectives and measurable targets guide your business development efforts. These goals should align with your overall business objectives and include short-term and long-term targets. When setting goals, consider using the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound) to ensure they are clear and actionable.
  • Target audience : A thorough understanding of your ideal customers contributes to crafting a more effective business development plan. This includes identifying their needs, preferences, and behaviors. In addition, understanding your target audience can tailor your marketing and sales strategies to reach and engage them more effectively. To identify your target audience, consider conducting market research through surveys, interviews, and focus groups, analyzing demographic data, and studying your competitors’ customer base.
  • Competition analysis : A detailed examination of your competitors is necessary to identify their strengths and weaknesses and potential opportunities for differentiation. This analysis should include data on market share, product offerings, pricing strategies, marketing tactics, and customer experience. By understanding your competition, you can develop a unique value proposition that sets your organization apart and attracts your target audience.
  • Marketing and sales strategies : A well-integrated strategy to engage your target audience, advertise your products or services, and produce leads significantly contributes to effective business development. Your marketing and sales strategies should be tailored to your target audience’s preferences and behaviors, using the most effective channels and tactics for reaching them. This may include content marketing, social media advertising, email campaigns, events, and other promotional activities.
  • Action plans : A clear, step-by-step guide that lists the tasks, duties, and deadlines needed to reach your business development objectives is valuable for maintaining focus on your progress. This action plan should include short-term tasks, such as launching marketing campaigns or attending networking events, and long-term initiatives, like developing new products or entering new markets. Regularly reviewing and updating your action plan will ensure that your business development efforts remain focused and aligned with your objectives.
  • Business Development Process

The business development process is a series of steps to identify, evaluate, and pursue growth opportunities. While the exact process may vary between organizations, it typically includes the following stages:

  • Market research and analysis: In this stage, you’ll gather information about your target market, including customer demographics, preferences, and pain points. This research will help you identify potential opportunities and understand the competitive landscape better. Techniques for market research include surveys, interviews, focus groups, and analysis of existing data sources. For example, a software company looking to expand its product offerings might conduct surveys to determine which features are most desired by potential customers, helping them tailor their new product to meet market gaps.
  • Identifying potential opportunities: Based on your market research, you’ll identify growth opportunities that align with your organization’s strengths and capabilities. This may include entering new markets, developing new products or services, targeting new customer segments, or forging strategic partnerships. For instance, a small e-commerce business might realize that its products appeal to a specific age group and decide to target this demographic more aggressively with marketing campaigns.
  • Evaluating the feasibility of each opportunity : Once you’ve identified potential growth opportunities, assess their practicality. This involves analyzing the potential benefits, risks, and resources required for each option. You’ll want to consider factors such as market size, competition, barriers to entry, and the potential return on investment (ROI) . For example, a manufacturing company considering expanding its production capacity might delve into specifics such as the costs of acquiring new machinery, hiring and training additional staff, potential supply chain complexities, and the projected increase in revenue from enhanced production capacity.
  • Developing a business development strategy : After evaluating the feasibility of each opportunity, you’ll create a strategic plan to pursue the most promising ones. This plan should outline your objectives, target markets, value proposition, and the specific tactics you’ll use to reach your goals. Your strategy may also include a timeline for implementation and key performance indicators (KPIs) to measure progress. For example, a health and wellness company might enter a new market by launching a line of supplements. Its strategy could involve targeted marketing campaigns, influencer partnerships, and social media marketing.
  • Implementing the strategy and measuring results: In this final stage, you’ll implement your business development plan. This involves executing the tactics outlined in your strategy, such as launching marketing campaigns, developing new products, or establishing partnerships. Throughout the implementation process, ensure you monitor your results using the KPIs established earlier. Regularly measuring your progress will help you identify areas for improvement and make any necessary adjustments to your strategy. For instance, a B2B service provider might track the number of new clients acquired, revenue growth, and customer satisfaction scores to gauge the effectiveness of their business development efforts and make data-driven decisions to optimize their approach.
  • Creating a Business Development Plan

Let’s consider a hypothetical example of a software company aiming to expand into the healthcare industry to demonstrate how a business development plan can be created.

Overhead view of business development plan meeting

  • Step 1: Set Clear Goals and Objectives

The company sets a specific goal: “Increase our market share in the healthcare industry by 15% within the next two years.” This goal is SMART, as it is specific, measurable, achievable, relevant, and time-bound.

  • Step 2: Conduct Market Research and Identify Your Target Audience

The company conducts market research to understand the healthcare industry’s needs, preferences, and pain points. They gather information through surveys, interviews, and focus groups with healthcare professionals and analyze existing data sources such as industry reports, whitepapers, and case studies.

  • Step 3: Analyze Your Competition

The software company identifies its key competitors in the healthcare market, analyzing its product offerings, market share, pricing strategies, marketing tactics, and customer experience to understand its strengths and weaknesses and find potential areas for differentiation.

Step 4: Develop Marketing and Sales Strategies Based on market research and competitor analysis insights, the company tailors its marketing and sales strategies to the healthcare industry. They develop targeted content marketing campaigns, engage healthcare influencers, attend industry events, and create healthcare-specific case studies to showcase their software solutions’ value.

  • Step 5: Create an Action Plan

The company outlines specific steps, responsibilities, and deadlines to expand into the healthcare market. They assign tasks to team members, establish clear communication channels for progress tracking, and ensure everyone is working towards the same objective.

  • Step 6: Monitor and Measure Results

The company tracks the performance of its business development activities using key performance indicators (KPIs), such as the number of healthcare leads generated, conversion rates, and revenue growth in the healthcare sector. They regularly review these results to make informed decisions about adjusting strategies and allocating resources more effectively.

  • How to Customize a Plan for Startups vs. Large Organizations

The development of a business, whether a startup or a large organization, requires a thorough understanding of its unique needs and opportunities. Nonetheless, creating a business development plan might vary between startups and large organizations. Startups often have limited resources and focus on immediate growth opportunities. 

In contrast, large organizations may allocate more resources to long-term strategic initiatives. Regardless of your organization’s size, tailoring your business development plan to meet your unique needs and goals is valuable.

  • For Startups
  • Identify high-impact growth opportunities : When creating an action plan for business development, startups might consider focusing on options that offer quick wins. For example, a startup could target a niche market segment with unmet needs or provide a unique solution to an existing problem. Airbnb, a startup in its early days, tapped into the unmet demand for affordable accommodations by allowing homeowners to rent out their spaces to travelers.
  • Maximize your startup marketing budget : Startups frequently work with restricted budgets, making it necessary to utilize economical business development and marketing channels that deliver the most significant ROI. For instance, content marketing, social media, and email marketing can be powerful tools for startups to build brand awareness and engage with their target audience without breaking the bank. In addition, consider prioritizing essential expenses, seeking strategic partnerships, and exploring innovative ways to reduce costs and increase efficiency throughout your business operations.
  • Build a strong network of strategic partners : Partnerships can help startups access new customers, resources, and expertise. For example, a startup could partner with complementary businesses to offer bundled services, co-host events, or cross-promote products. Dropbox, for instance, partnered with Samsung to provide pre-installed Dropbox storage on Samsung devices , significantly increasing their user base. To connect with larger companies for potential partnerships, attend industry events, conferences, and trade shows, and leverage social media platforms like LinkedIn to identify and engage with key decision-makers. Establishing relationships with industry leaders can open doors for collaboration.
  • Prioritize teamwork and collaboration : Startups often feature smaller teams, so establishing a teamwork-driven atmosphere that bolsters productivity and capitalizes on resource allocation proves beneficial. Encourage open communication, delegate responsibilities, and set clear expectations to ensure your team works efficiently and effectively towards your business development goals.
  • For Large Organizations
  • Invest in long-term strategic initiatives : Large organizations can benefit from focusing on strategic business development initiatives that capitalize on their established market presence and resources. For example, large businesses can diversify their business development activities to mitigate risks and capitalize on growth opportunities. This may involve exploring new customer segments, entering different industries, or adopting new technologies. Google’s diversified portfolio, including investments in artificial intelligence, self-driving cars, and renewable energy, demonstrates this approach.
  • Diversify your business development efforts : Large organizations can explore opportunities in new markets and industries to drive innovation and growth beyond their core business. This can include investing in research and development (R&D) to create innovative products or forming strategic partnerships with companies from other sectors. Amazon’s continuous expansion into new industries, such as healthcare and grocery, exemplifies this approach. By broadening their scope, large organizations can capitalize on emerging trends and stay ahead of the competition.
  • Leverage your organization’s resources and expertise : Large organizations have a wealth of resources and expertise at their disposal. They can develop innovative solutions and strategies to drive business growth by tapping into this knowledge. Take IBM, for example. This tech giant leverages its profound technological know-how and data analysis expertise to develop ground-breaking solutions, like their AI platform, Watson. Watson has revolutionized industries ranging from healthcare, where it aids in diagnosing diseases and suggesting treatments, to finance, where it helps banks in risk assessment and fraud detection. The key here is leveraging what you have to create solutions that drive growth and add value for your clients’ businesses. 
  • Establish robust talent development programs : One unique strength of large organizations is their capacity to develop and nurture talent within their ranks. These businesses can continuously enhance their workforce skills by investing in comprehensive training and development programs, fueling innovation and growth. This approach also helps to retain top performers, reducing turnover and promoting a high-performance culture. For instance, consider the case of General Electric. GE’s renowned leadership development programs have been instrumental in grooming a cadre of leaders who have gone on to hold top positions within GE and other major corporations. Large organizations can foster a culture of excellence, innovation, and continuous improvement by focusing on talent development.
  • Strategies for Generating Creative Business Development Ideas

Don’t be afraid to challenge conventional wisdom and explore alternative business development models that deliver value to your customers. Innovation contributes to business growth and helps maintain a  competitive edge.

Group collaboration meeting

Here are some tips and examples to help you develop innovative business development ideas:

  • Encourage a culture of innovation : Foster an environment where employees feel empowered to share their ideas, experiment, and take risks. Promote open communication and collaboration and recognize and reward innovative thinking. Google’s “20% time” policy, which allows employees to dedicate 20% of their working hours to passion projects, has resulted in successful products like Gmail and Google Maps.
  • Monitor industry trends and technological advancements : Stay informed about the latest developments in your industry and related technology sectors. This can help you identify new opportunities for growth and stay ahead of the competition. For instance, consider the rapidly advancing field of AI in healthcare. Companies like Zebra Medical Vision leverage AI for early disease detection , using sophisticated algorithms to analyze medical imaging data and detect anomalies that could indicate conditions like cancer, liver disease, or cardiovascular issues. This use of AI improves diagnostic accuracy and significantly accelerates the process, potentially saving lives by enabling earlier intervention.
  • Leverage internal expertise and resources : Tap into your organization’s wealth of knowledge and resources to identify innovative solutions to business challenges. For example, Google’s Project Aristotle analyzed data from hundreds of teams within the company to identify the key factors that made teams effective. By leveraging its internal expertise in data analysis and organizational behavior, Google was able to implement new strategies and foster a more collaborative work environment, ultimately driving innovation and growth.
  • Explore strategic partnerships and collaborations : Collaborate with external partners, such as complementary businesses, suppliers, or research institutions, to access new ideas, resources, and expertise. Take the case of the collaboration between Starbucks and Spotify, for instance. This innovative alliance allowed Starbucks employees to influence the music played in stores via Spotify playlists, enhancing the in-store experience for customers. Simultaneously, Spotify users could access these playlists, driving user engagement on their platform. This symbiotic relationship amplified brand exposure for both parties, demonstrating the power of strategic partnerships.
  • Experiment with new business models : Don’t be afraid to challenge conventional wisdom and explore alternative ways of delivering value to your customers. Innovative business models can often lead to significant growth opportunities. For instance, the subscription-based model adopted by companies like Dollar Shave Club and Spotify disrupted traditional sales models in their respective industries.
  • Embrace a problem-solving mindset : Encourage your team to approach business challenges with a problem-solving mindset , focusing on finding creative solutions that deliver value to customers. This mindset can help drive innovation and uncover new business development opportunities. Tesla’s mission to combat climate change led to the development of its innovative electric vehicles and solar energy products.
  • Role of Business Development in Sales

Integrating business development and sales strategies drive growth and revenue generation. Business development activities, such as lead generation , market research, and partnership development, support sales efforts. By identifying and nurturing leads, conducting market research to understand customer needs, and fostering strategic partnerships, business development teams can help sales teams close deals more effectively.

Conversely, insights from sales interactions can inform business development efforts and help refine marketing and sales strategies, contributing to the organization’s longevity.

In addition, when a company continually learns from its sales interactions and applies those insights to improve its offerings, messaging, and customer engagement tactics, it is better positioned to adapt to changing market conditions and customer preferences.

This adaptability ultimately leads to stronger customer relationships, increased customer loyalty, and sustained business growth, all contributing to the organization’s longevity.

Sales associate checking CRM software

Examples of successful sales development plans often include a strong focus on collaboration between business development and sales teams and the use of data-driven insights to optimize lead generation and conversion efforts. For instance, a software company wants to expand its market share in a new industry vertical.

To achieve this, the business development team conducts thorough market research to identify key players, customer pain points, and potential partnerships within the new industry. This information is then shared with the sales team, who uses the insights to tailor their pitches and address clients’ specific needs in the new market.

Simultaneously, the sales team shares feedback from client interactions, allowing the business development team to fine-tune their research and partnership strategies. This continuous learning and adaptation process leads to higher conversion rates and increased revenue and strengthens the company’s ability to thrive in the long term.

  • Case Studies

Examining case studies of successful companies can provide valuable insights into how business development and sales strategies can be effectively integrated to drive growth and achieve long-term success.

  • Amazon: Embracing Customer Obsession

Amazon’s relentless focus on customer satisfaction has driven its innovative business development and sales strategies. By leveraging data analytics and customer feedback, Amazon continually refines its offerings and sales approach to cater to customers’ evolving preferences. This customer-centric mindset has led to innovations such as Prime membership, one-click ordering, and Alexa voice assistant, which have enhanced the customer experience and fueled Amazon’s growth.

  • Salesforce: Revolutionizing CRM through Collaboration

Salesforce, a pioneer in cloud-based customer relationship management (CRM) solutions, has successfully integrated business development and sales by fostering a collaborative culture . They encourage cross-functional teams to work together to identify new markets and develop innovative solutions. This collaborative approach has enabled Salesforce to remain at the forefront of the CRM market, continuously delivering cutting-edge products and services that meet customer needs.

  • Slack: Transforming Workplace Communication

Slack, a widespread team collaboration platform, demonstrates the power of effectively integrating business development and sales strategies. By conducting extensive market research and user feedback, Slack identified a gap in the market for a user-friendly, intuitive communication tool. This insight led to the development of a platform that streamlined workplace communication, transforming how teams collaborate . Slack’s sales team leverages this value proposition to drive adoption, resulting in rapid growth and widespread industry acclaim.

Creating the right business development plan can significantly benefit any organization seeking growth and success. To maximize your chances of success, focus on understanding your organization’s unique needs, setting clear goals, conducting market research, and developing effective marketing and sales strategies. In addition, emphasize innovation, collaboration, and continuous improvement to stay ahead in the competitive business landscape.

As you develop your plan, create actionable steps and regularly monitor progress to ensure continuous growth and identify areas for improvement. By embracing a culture of innovation, teamwork, and continuous learning, your organization will be well-equipped to navigate business development challenges and achieve long-term growth and success.

Financial Advisor Daniel Brown is an experienced and knowledgeable financial advisor at spoolah.com. He has been in this industry since 2008 and has a strong understanding of economic trends, all types of financial planning, ways of creating plans for meeting short-term and long-term financial goals, etc.

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Business view all, exploring career options: is capital goods a good career path, is healthcare a good career path, from idea to life: how to start a contractor business, paying yourself as a business owner.

The Ultimate Guide to Business Development

The Ultimate Guide to Business Development

APAC: Navigate the business landscape with confidence. Explore strategies, tools, and insights in our Ultimate Guide to Business Development on Salesforce. Elevate your growth journey now.

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Picture a scenario where your company needs more dedicated employees focused on business development. There’s no one to push you to improve, inform you about new business opportunities, monitor market changes, keep an eye on your competitors, or help you engage your target audience more effectively. Such a situation would undoubtedly hinder your success, wouldn’t it?

This is why businesses establish robust business development practices and hire professionals to spearhead these efforts, among other responsibilities, to achieve growth. Business development encompasses strategically deploying opportunities across your organisation to promote expansion and increase revenue. It involves pursuing opportunities to grow your business, identify new prospects, and convert more leads into customers . Business development closely aligns with sales, as business development teams and representatives are often integral to the larger sales organisation.

Despite the close association between business development and sales, it’s important to understand their distinct roles.

Business Development vs. Sales

While business development operates within the broader sales team, its function differs from traditional sales activities. Business development is a multifaceted process aimed at establishing and nurturing relationships with prospects, understanding buyer personas, enhancing brand recognition, and uncovering new growth opportunities.

In contrast, sales teams focus on selling your products or services to customers and converting leads into clients. Business development simplifies the work of salespersons and sales managers, making their roles more effective.

Business Development Managers vs. Business Development Specialists

In business development, two distinct roles play complementary yet different functions: business development managers and business development specialists. Understanding the distinctions between these roles is essential for building an effective business development team:

Business Development Managers

Business development managers oversee the overall strategy and direction of business development efforts within an organisation. They are responsible for setting targets, creating strategic plans, and managing a team of specialists or representatives. Business development managers focus on aligning business development goals with broader company objectives, ensuring that the team works towards the company’s growth vision. They also play a key role in building relationships with high-level clients and partners. These professionals often have a combination of leadership, strategic thinking, and relationship-building skills. They are responsible for analysing market trends, evaluating the competition, and making informed decisions to steer the company’s growth.

Business Development Specialists

Business development specialists, on the other hand, are the front-line professionals responsible for executing the tactics outlined in the strategy. They focus on identifying and qualifying leads, nurturing relationships with prospects, and converting them into customers. Specialists are typically more hands-on and deal with the day-to-day tasks that drive growth. Their skills are geared towards communication, lead qualification, and relationship-building. They play a vital role in researching potential clients, reaching out to them, and guiding them through the sales process . Specialists are often highly trained in the products or services offered by their organisation and are adept at matching these offerings to the specific needs of potential customers.

Business Development Manager and Specialist Responsibilities

Although specific responsibilities may evolve as your business expands, the following list provides a solid overview of typical business development representative (BDR) tasks:

Qualify leads: BDRs must identify and assess leads to pinpoint ideal prospects for your products or services. Leads are typically qualified through calls, emails, web forms, and social media. The key to lead qualification is understanding their needs and determining whether your product or software can address them.

Identify and communicate with prospects: By qualifying leads and identifying individuals who match your buyer personas, BDRs locate ideal prospects and engage with them directly to gain insights into their needs and pain points. This enables BDRs to determine whether the prospect can benefit from your product or service, ultimately increasing the potential for enhanced customer loyalty and retention. Once ideal prospects are identified, they can be handed over to a sales representative (or sales manager, as needed) for further nurturing.

Proactively seek new business opportunities: Proactively exploring new opportunities, whether related to your product line, target markets, potential prospects, or brand awareness, is a crucial aspect of business success. BDRs seek new business opportunities through networking, competitive research, and conversations with prospects and current customers. When a new business opportunity is identified, BDRs should schedule marketing assessments and discovery meetings with sales reps to evaluate the potential for closing deals.

Stay up-to-date on competition and market trends: Staying informed about your competitors’ strategies, products, target audiences, and emerging market and industry trends is essential. This knowledge enables you to effectively identify ideal prospects and prepare your business to adapt to market shifts that may necessitate new approaches to lead qualification and audience engagement.

Report to salespeople and development managers: As previously discussed, BDRs typically report to sales reps and sales managers. They communicate with these senior team members to discuss lead qualification strategies and ways to connect prospects with sales reps for nurturing customers. BDRs are also responsible for sharing their findings, including business opportunities and market trends, with sales reps and managers. This collaborative approach ensures that strategies align with business and audience needs, contributing to organisational success.

Promote satisfaction and loyalty: A BDR’s interaction with a prospect may be the very first interaction the prospect has with your business. Therefore, it’s crucial to make a strong first impression to pique early interest. Whether a BDR is qualifying leads, understanding prospects and their needs, or selecting the right sales rep for deal negotiations, all interactions with prospects matter. When a BDR conducts research or engages with a prospect, personalised communication demonstrates attentiveness and care, leaving a lasting, positive impression.

In addition to understanding how BDRs contribute to your growth, there are other effective business development strategies to engage prospects and discover new business opportunities. Let’s explore these ideas in detail.

Business Development Ideas

Innovate your networking approach: Traditional cold calls are less effective nowadays. Innovate your networking by building strong relationships with prospects. This can be achieved through face-to-face meetings at conferences, trade shows, and industry events. Leverage online networks like LinkedIn and other social platforms to connect with potential customers who sign up for your email subscriptions or complete forms on your website.

Offer consultations: Providing consultations and assessments for prospects allows you to discuss how your product or service addresses their needs, helping prospects decide on conversion. Additionally, consultations and assessments may reveal if a prospect is not an ideal fit for your product, saving time and resources spent on unsuitable leads.

Provide sales demos: Offer prospects and leads tailored sales demonstrations showcasing how your product or service solves their challenges. These demos can be shared in person, via email, on your website, or through video calls.

Nurture prospects: Nurturing prospects through phone calls, emails, meetings, or other forms of communication is crucial. It involves providing information about your product or service, helping prospects make informed decisions, and ensuring they feel valued and understood by your company.

Offer various types of content: Supply prospects with diverse content formats, such as blogs, videos, and social media posts, enabling them to learn more about your brand and offerings. Customise the content to cater to their preferences and make it easily shareable to facilitate sharing with their team members.

Collaborate with marketing: While business development resides within the sales department, it should maintain open communication and regular meetings with other departments, including marketing and product development. Sharing insights, content, and information between departments ensures a cohesive strategy to engage prospects and deliver tailored solutions.

Invest in your website: Your website often serves as the initial point of contact for prospects. Make it visually appealing, optimise it for search engines, link to sales content, and maintain an active blog to create a positive first impression and facilitate effective business development.

Empower employees to enhance skills and knowledge: Business development is an ever-evolving field influenced by changing strategies, technology, and market conditions. Encourage employees to stay updated on industry trends, refine their skills, and adapt to new technologies. Ensure that your team receives appropriate training and education, allowing them to adapt to shifts in the market and emerging opportunities.

Business Development Process

A business development process combines steps your business takes to grow effectively, boost revenue, enhance relationships with leads, and excel at every stage of the buyer’s journey. By navigating your business development process, your team gains a deep understanding of your organisation’s overarching goals, sales targets, current business landscape, target audience demographics, and more.

Here’s how to effectively conduct business development:

Conduct extensive market research.

A critical business development component involves in-depth market research. Understand your market, target personas, and the current state of the market to implement other aspects of business development successfully.

Increase visibility and awareness

Beyond sales, your marketing department plays a pivotal role in business development. Boost your brand’s visibility by building an effective website, investing in paid advertising, leveraging social media, engaging in co-marketing partnerships with industry peers, and maintaining an active blog.

Promote thought leadership

Establishing credibility is vital for business development. Publishing industry-specific, insightful blog content demonstrates your expertise and fosters trust. Webinars, white papers, and video content further enhance your reputation and build trust with potential customers.

Conduct outreach

Actively reaching out to prospects is a cornerstone of business development. Engage with leads, actively reaching out to warm and cold leads through research. BDRs typically oversee this step, making it a crucial aspect of business development.

Qualify leads

Once BDRs have connected with leads, they must qualify them to gauge their suitability and decide if they are worth the sales team’s time and effort. Effective lead qualification is a pivotal moment in the business development process, indicating the overall success of the process.

Provide exceptional customer service

Customer service is an integral part of business development, ensuring that current customers remain satisfied and contribute to your business’s reputation and growth. Positive word of mouth and referrals simplify business development and make it more effective.

Develop sales content from success stories

Translate customer satisfaction into promotable sales content, including case studies and testimonials that highlight the value your product or service provides. This content is tailored to attract potential buyers by showcasing real-world success stories.

By incorporating these elements into your business development approach and sharing them with your team, you can create a strategic business development plan that encourages success and growth. Let’s explore the steps involved in crafting a comprehensive business development plan.

Business Development Strategy

A business development plan is a strategy devised by sales managers to guide BDRs in achieving growth-related objectives. This plan aims to set realistic goals, align team members, identify prospects, and convert leads into customers.

Key steps in creating a business development plan include:

Step 1. Craft an elevator pitch: Create a concise, engaging elevator pitch that conveys your company’s mission and how your product or service addresses the needs of your target audience. Document the most effective elevator pitches for reference.

Step 2. Set SMART goals: Establish Specific, Measurable, Attainable, Relevant, and Timely (SMART) goals for your business development strategy. Ensure these goals align with your company objectives and are specific to your business. For instance, set goals to increase the number of qualified leads by a certain percentage over a quarter, specifying the type of prospects and measuring success through conversations with sales reps.

Step 3. Conduct a SWOT analysis: Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to gain insights into your business’s strengths, weaknesses, and opportunities. Analyse your competition and potential threats. Use this analysis to identify ways to grow and adapt your business to market changes.

Step 4. Determine how you’ll measure success: Define key performance indicators (KPIs) to evaluate the success of your business development efforts. Common KPIs include company growth, revenue changes, lead conversion rate, leads generated, customer satisfaction, pipeline value, and reach.

Step 5. Set a budget: Determine the budget required for your business development goals, considering resources, previous strategies, and operational expenses. Collaborate with your team to establish a budget that aligns with your business development initiatives.

Step 6. Keep your target audience in mind: Always focus on your target audience and their specific needs. Tailor your plan to address these needs and increase the likelihood of converting them into customers.

Step 7. Choose an outreach strategy: Select an outreach strategy that aligns with your business development goals, such as networking, referrals, upselling, cross-selling, and sponsorships. Clearly define expectations and guidelines for outreach to maintain professionalism and brand consistency.

Following these steps, you’ll create a comprehensive business development plan that empowers your team to drive growth effectively and efficiently.

Business Development Drives Better Growth

Business development is an indispensable component of any successful organisation. It facilitates revenue growth, aids in identifying ideal prospects, generates more leads, and closes more deals. To reap the benefits of business development, focus on creating a robust business development plan and ensure that your team is equipped to set your business on the growth path .

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70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

Meg Prater (she/her)

Published: July 31, 2023

A good business idea may seem hard to come by, but with some planning and preparation, you can easily launch a small business to supplement your income — or become your own full-time boss.

Small business ideas symbolically showing the spirit of a small business

Maybe you already have an idea of the business you’d like to start. But while you might feel ready for a new venture and passionate about your idea, you might be looking for some direction.

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To help get you started, here's a list of small business ideas separated into a few sections:

Best Small Business Ideas

Best businesses to start with little money, home business ideas, easy businesses to start, how to start a small business at home.

The first step to becoming a successful entrepreneur is finding a business idea that works for you. In this article, you’ll find dozens of small business ideas you can start from home and scale up as your clientele grows. Let’s get started.

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Fill out this form to build your business plan today., what makes a good small business idea.

Not all small business ideas are made equal: Some require more effort and funding than others, while some can be launched with few resources — or resources you already have. As a potential small business owner, you’ll want to save as much money as possible on training, rent, supplies, and other necessities.

Let’s go over what makes a good business idea:

  • Requires little to no training . A good small business idea will ideally leverage your existing field of expertise and require little to no training. That will not only shorten your time-to-launch, but also lessen your expenses, since training courses can cost a significant amount of money. Plus, you’ll be more confident offering services that you feel prepared to deliver.
  • Requires low setup costs. Your business should be cheap to start. Maybe you only need to purchase a website domain or buy a desk for your garage.
  • Requires little hands-on inventory or supply management . A great business idea needs few supplies and little inventory management. If you want to sell physical goods, you can either try drop-shipping and manually make goods in small batches.
  • Is based online . The best small business ideas are based online and can be carried out from your personal computer. This will automatically lower your commuting costs and give you greater flexibility over your personal and work life.
  • Can sustainably be managed by few people . As a small business owner, you won’t have the funds to hire other people to help you run your business — at least not at first. A good business idea should give you the ability to run your business on your own.

Airbnb Co-founder, Brian Chesky, said, "If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life."

If you’re like Brian and you’ve already thought about a solution for a problem you encounter in your life — or you’re on the path to doing so — then starting a small business may be in your future. It may also be for you if you dream of clocking out of your nine-to-five job for the last time and becoming your own boss.

Below, we include the absolute best ideas for you to start your small business — with resources and examples to help you get started.

1. Handyman

small business idea example: handyman

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Are you always fixing things around the house? Often on-call when friends need small projects completed? Create a website , conduct a competitive analysis to determine what your time and expertise are worth, and turn to the friends you’ve helped before for referrals.

A handyman business is a good idea if you’ve already built a robust set of skills to help others fix up their homes. Consider specializing in what you feel well-prepared to do — for instance, if you know your way underneath a sink and water system, then you might provide sink fixing services to start, then expand your offerings once you earn more skills.

No certifications are needed to become a handyman, and there are no special education requirements. You might need, however, a license if you’re planning to undertake jobs worth more than a certain dollar amount. Some states might not require this license.

To start your handyman business, we recommend the following resources:

  • Handyman License Requirements by State
  • The Most Requested Handyman Services
  • Association of Certified Handyman Professionals

2. Woodworker

Similarly, if you have a passion for crafting beautiful furniture or other home goods out of wood, that could be a small business niche for you. Get started by listing a few of your pieces on sites like Etsy . Once you build a following, consider starting a website, accepting custom orders, or expanding to refinishing work and upholstery.

A woodworker small business is ideal if you already have a passion for woodworking, as well as the tools to begin fulfilling orders as they begin to come in. Since delivering a well-made product is key to keeping your customers happy, you don’t want to be “training” as you create a custom shelf or a custom storage box. It’s recommended to have at least one year of experience as a woodworking apprentice.

To start a woodworking business, there are no special education requirements, but there are a wide range of woodworking training certifications online, so we suggest starting with a certification. The Woodwork Institute , YesTomorrow , and The School of Fine Woodworking are potential places to start.

3. Online Dating Consultant

Dating consultants usually charge for their time. They help people create successful online dating profiles, source possible matches from outside the typical online channels, and offer a level of personalization that a site like Tinder can’t. Think you’ve got a knack for the match? This might be the business for you.

Online dating consultants need to have strong communication and interpersonal skills, as well as heightened levels of empathy. The good news is that there are no special education or licensure requirements, though we recommend getting a certification such as IAP College’s relationship coach certification or Hart Academy’s online dating coach certificate .

To start an online dating consultant business, you’ll need a website that shares all about you and offers free dating resources your customers might benefit from. Once they download a resource, you can loop them in for a free consultation.

4. Sewing and Alteration Specialist

small business idea example: sewing and alterations

People will always need clothing hemmed and buttons mended — and you could be the person to do it. If you love sewing and have a sewing machine at home, start by offering simple services like those mentioned above and expand your repertoire to dressmaking and design as you build a customer base and demand.

You don’t need a special license or degree to begin a sewing and alterations business, but it’s essential to build your skills so you can take on more complicated projects. High-value clients will want to customize complicated items of clothing such as suits, pants, gowns, and dresses. That’s where you’ll see the highest potential for profits.

Altering these items require special skills, however. A few courses you might consider include:

  • International Open Academy's Tailoring Course for Beginners
  • Jackson Sewing Academy’s Basic Alterations Course
  • American Bespoke Tailoring Academy’s Programs

You’ll also need to shop for sewing supplies of all colors to accommodate your clients.

5. Freelance Developer

From building websites for other small businesses to providing technical support for certain projects, quality web development is in high demand right now. As a web developer, you'll naturally have a technical skill set. Distill your knowledge and expertise so customers who don't have your experience are able to understand what it is you'll be helping them achieve.

To help with this, test your messaging on friends and family who don’t have a firm understanding of the work you do. If they’re able to summarize what you do, your messaging is likely effective among people outside of your industry. You can start finding your first freelance contracts by visiting different freelance websites .

Unlike a few other options in this list, a freelance developer does need some training to launch a successful business and start taking on projects, but if you’re a beginner, don’t worry. There are plenty of boot camps to get you up to speed with either full-stack or front-end web development. Some of these boot camps are even offered through accredited tech schools.

Some boot camps you might consider include:

  • Coding Dojo
  • Fullstack Academy
  • Georgia Institute of Technology Coding Boot Camp

These vary in price, so be sure to do extensive research to find one that fits you and your budget.

6. Personal Trainer

Offer in-home consultations, personalized nutrition and exercise regimens, and community boot camps to get the word out. Don’t forget to populate an Instagram feed with inspirational quotes, free exercise videos, and yummy snack ideas as well — it’s a common way for fitness gurus to build their brands in our digital world.

If you choose to go this route, it’s OK to start small at first, then scale up. For instance, MOURfit is a personal training business in Indianapolis that started in a shared gym, then grew to a private gym that offers group fitness, personal training, and nutrition services.

To start a personal training business, you’ll need a certification. If you already earned a degree in an unrelated discipline, we recommend starting with the NASM-CPT certification , which is nationally accredited and only requires a high school diploma or GED. You can also get a Bachelor’s degree in physical and exercise science — here’s one example from Emory & Henry College .

7. Freelance Graphic Designer

Set your own hours, choose your projects, and build a portfolio and business you’re proud of. From website design to blog graphics and more, many companies seek out experienced graphic designers for support on a variety of projects.

The good news? There are no special education requirements for becoming a freelance graphic designer, though we recommend seeking a credential (like SAIC’s graphic design certificate or RISD’s graphic design certificate ) or an Associate’s degree in design so you can confidently present your portfolio and complete your first few projects.

If you’re just starting out with graphic design, try these tips and tricks that are ideal for beginners. If you’re more experienced but need to build your portfolio to attract clients, these prompts will get your creativity flowing in no time. We also recommend reviewing other people’s work on portfolio websites to get a feel for what is “trendy” and receive feedback as you grow your small business.

Free Download: How to Hire and Work with Freelancers

8. Life/ Career Coach

If you have experience navigating career, personal, and social transitions successfully, put it to good use as a life or career coach. Many of us are looking for guidance in our careers — and finding someone with the time to mentor us can be tough.

Life/career coaches don’t come cheap, but they are able to offer clients the intense and hands-on training and advice they need to make serious moves in their personal and professional lives. After all, everyone needs some uplifting advice from time to time.

To start your life/career coaching business with confidence, you can look for a certification program (like the Life Coach School’s or Diane Hudson’s ), then apply your skills as you acquire new clients.

small business idea example: Career Coach Nariah Broadus

A resume writing business is economical, has few overhead costs, and has few educational requirements. We still recommend having an Associate’s or Bachelor’s degree and a few resume samples on hand. If you still feel that you need to brush up on your resume writing skills, you can take a course like Coursera’s or LinkedIn Learning’s .

Once you’ve gotten resume writing down, you can expand your business to include cover letter writing, and even offer career coaching services in conjunction with these services.

10. Freelance Writer

If you have writing skills , there’s someone out there willing to pay you for them. Write blog posts, magazine articles, and website copy galore — just make sure you have a body of work built up to share with potential clients. Even if you create a few sample pieces to have on hand, they’ll help exhibit your work and attract new business.

To become a freelance writer, it’s essential to choose a specialty. For instance, you might choose to only write for publications in the healthcare industry (maybe because you were previously a healthcare worker), or focus on lifestyle publications. Whatever the case, specializing will help you find your niche market and gain confidence as a new freelancer writer.

There are no educational requirements to freelance writing, but you do need strong writing skills. It also helps to enjoy writing. While a certification may beneficial, getting practice and writing every day is more important. Try these writing prompts to start.

11. Landscaper

Mowing, tree-trimming, and seasonal decor are all neighborhood needs. If you have or can acquire the equipment, a landscaping business can be a lucrative affair. It’s also a great choice if you enjoy doing it for your own home and have a good eye for landscape design.

The good news is that you can start small. For instance, you could offer your neighbors seasonal planting services and start with a few perennial plants, or simply offer mulching services.

To grow your landscaping business, you should consider taking some formal training. The following organizations offer courses:

  • New York Botanical Gardens

After completing a course and getting enough experience, you can apply for a certificate from a landscaping organization. While a certificate isn’t necessary to work in the field, it can build your credentials and help you make industry connections to take your landscaping business to the next level. The Association of Professional Landscape Designers offers one potential certificate you could pursue.

Some states require licensure, especially if you’ll be using pesticides and fertilizers. Be sure to review the requirements for your state.

Learn some of the basics now with this video on landscape design from Lowe’s:

12. Videographer

Video production requires you to have invested in the equipment up front, which can be quite expensive. But that’s also what makes your services so valuable. Make sure you have a reel of your work to share or create a website with several selections of your work available for interested viewers.

There are no educational or licensure requirements for starting a video production business. As with writing and other creative arts, though, it pays to specialize. Real estate videos differ radically from wedding videos, and wedding videos differ radically from in-studio interviews and testimonials. By specializing, you target a highly specific customer who’ll benefit the most from your services, and you can also skill-up more effectively in one shooting style.

While you can find general classes on videography, you should consider taking a class in the type of videography you’d like to do. For instance, you could take The Complete Wedding Videography Course , if that’s the route you’d like to take.

Hot tip: If you’re interested in specializing in video marketing, check out The Ultimate Guide to Video Marketing and download our starter pack below.

→ Access Now: Video Marketing Starter Pack [Free Kit]

13. Photographer

Start by conducting photo shoots for your family and friends. As you build a body of work, ask for referrals and reviews. Photography businesses often grow by word of mouth, so create a Facebook page where you can tag recent clients. Photos where you tag those clients will show up in their friends’ newsfeeds, where they can view your work. You can also ask them to leave reviews on your Facebook business page.

Like with a video production small business, you’ll want to specialize. Will you do product shoots or portraits? How about wedding or fashion photo shoots? Once you specialize, you’ll be able to create a body of work that most accurately represents your strengths.

There are no educational or licensure requirements for starting a small photography business, but we recommend investing in a few photography courses, especially if you haven’t used your camera in a while. Some courses you might start with include:

  • Cornell’s Digital Photography Certificate Program
  • New York Institute of Photography’s Course

From there, seek courses that help you build skills in your chosen specialty.

If you’re not sure where to start with freelance photography, take a look at Erica Clayton’s journey into the business below. Her advice? Give yourself a firm deadline to turn a profit.

14. Bed and Breakfast Owner

small business idea example: bed and breakfast

This is another business venture that will require you to research the correct licensure from your state, but it will be well worth it to see your dreams come true. Consider what guests will be traveling to your area and create special packages and themed stays that coincide with their interests in your locale.

To start a bed and breakfast business, you’ll need a physical business location and a small staff for maintenance, customer service, and upkeep. For that reason, we recommend it if you have startup funds to start your business. (Don’t have any? Here’s how to start crowdfunding to launch your new business .)

A successful bed and breakfast business will also need an SEO-optimized website with a hotel booking system. If you create your website on the WordPress platform, you can easily create a B&B website using a hotel booking plugin — so there’s no need to code the booking form from scratch.

With Airbnb and hotels stealing market share, the competition is tough in the bed and breakfast space, so we recommend providing a unique angle to the stay. As mentioned, the stays can be themed — maybe your B&B is a vintage home with all original furniture, or maybe you offer traditional fare from your homeland.

15. Clothing Boutique Owner

If you dream of building your own fashion empire, why not start with a local boutique? Build buzz with impressive clothing styles, inspiring social media accounts, and heavy community involvement. While you can open a physical store, you can easily start online — and if that proves profitable, you can open up a local shop.

There are a few ways you can start a clothing boutique. First, you can make the clothes yourself if you already have experience in fashion design or know how to sew, knit, and curate colors and patterns.

Alternatively, you can design certain aspects of the clothing — such as a graphic or a logo — then send it to be printed on-demand at a local print shop when orders come in.

Lastly, you can dropship the items from a warehouse you’ve partnered with. This method is less reliable because there’s less quality assurance for each item, especially if you never visit the warehouses yourself. Regardless of the method you choose, starting a clothing boutique is highly doable, and you don’t need to have a fashion degree (though it certainly helps).

Take some inspiration from Sleep Ova , a luxury loungewear boutique based in Los Angeles, CA.

small business idea example: sleep ova

16. Specialty Food Store Owner

small business idea example: specialty food store

Gourmet foods, cheeses, sake, wine — you name a food, there’s a specialty food store out there for it. Put your passion for exotic olive oils to good use and open a store like American Provisions where you offer the kind of expertise and selection your audience couldn’t dream of getting from their local grocer.

To start your specialty food store, you’ll want to curate and source the items from makers that you love and trust. Ask around your community to find local makers of the food you want to sell, and the makers will likely be open to a partnership, especially if they get a cut of the profits.

When it’s time to sell, you’ll want to find a physical location, but if that investment is too high, you can start by setting up stalls at food festivals and local markets. Or you can go the ecommerce route and sell the products through your website, taking care to carefully pack perishable items.

17. Food Truck Owner

Always dreamt of owning a restaurant but not quite ready to take the plunge? Test out your concepts with a food truck. It’s a great way to become familiar with food and restaurant licensing in your state, see what people like and don’t like, and build a ravenous following before ever opening or investing in a brick-and-mortar location.

Food trucks will require a larger investment, but thankfully, you can rent the truck itself — the Food Truck Group and Roaming Hunger are two potential leasers you could look at. The cost will be high, so we recommend renting one in preparation for an event such as a food festival or concert. There, you’ll get to test out the popularity of your cuisine and see if the food truck business is right for you.

Taco Nganas , a taco truck in Memphis, TN, started with one food truck and expanded to three, building a loyal customer base along the way.

18. Car-detailing Specialist

small business idea example: car detailing

The devil is in the details, and you can be too. Car-detailing services that travel to the client are convenient for busy people who can’t find the time to run through the car wash. With this business, your clients only have to pay and the service will be done for them before they know it. Just make sure you have the flexibility, transportation, and equipment to take your business on the road.

There are no educational requirements for car detailing, but you should still take a course such as Auto Finesse’s detailing training to learn core concepts and brush up on your skills.

To get your car detailing business off the ground, you’ll need an SEO-optimized website and a way for customers to book online with you. Before you take that step, however, consider listing your services on websites like Angi , Thumbtack , and even Nextdoor.com so you can get your first local clients.

Don’t have a lot of money to start your business? Check out the ideas below.

1. Translator

Speak a foreign language? Start a translation service. Consider specializing in a specific genre of translation, like medical or financial translation, as you might be able to fill a niche need in your community.

small business ideas: translator

To become a translator, you should have a rock-solid grasp of two languages — ideally, you’ll be near native level for both. You don’t need special credentials to become a translator, but a certification (such as from the American Translators Association ) will legitimize your business and help you get clients.

Prior to gaining a certification, you can also pursue an online certificate, which will teach you the basics of translation. Some providers include:

  • University of Massachusetts Amherst
  • The University of Arizona
  • University of Georgia

2. Garden Designer

Many people have the willingness to do the dirty work in their backyards, but few have the know-how to complete the first part of this process — designing and planning the backyard space. Draw up the designs for your clients’ outdoor spaces and let them do the actual digging.

But you can also offer installation services, or hire your own contractors to fulfill the design.

small business ideas: garden designer

To become a garden designer, you should seek at least one credential so you’re well-versed in the basics and prevent damage to a client’s landscape. The American Academy of Garden Design offers courses and certificates that start at $450. A cheaper option is New Skills Academy’s Garden Design Certification ($120).

Remember, the goal is to start a business for cheap, and a certification can have a high ROI after you book your first few clients for garden design.

3. Travel Planner

The time of the travel agent might be passing, but people are still looking for those with a knack for more nontraditional travel coordination. If you always plan the perfect vacations complete with beautiful hotels, the ideal location, and a bevy of delicious restaurants lined up for every evening, consider advertising your services as a more modern approach to travel planning.

You don’t have to only plan trips for individuals, either. If you’re experienced enough, you can even start a group travel company, like Art N Soul Escapes .

You can become a travel planner by first volunteering to plan a few trips for your family and friends. Try it and see if you like it. Once you feel like you’ve gotten a good taste, attend a travel planner program and get certified. Some options include:

  • The Travel Institute Training & Certification Program
  • Penn Foster Travel and Tourism Specialist Diploma

You can also seek employment at a travel agency first, then strike out on your own once you’ve learned the basics.

4. Home Inspector

A home inspector examines a house’s drywall, electrical wiring, energy efficiency, and structural integrity to find potential issues on behalf of a home buyer. Home inspectors work in the field. They visit homes in person and provide a written inspection report. Alternatively, some home inspectors offer virtual inspections, which may be a good fit if you’d prefer to work from home.

small business ideas: home inspector

Working as a home inspector requires certification and a great deal of expertise, but it can offer a flexible work schedule and stable income. Confirm the licensing requirements in your state before getting started with this type of small business. You’ll want to make sure you’re providing the best service to your clients by having all of your credentials in order.

To become a home inspector, you should invest in a certification program, such as:

  • International Association of Certified Home Inspectors
  • ATI Home Inspector Academy

Be sure to check local authorities and universities for a course.

5. Personal Chef

We all love to eat, but few of us have the time or energy to cook healthy, delicious meals. Advertise your services to local families and businesses alike. To save on start-up costs, consider scheduling certain groups of clients together — say, vegetarians — so you can cook larger quantities of the same dish.

You can also begin by selling food in batches at local farmer’s markets or via a food truck. Once you’ve generated some awareness, you can begin taking on clients. Alternatively, you can start a delivery meal prep service by cooking 5-7 days’ worth of meals for clients.

small business idea example: personal chef

Chef Paul’s mouth-watering dishes are available to clients across the country. His clientele niche consists of athletes, corporate businesses, and local gyms.

6. Property Manager

Many people maintain properties they don’t live in — often based in different cities or states. As a property manager, you can help a property owner ensure their home is well taken care of, handle small fixes as they arise, and serve as a liaison to renters. It’s helpful if you have a background in real estate.

This option is a great fit if you have stupendous organizational, administrative, and customer service skills. As a property manager, you’ll be handling everything from screening potential tenants to collecting rent.

To become a property manager, you must first complete coursework in your desired state. We recommend working at an existing property management company to get your foot in the door. Once you’ve learned the basics, you can then start your own property management business.

7. Massage Therapist

Soothe aching muscles and promote peace for your clients as a massage therapist. As a massage therapist, you’ll offer targeted, personalized care that’s an edge above in-shop or mall massage services. To start this small business, you should invest in customer service courses, as well as a massage therapy certification.

small business idea example: massage therapist

Be sure to look into training and certification courses in your city and state, and to invest in a portable bed to take on client visits.

8. Interior Designer

Similar to landscape design — there are many people who have the ability to buy the furniture and home decor they need to fill their rooms, but few who know where to start. It might take some time to build a portfolio, but documenting your projects and sharing them online can build a fanbase beyond your wildest dreams.

To start an interior design business, we first recommend trying your hand at decorating your friends’ homes and working with their vision and specifications. One big aspect of interior design is providing fantastic customer service and knowing how to fulfill a client’s design vision while employing your interior design expertise.

You can then take an interior design course to round out your knowledge, such as the one offered by The New York Institute of Art and Design .

Need inspiration? Check out Sandra Cavallo’s interior design Instagram account.

small business idea example: interior designer

9. Nonprofit Owner

If you dream of devoting your life to a cause you believe in, it might be time to start a nonprofit. You’ll need to incorporate your business and file for 501(c)(3) tax-exempt status — and then you’ll be required to meet ongoing standards of compliance, but the payoff is making a meaningful impact on a cause you believe in.

The best thing is that you can begin a nonprofit easily from your home, even before filing for 501(c)(3) status. First, create a non-profit website (ideally with a .org top-level-domain). Define your mission and goals, and figure out how you’ll execute your non-profit activities. For instance, if you’re raising money to buy books for local schools, who will deliver them? Which retailer will you use? Start small, then expand.

Thereafter, apply for exempt status so that you’re not taxed like a regular business. The profit margins may be smaller, but the job is endlessly rewarding.

Whether you’re a math whiz, piano master, or Shakespeare aficionado, there’s someone out there who needs a little help in your area of expertise and is willing to pay for it. Advertise your services through local schools, community colleges, community centers, and even social media to get the word out and build a customer base.

To start a tutoring business, you should first gain experience educating others by either volunteering or even teaching friends and family. But you can begin straight away by listing your services locally and online and launching a tutoring website.

Be sure to define your niche. Will you be tutoring students in their homes? Or opening a local tutoring location? Which subject will you teach? Create handouts, use textbooks, and know which online resources will be best for your tutee’s learning style.

11. Consultant

If you have significant experience in or knowledge of a specific subject, consider becoming a consultant. Perhaps you’re an expert at hiring practices, have a knack for SEO , or have led multiple sales teams to six-figure success. Identify your expertise and market yourself as a consultant and charge the going rate.

Download Now: Free Consultant's Success Kit

Some consulting industries are more competitive than others, so be sure to complete your research prior to starting a small consulting business. One way to find out how competitive a consulting niche is by doing keyword search . If your target niche is highly searched or already is dominated by big companies, you may have a harder time breaking in. You can use keyword research tools to uncover keyword volume and local demand.

12. Event Planner

An event planning business is an excellent choice if you have great organizational and interpersonal skills, and it’s relatively cheap to start. You might choose to specialize in a specific type of event — like weddings or company meetings — or set yourself up as an event planner of all trades.

The good news is that event planners are always in demand. It’s not a job that can be easily automated, so this small business idea is set to thrive regardless of the digital landscape. To start, you’ll want to look for a platform that will easily allow you to advertise your availability, such as event planner directories like Eventective and WeddingWire .

If you’re highly organized, are detail-oriented, and have experience planning large events, it might be time for others to benefit from your skills.

13. Personal Assistant

Personal assistants help business owners and executives take care of administrative tasks. To launch a freelance personal assistant business, you should leverage networking opportunities on LinkedIn and attend small business events at local chambers of commerce. Most local business owners might not even know they need a personal assistant until you market your services to them.

If you’re an organized, highly-detailed person, the life of a personal assistant might be for you. Don’t want to be tied to one office or person all day, every day? Consider becoming a virtual assistant, which allows you a more flexible work environment.

To become an assistant, choose a niche — will you be helping women business owners specifically? Do you have a specific field of expertise, like bookkeeping? A website can also go a long way, and be sure to print business cards for you to hand out during networking events.

14. Consignment Shop Owner

If you have an eye for style but don’t want to invest in the inventory of a brand-new boutique, consider starting a consignment shop. It will allow you to curate a collection of clothing that matches your goals and aesthetic, without the overhead of a boutique selling entirely new garments.

The beauty of a small consignment business is that you can now start one online. You can sign up on a platform such as Poshmark , Depop , and even Etsy , then easily start selling your own used fashion from home.

Once you’ve defined your niche — such as vintage clothing, unique locally made art, or colorful shoes — you can begin sourcing new products from your local stores and thrift shops.

15. Caterer

If the personal chef gig is too restrictive for your schedule, consider catering instead. Pick your projects, work on fewer but larger events, and hone in on your time management skills.

Becoming a caterer is a natural step for those who are used to cooking for large events — for instance, you may have already catered your friend’s wedding, or brought a 20-person meal to a potluck (that counts, too!).

It’s essential that you have enough temperature-regulated storage for the meals prior to each event, and that you arrange for reliable, temperature-controlled transportation to and from your home kitchen. Alternatively, you can lower your costs by inviting customers to pick up their order at your home.

16. Gym Owner

Kickboxing gyms, yoga studios, CrossFit, oh my! Turn your passion for fitness into a community for others by creating your own gym — start one from the ground up, become an affiliate, or open a franchise location.

Available franchise opportunities include Anytime Fitness, Orangetheory Fitness, Pure Barre, Planet Fitness, Crunch Fitness, and more. Be prepared to take out a loan to finance your franchise — most agreements start with fees upward of $20,000. But the payoff can be tremendous due to brand recognition. You’ll have no trouble recruiting new members as long as you use local marketing strategies .

Alternatively, you can create a local studio, but ideally, it should be for a specific activity instead of general fitness. Yoga, pilates, bootcamp-style gyms, and martial arts perform well as independent fitness studios.

17. Boutique Agency Owner

What’s your specialty? Whether it’s marketing, social media, or PR, it might be time to start your own agency. Many other small businesses need this type of help but don’t have the resources or volume to necessitate a full-time position.

To start an agency, you would ideally have worked in your specialty for a number of years. You should also be prepared to interface directly with clients, fulfill their requirements, and temper their expectations (if they want results in an unreasonably short amount of time).

Consider building a small team and learn from other entrepreneurs who’ve successfully started their own agencies, like Duane Brown of Take Some Risk .

18. Coffee Shop Owner

Turn your caffeine addiction into something a little more lucrative. Opening a franchise or buying an existing shop are lower-risk entry points to the coffee game, but they usually require a little more cash upfront. Starting a shop from scratch requires more planning and work — but it also maximizes your earning potential in the future.

A coffee shop is an excellent fit if you already have a full-time remote job and wish to supplement your income with a small business. You can manage the coffee shop as you work at one of the tables, but be sure to have the budget to hire an experienced barista who can pick up the slack.

If you would like to open a coffee shop and run it full-time on your own, you’ll need to undertake barista training, understand worldwide coffee sources, and have excellent customer service skills.

19. Moving Company

A truck, moving equipment, manpower, and the correct permits and insurance are the building blocks of starting your own moving company . Before you buy your first fleet of trucks, however, start small with a moving van and keep your costs low.

Still sound like too much of an initial investment? Consider offering packing services only, which have a much lower financial barrier to entry. You can partner with moving companies and offer to do their packing, or have them refer clients to you.

You could even take a niche approach to the industry as Astro International has by offering international moving services.

small business idea example: moving company

20. Home Staging

If you have a flair for interior design, a staging service might serve as your creative outlet and professional calling. You can build a portfolio with little initial investment by staging homes using the owner’s existing furnishings and decor. Most stagers eventually build up an inventory of furniture as they become more established and network with area realtors.

To get your first home staging clients, you should first rely exclusively on networking. Find your local realtors’ association and attend their events with business cards handy. Once you’ve gotten your first clients and built your portfolio, you can begin posting your designs on your home staging website.

small business ideas: home staging

If you don’t yet have enough experience, be sure to pursue an interior design course before opening this small business.

These home business ideas give you a few more business options that are either based at home or online.

Frontend, backend, and every type of code in between, this skill requires no in-person interaction with your clients. But one skill you’ll want to carry over from the in-person world for this type of business is active listening. It can be easy to zone out while building a product, but developing a connection with the client is just as important as developing the code for their website.

If you keep the client top of mind when you can’t be around physically, you can ensure that you’re meeting their development needs with your coding work.

Download Now: 25 Free HTML & CSS Hacks

2. Vending Machine Owner

Since 2015, the growth rate for vending machine businesses has increased 1.4%. Even as social distancing restrictions are still in place, this business can still be lucrative if you choose the right locations. High-traffic is key — places like hospitals, schools, and community centers are smart places to start placing your machines to generate enough revenue to cover cost and turn a profit.

small business idea example: vending machine owner

3. Social Media Manager

Do you have a knack for social media? As a social media manager, you can use your skills to manage the social media accounts for companies and even individual people. Influencer marketing has become more common and many influencers rely on marketing agencies or employees to help them run their social channels.

→ Free Download: Social Media Calendar Template [Access Now]

4. Data Entry Clerk

Many businesses seek data entry clerks to help them enter information into their computer systems and spreadsheets. If you have strong computer and typing skills, this might be the business for you.

5. Audio or Video Editor

As of March 2021, there are 1.75 million podcasts available to listeners. For this reason, brands are turning to audio and visual content to connect with consumers. The catch is that many don't have the time to invest in the production of this content, or they don't have the skills to do it. Audio and video editors are in demand when it comes to producing quality content for hungry audiences.

6. Voiceover Artist

Speaking of podcasts and videos, many content creators recognize the value and level of professionalism that great voice talent can bring to a project. There are gigs out there for podcast intros/outros, narration for explainer videos, or even voice work for audiobooks. Learn how to get started with no experience from Kat Theo below:

7. Dog Walker, Groomer, or Trainer

Licensing and insurance will be the two most important factors in opening a dog walking, grooming, or training business, but your canine colleagues will surely make up for the initial red tape. To test the waters before jumping in, consider walking dogs through companies like Rover. Ready to run your own show? Consider a franchise like Dogtopia .

8. Candy Seller

If you grew up in a close-knit, southern neighborhood, you're probably familiar with the " Candy Lady ". This home business can be started by anyone who's trustworthy in the community. Aside from selling the most popular snacks, a candy seller can provide the neighborhood with fresh fruit and produce that may be harder to find if you live in a food desert.

Online Business Ideas

If you want a business idea that you can run entirely online, check out the ones below. These ideas are ideal for those looking for a passive income stream. In other words, you shouldn’t need to do too much manual work to launch these businesses from your home or preferred business location.

1. Become an online reseller.

To become an online reseller, all you need is some business savvy and some funds to invest in product stock from manufacturers — or, of course,the willingness to sell your own used items. Generally, this is a low-touch but high-performance way of creating a passive income online business.

Online resellers usually use a platform, such as Facebook Marketplace or Amazon Sellers, to sell either their own or manufacturers’ stock. The benefit of using Facebook Marketplace is that you can begin today with your own Facebook account, and simply list items that you already own.

Interested buyers typically drive directly to your home for pick-up — but if you’re not interested in human interaction, you can leave it outside and have the buyer pay via an online platform.

online business ideas: amazon seller

Amazon Sellers requires a little more up-front investment, but the yield is usually higher and you can turn your Amazon reselling business into a more passive income stream. Amazon allows you to buy stock from various manufacturers, which they then keep in their warehouses. When an Amazon user buys from you, Amazon will fulfill that order and then give you a substantial cut.

2. Try affiliate marketing.

An affiliate marketing business is a great fit if you already own a website or a blog you wish to monetize. We’ve already shared how blogging is a great business to start — if you’ve already bought a domain name and begun writing content, then using it to start your affiliate marketing business is a great option.

Affiliate marketers create blog posts and content that contain affiliate links. When a user clicks on that link, a cookie is added to their browser that tracks their activity for a specified period of time. If they make a purchase at the affiliate website, then you get a commission — usually recurring, if you’re selling subscription products.

There are countless affiliate marketing programs for you to start your online business. These programs come with many benefits, such as pre-made advertisements and lazy copy for you to use.

To create a viable affiliate marketing online business, you should choose the right blog niche , such as technology, household decor and organization, or fitness, and then find affiliate marketing programs that offer products your readership would be genuinely interested in.

3. Become a content creator or influencer.

Instagrammers, YouTubers, podcasters, and TikTokkers with more than ten thousand followers can eventually turn their accounts into a small online business that generates passive income.

As a content creator or influencer on social media, you can not only earn money from sponsored partnerships, but you can monetize your audience in other ways, such as creating Subscriptions on Instagram , allowing companies to advertise on your YouTube channel, or creating a paid-only newsletter.

online business ideas: content creator

Becoming an influencer or content creator takes hard work, but it can be a fun way to create a small online business, assuming you’re posting content that you enjoy creating. First, you should choose a niche, such as thrifted fashion, work-from-home hacks, or even industry tips. Then, you should learn how to become a social media influencer and digital creator , then create a social media content calendar .

Most importantly, have fun with this online business idea as you give it a try. The good news is that it has little overhead — all you need is a willingness to spend time on social media content creation.

4. Open a dropshipping store.

We’ve mentioned dropshipping a few times already, but this is such a great online business idea that it’s absolutely worth mentioning again. Dropshipping businesses don’t manufacture what they sell, or even buy stock from manufacturers in advance. Instead, wholesalers fulfill the order directly after a buyer places an order through your website.

Opening an ecommerce store can be forbidding for those who don’t want to deal with inventory management or supply chain logistics . Dropshipping is the best alternative.

The only thing you need is the willingness to invest in an ecommerce website builder and the ability to manage relationships with local or international manufacturers. From there, you need to only publish your site and advertise your brand via ecommerce marketing .

Learn how to start a dropshipping business here , with examples.

5. Sell print-on-demand products.

Print-on-demand (POD) is another way to start a dropshipping business, except it’s a little more frictionless because most POD services allow you to create a storefront right on their website, instead of you needing to look for a separate ecommerce site builder.

With a POD online business, you design unique artwork. The print-on-demand provider will allow you to place that design on t-shirts, hats, tote bags, phone cases, and more. You do not keep any inventory; instead, the POD provider will print it only after a buyer makes an order, then ships it directly to them.

online business ideas: print on demand shop

The only thing you need to start this small online business is a penchant for design and the budget to pay for a print-on-demand subscription (although most providers are free, and they simply take a cut of the sale). Get acquainted with design principles and color theory , and you can get started with this business in no time.

6. Become an independent author.

Think becoming an author is only for those who are extremely lucky? Think again. Whether you write historical epics or self-help guides, chances are that there’s a market to read your work, and you can now easily publish it online .

We recommend editing and proofreading your book, or hiring someone to do it, before self-publishing it. Then, it’s as simple as signing up on a self-publishing platform such as Kindle Direct Publishing or Barnes & Noble Press , uploading your file and cover, and pushing it live. You’ll enjoy benefits such as large royalties (up to 70%) and the ability to unpublish the book at any time, in case you find a typo or another change you’d like to make.

To get this online business idea off to a strong start, invest in an author website , spend some time doing social media marketing , and learn the basics of book marketing .

7. Sell downloadable digital products.

Downloadable journals, templates, art prints, designs… Some people would simply prefer to print these at home, instead of paying for the full price of the paper and the design. Downloadable digital products can be a profitable small business idea for those who are already design-savvy or who are willing to learn how to use an online design tool .

online business ideas: digital products

But if you’re not too crafty, you don’t need to create full-on journals or beautiful art prints, either; you can create templates for marketplaces such as Canva’s . There, people are able to customize a base design to their specifications, so you don’t have to worry too much about creating something specially beautiful — it’s more about functionality and customizability.

If you plan to create digital products that buyers can print at home, think about printing specifications, such as recommended paper size, paper weight, PPI (pixels per inch; a higher PPI results in better print quality), and so on. It’s essential to create a positive customer experience, even if users are ultimately responsible for what the final result looks like.

8. Publish a subscription-based newsletter.

We’ve already discussed becoming an independent author, but if long-form writing, such as novels, seems out of reach, you can always go for something much shorter and simpler: Newsletters. And the best part about paid newsletters is that you typically don’t need to have a separate website and blog; instead, you can sign up on a platform and begin publishing right away.

A website can, of course, benefit you, but the core of your revenue will come from the newsletter itself.

online business ideas: paid newsletter

With newsletter monetization platforms such as Substack or even Patreon , you can publish shorter content that features your opinion, experience, and expertise. We recommend pairing this small business idea with a robust social media marketing strategy , where your followers can learn more about you and be swayed to subscribe to a gated newsletter.

Choose a niche you’re passionate about, and this online business idea can feel less like work and more like a profitable hobby.

9. Create an online course.

If you want to monetize your expertise a little further for your online business, then creating an online course is the best choice.

To create a course, you’ll need to sign up on an online course platform such as WordPress or Teachable , sketch out a curriculum, film your lectures, and create worksheets and guides. You can be as hands-on or as hands-off as you’d like, but to make this online business as passive as possible, you’d ideally record all your lectures at once and allow users to access them by paying a premium fee.

If you’d like to try your hand at it first, you can try publishing a course on a platform such as Udemy and see if it feels viable to you. To become an online course teacher, you don’t need a specific level of education, but you should have a strong grasp on the material you’re teaching and a strong set of customer service skills to handle inquiries or course refunds.

10. Transcript videos, shows, and podcasts.

A freelance transcription business is an excellent idea for those who speak only one language and are passionate about improving communication. Transcribers listen to speech, write it out — usually verbatim — and deliver it to the original publisher in an organized document.

This small online business is a good fit for those who are looking for a part-time side business. You should be able to type quickly and have a good listening ear. Indeed has listed the top transcription companies where you can get your foot in the door.

Once you understand how the industry works, you can consider opening your own small transcription business and offering services on freelancer marketplaces such as Fiverr or Upwork .

Whether you’re looking to start your venture today or you simply don’t want to jump through the normal hoops of launching a small business, the below ideas are extremely easy to start — so easy, all you’ll need to do is sign up on a website or tell your friends about your services.

1. Vacation Host

Have you ever used a home-sharing service instead of a hotel? You could make a living by hosting visitors in your own home or renting out a room. Consider becoming a host with companies like Airbnb .

To become a vacation host, you don’t need any special skills except friendliness, courteousness, and agility (in case of guest emergencies or language barriers). A customer service course will prepare you to welcome guests and give them a pleasant stay.

You’ll need to invest in supplies and toiletries, such as new bedding and one-time soaps and toothbrushes, but the overhead is relatively small, and you can stop at any time.

2. Pet Sitter

Do you have a passion for pets? Consider becoming a pet sitter. While the pet's owners are away on vacation, either host their pet at your home or make visits to their home. Join a pet sitting service like Wag to get started.

small business idea example: pet sitter

If you start a pet sitting business, be sure to have some experience with dogs, cats, and other household pets. You should also choose a niche based on timing. For instance, do you prefer long-term arrangements? You can market yourself as an excellent vacation pet sitter. Do you only do single afternoons, or only on weekends? You can pull in clients by telling them you’ll take care of their pets during their dates or weekend trips.

3. Daycare Owner

Childcare continues to be in high demand. While nannies and nanny shares are popular right now, a good daycare is hard to find. Fill a need in your neighborhood by opening your own. And, as always, make sure you’re complying with your city and state’s zoning, licensure, insurance, and inspection requirements.

Home daycares are especially a good fit if you’re an experienced parent and have all supplies ready at home. But be warned that you’ll also need to buy more supplies to accommodate the additional children you’ll need to take care of.

We recommend getting a soft start with this business by advertising it first to your friends, families, and close neighbors. That way, you can better gauge whether it’s a good fit for you and whether you want to make the full investment.

If there’s a topic you have a heavy interest in, then there’s an audience out there with a heavy interest in it too. A blog can be used to build an online community whose engagement can be monetized. Affiliate marketing , sponsored content , and co-marketing are some ways to make money once your blog develops a following.

→ Download Now: 6 Free Blog Post Templates

Blogging is one of the most accessible small businesses to start, and there are countless niches to choose from. That said, because there are many blogs online, you’ll need to learn blog SEO and keyword research to ensure your audience finds you. That way, you actually make money out of your blogging efforts.

The great news is that a small blogging business has a ridiculously low overhead. All you need is a custom domain and your time for writing blog posts.

5. Home-Baked Goods Seller

Warehouse-made, store-bought chocolate chip cookies will never compare to a batch made with love in someone’s home. Simple desserts can be easily baked and packaged to sell at local events or around your neighborhood. Use custom labels and watch the word spread about your goods!

You can begin a baked goods business easily by opening a Facebook and Instagram profile. Facebook and Instagram are both excellent platforms to market your goods, show pictures of your previous baked products, and even showcase happy clients.

Build a loyal following slowly, and save on costs by asking clients to drive to your home to pick up their order. Choosing a niche can be helpful here, or baking in a specific style that can’t be found at grocery store bakeries. The overhead can be especially low if you already have most essential baking supplies.

6. Ecommerce Store Owner

Do you create, collect, or curate anything special? Consider starting an ecommerce store and turning your hobby into a full-time job. Whether you need somewhere to sell all that pottery you’ve been making, or an excuse to search for the sports memorabilia you love tracking down, an ecommerce store can make it financially viable for you to pursue your passion.

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Starting an ecommerce store is simple and easy. You can set up a shop using an ecommerce website builder , all of which start at a minimal monthly subscription (some even start at free). Be sure to take good photos of your products and write descriptive product pages .

If you don’t have inventory, you can always own an ecommerce store by using dropshipping . Instead of creating and shipping your products yourself, you’ll instead partner with a dropshipping website and have them mail out the orders directly to your client.

7. House Cleaner

With a low barrier to entry, house cleaning can be a great way to start doing what you love — soon. Consider advertising to homes in your neighborhood and get more bang for your buck by earning a few small businesses as clients as well. They’ll usually bring in a higher paycheck for a similar amount of work.

To become a house cleaner, you should be prepared to invest in cleaning supplies and accessories, or be willing to use your own. If you plan to serve small businesses, you should buy industrial janitorial supplies so you can get work done more effectively.

Need some inspiration? This small business cleaning service grew virtually overnight on Instagram after their content went viral during the pandemic.

small business idea example: go clean co

8. Packing Services Facilitator

Moving is always a pain, and many people hire the entire packing process out. As a packing services facilitator, you’ll be going to people’s homes and packing up their smaller items into organized boxes. To start this business, you must be comfortable with face-to-face contact and with manual labor.

small business ideas: packing services facilitator

You can begin this business by advertising in your own neighborhood. Once you’re ready to expand, consider partnering with a local moving service that will refer new clients to you. That way, you’ll have a steady stream of clients, and you won’t have to invest in a moving truck (the moving service will take care of that for you).

Business Ideas for Students

1. etsy shop owner.

Creating novelties by hand is a fun and unique way to start a small business, and you can easily sell them via Etsy . Whether you make jewelry, knitted comfort items, or even custom wigs , there’s probably a market for your products and an Etsy buyer who’s ready to purchase.

small business ideas: etsy shop owner

This idea is excellent if you’re already an expert in the craft you aim to sell. That way, you don’t need to pursue additional education or certification courses. Once you set up your Etsy store, which is free, tap into your audience with creative marketing on social media and optimize your website using keywords that describe the products you make.

2. Tour Guide

Love the local history of your city or state? Consider becoming a tour guide. Sure, you’ll need to conduct plenty of research to be able to do the job well, but that’s half the fun. Set yourself apart by offering tours that speak to a specific niche of your community’s history.

You can start a tour guide business easily. First, decide what your specialty will be. Some tour guides, like the ones at Freedom Trail in Boston , offer historical walking tours of their town’s most haunted spots while others curate guided foodie tours for guests to get a true taste of the city.

small business idea example: tour guide

Maybe you love the outdoors and are an experienced backpacker — you can then offer hiking tours. To begin, use a platform such as TripAdvisor or Airbnb, where you can sign up as a tour guide provider. Remember to launch a website, and to file for sole proprietorship status .

3. Online Class Instructor

Tutoring is often done in person and with one client at a time. Remotely teaching an online class offers more flexibility because you can teach multiple students from home. English is a common subject for online classes because of how many people want to learn it. But anything that you have a mastery over could be translated to a virtual class.

4. Small-Batch Goods Seller

Using organic, all-natural ingredients is more expensive, but worth it. There are many products you can learn how to make at home without any preservatives, chemicals, or toxins. Candles, soaps, shampoos, and moisturizers are some examples of goods you can create and tailor with custom scents. Try starting out making soap with this complete beginner’s guide to soapmaking:

5. Makeup Artist

Many people prefer to have a professional do their makeup because they may lack the proper products or just the skills. It may be for a special occasion, photoshoot, or video shoot, or another event. Being able to do a variety of different looks will make your business more attractive to more customers.

To run a successful makeup artist business, you’ll need to be social media savvy . Instagram in particular is an excellent platform to advertise your services and get new clients.

You should also consider honing in on a specific niche. For instance, you might do wedding makeup exclusively.

6. Professional Organizer

A lot of people struggle with clutter or disorganization in their homes and offices. It can be a large undertaking to create organized systems and habits. Grab a lot of storage bins and a label maker and get started!

To become an organizer, you’ll first need to have the chops: Is your own home organized? Do you enjoy making order out of chaos? Then, launch a website to market your services locally. Be sure to create local listings to ensure people find your business, including listings on Angi, Houzz, and Thumbtack.

Meg Golightly, founder at Gosimplified , has made this small business idea into a successful career.

Is your head buzzing with small business ideas yet? After all that brainstorming, you’ll need a practical plan to get started with your new small business.

  • Identify your small business idea.
  • Start as a side business or hobby.
  • Decide on your software.
  • Create a business plan.
  • Decide whether you'll be an LLC or sole proprietorship.
  • Create a business bank account.
  • Determine if your business idea works well from home.
  • Set up an office.
  • Get to work!

1. Identify your small business idea.

Whether you choose an option from the list above or have another idea up your sleeve, it’s important to have the experience, training, or skills necessary to be successful. Want to run a daycare but have never even visited a successful daycare center? Spend time conducting research to learn whether this is really the right fit for your experience, interests, and target audience.

2. Start as a side business or hobby.

Can you get your business off the ground as something you do in the evenings or on the weekends (a.k.a. a side job)? This allows you to make some mistakes, test the market, and understand whether your idea has legs before you quit your nine-to-five job and lose your primary income.

3. Decide on your software.

You’ve got a lot of things on your plate when first starting up. But one step that’s critical (and often forgotten by first-time entrepreneurs) is deciding on the software that can help you be more efficient as your business grows.

Every business is different — but almost all companies can use software to help with analytics, project management , accounting, bookkeeping, email marketing, and other basic day-to-day tasks.

One of the most important software tools every small business should utilize is a free all-in-one CRM platform to keep track of important customer information in one central database. It will help align your team and make sure you stay organized as your business grows.

4. Create a business plan.

No business plan? No business. Particularly if your small business idea requires investors, you'll need to draft up a business plan to provide an overview of your market positioning, your financial projections, and your unique competitive advantages. You can download HubSpot's free business plan templates for free to get started.

One-Page Business Plan Template

Download Free Business Plan Templates

Your business plan should include the following elements:

  • Executive summary — A high-level overview of your company and market placement.
  • Business model — Outline what your business does, who your business serves, and how your business is structured. You should include a description of what products and services you offer, and how they meet the needs of your customers.
  • Market condition — A summary of pertinent competitor information. Determine the strengths and weaknesses of your closest competitors.
  • Products and services — Use this section to describe your products and services in detail, and outline what differentiates your product from others in the market.
  • Operations and management — Outline your business’ organizational structure, key roles, and responsibilities.
  • Marketing and sales strategy — This section should describe how you will market and sell your product. Include information on your ideal customer, how you plan to position your offering, and your sales strategy.
  • Financial plan — Create a detailed outline of your business financials. Include your start-up costs, your initial financial productions, and how you anticipate generating funding.
  • Appendix — Once the above pieces are complete, end the document with an appendix summarizing your business plan.

Every business is different — but almost all companies can use software to help with analytics, project management, accounting, bookkeeping, email marketing, and other basic day-to-day tasks.

5. Decide whether you’ll be an LLC or sole proprietorship.

Two common legal structures for small businesses are limited liability corporations (LLCs) and sole proprietorships.

An LLC is a more complex business structure than a sole proprietorship and can include individuals, corporations, and other LLCs as members. Additionally, LLCs are not subject to a separate level of tax and offer the business owner liability protection and tax advantages. LLCs are formed on a state-by-state basis.

Sole proprietorships are businesses owned and operated by one person and are not identified as a separate entity from the owner by the government. While a sole proprietorship is the simplest business structure, sole proprietors are personally liable for their business.

Besides an LLC or sole proprietorship, there are a few other options for you to consider.

Sean Flannigan, Sendle's Content Manager, says, "While many small businesses might be best served by choosing an LLC or sole proprietorship, there are a few other options."

"Partnerships are great for businesses operated by several individuals. It hews most closely to a sole proprietorship in that the individuals take on the business liability and pay taxes on a personal level."

He adds, "To completely avoid personal liability, small businesses might choose to incorporate as a corporation, S corporation, or B Corp. S corporations avoid corporate taxation whereas B Corps must meet a threshold for public benefit and accountability."

Additionally, Flannigan says, "There are tons of great reasons to become a B Corp beyond just doing good business. All that said, many small businesses that aren't aimed at super-fast growth choose to go with an LLC to keep things simple while shielding owners from too much liability."

Learn more about choosing the right structure for your business from the Small Business Administration.

6. Create a business bank account.

Once you have a legally formed business and have been issued an Employer Identification Number (EIN), open a bank account specifically for your business. Having a business bank account is essential for keeping your personal and business finances separate which can help you gain an accurate picture of your business’s cash flow and financial health.

Additionally, keeping your personal and business finances separate makes bookkeeping and tax preparation easier.

Many banks offer business checking and savings accounts. Business checking accounts typically do not have a limit on the number of transactions that can take place, and issue a debit card that can be used for making business purchases. However, these checking accounts do not accrue interest.

Business savings accounts typically earn interest over time but have a limited number of transactions that can occur each month. When you’re just starting out, look for a business bank account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business.

7. Determine if your business idea works well from home.

Ask yourself whether your business idea will work well from home. Some businesses simply aren’t suited to be based from home. If you want to run a dog boarding center but live in an apartment without a backyard, you might want to consider a dog walking business instead.

8. Set up an office.

If your business idea is well-suited for being run from home, it’s still important you have a designated workspace. While a home office might not be possible, consider setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success.

Need a more professional space? If you conduct client-facing work requiring you to be on video calls, no one wants to see your rumpled sheets in the background. Check out local coworking spaces for memberships that earn you access to conference rooms, desk space, and more.

9. Get to work!

You’ve put in the hard work and I’ve got good news — it’s only going to get harder. But most entrepreneurs will agree that the payoff of being your own boss, making your own hours, and working on projects that you’re passionate about will pay dividends for the rest of your life.

Starting a Small Business: FAQ

What are the types of small businesses.

The types of small business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

Which business type is best?

The best business type is a limited liability company (LLC). Operating as an LLC means that your personal assets are separate from your business assets. If your business goes bankrupt, your personal holdings won’t be affected. That said, it’s also one of the costlier types, requiring a fee paid to the state.

The easiest business type to start is a sole proprietorship. The main downside is that there’s no differentiation between you and your business.

How do I create a business idea?

To create a business idea, determine your skill set, work preferences, startup budget, and available resources. It’s important to strike the right balance between what you can feasibly offer and what you can feasibly afford in the short and long term.

We recommend starting with your skill set so that you can easily determine the niche in which you can effectively compete. For instance, if you have ample experience as a writer, you might consider starting a freelance writing business. But if you know you’d prefer to work with clients face-to-face, you might choose to start a ghostwriting business instead. That’s why it’s so important to take your work preferences into account, as well.

After that, take a look at your budget and determine the type of business you can start based on the resources at your disposal. For instance, you might not be able to afford a physical office or location, so a location-based business will likely not be a good fit. In that case, starting an online business is your best option.

What are some of the most successful small businesses?

Every small business has the potential to be successful and profitable, provided it’s backed by a strong product-market fit and a robust business plan . These two elements are essential. Maybe post-natal services are one of the most successful small businesses to launch, but if you live in an area with declining population or a large elderly population, then that small business idea won’t yield a high return on investment.

Think carefully about the market where you’re launching your business, and you’ll be more than likely to see lasting success.

What are the top growing small businesses?

top growing small businesses as reported by the bureau of labor statistics

The top growing industries are healthcare support, technology, personal care, food preparation, and community and social service. As such, launching a small business in any of these fields is bound to yield a high return on investment, but remember to take your target market into account.

Here are some small business ideas for each of those industries:

Healthcare Support

  • In-home care assistant
  • In-home elderly care provider
  • Psychological care provider
  • Pre-natal and post-natal support specialist
  • Freelance programmer or web developer
  • Freelance IT support specialist
  • Freelance cybersecurity expert

Personal Care

  • Hair stylist
  • Nail technician

Food Preparation

  • Personal chef
  • Food truck owner
  • Food delivery

Community and Social Services

  • Non-profit owner
  • Education specialist

Brainstorm Your Next Small Business Venture

Selecting a small business idea to work on is a personal decision. Money is important, but you’ll need more motivation than that to keep going. Bounce ideas off your friends and family until you reach the perfect idea that works for your schedule, fulfills your life’s passion, and makes financial sense. Don’t be afraid to ask for help throughout this process — and remember to have a little fun while you’re putting in the work.

Editor's note: This post was originally published in August 2020 and has been updated for comprehensiveness.

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Building the Next Big Thing: A Guide to Business Idea Development

Business idea development for new venture concepts is a mixture of art and science. There are playbooks to follow that ensure ideas are validated objectively to ensure financial and opportunity cost risks are minimized.

Building the Next Big Thing: A Guide to Business Idea Development

By Brendan Fitzgerald

Brendan has raised more than $700 million and built strategic relationships with numerous Fortune 500 companies to help grow businesses.

Previously At

How many times have you heard of successful new business ideas and said to yourself, “Why didn’t I think of that”? Personally, I’ve started seven different businesses, but the ones that never happened are some of my most memorable ones. For example, I often think about Topgolf, the wildly popular golf driving range/sports bar venues that are popping up all over the US. I’ve been playing golf since I was eight years old and socializing in bars since I was 18. Yet never once did it cross my mind to combine these activities into a business. How did I miss that?

My goal with this article is to help you find the next big idea using business and creative frameworks that help you identify interesting concepts and create new business ideas. Hopefully, this will lead to other people kicking themselves as they follow your business success.

There are four steps to identifying a good business opportunity. The four steps are:

  • Find an unmet market need.
  • Create a differentiated solution that meets customers’ needs.
  • Play devil’s advocate.
  • Get market feedback.

1. Find an Unmet Market Need

At the heart of all business opportunities are customers. In order to have customers spend their money on a product, it has to provide better value to them than existing solutions. Thus, the first step in finding a business opportunity is to identify something that customers want that’s not readily available, or affordable, to them.

Your business idea doesn’t have to be some huge revolutionary concept. In fact, those “big ideas” typically take so much money to bring to market, they’re just not feasible for most entrepreneurs. For example, Meg Whitman and Jeff Katzenberg raised $1.75 billion of pre-revenue capital for their mobile video platform Quibi. Not many people could do that.

The best ideas are often incremental improvements over existing products where the market and distribution channels are well established, the product development risks are low, and customers can readily understand the product’s benefits. One of my most successful startups was a real estate syndication company that was the 50th company to enter an established market for providing tax-advantaged real estate investments to individual investors. We quickly became a major player in the market by simply focusing on giving customers a level of service they weren’t getting from other vendors.

So, where do you find unmet market needs? There are two places to look:

  • Your work environment
  • Your personal life

The beauty of looking in your work environment is that if your existing employer has customers, it also very likely has complaints related to customer needs that aren’t being fulfilled. In many cases, if customers aren’t satisfied, the solution they want isn’t readily available elsewhere, or they’d just go to another vendor. If you can find a solution that solves the customers’ problem, then you may well be on to an interesting business opportunity.

I have a friend who was working for a big company that builds satellite ground stations. His employer was in the equipment manufacturing business, selling complex multi-million dollar communication systems. My friend kept hearing smaller prospective customers say that they couldn’t afford their own system but wanted to rent capacity on someone else’s ground station. His employer was swamped trying to build enough ground stations to meet the demand of its big customers. So my friend resigned and established a data services company that owned one ground station and sold data access to a number of these smaller customers.

Away from work, I see potential business opportunities every time I need or want something that I can’t readily obtain at what I view as a fair price. I also listen carefully when my friends and family express their frustration over not being able to find a solution to issues they’re dealing with or their dissatisfaction with something they bought.

2. Come Up with a Differentiated Solution That Meets Customers’ Needs

Finding an unmet market need is always intriguing, but there’s no business opportunity unless you can figure out a way to meet the need. Differentiated solutions can come from your own creativity, your own expertise, or your knowledge of where to go to find the needed creativity/expertise. I’m living proof that you don’t need to have some special “gift” to come up with differentiated solutions. You just need to put your thinking cap on and/or socialize the unmet market need with others who might have specific knowledge that could help.

To demonstrate the concept of solving unmet needs, I have prepared some business idea examples from ventures that I set up myself. Each instance shows the process that I went through to ideate around the situation.

All too often, I hear stories of entrepreneurs who had a solution and were looking for a problem, rather than starting with an unmet market need, e.g., the infamous “build it and they will come” approach. Start with the unmet market need.

3. Play Devil’s Advocate

I’ve started seven businesses but have identified many more unmet market needs. How did I make the decision to start the ones that I did?

It’s easy to eliminate unmet market needs for which you can’t come up with a differentiated solution. However, it takes time, research , and self-awareness to weed out most of the remaining ideas. Here’s the process I typically go through.

As devil’s advocate implies, I try to shoot holes in potential business opportunities that I come up with. The framework that I use for performing due diligence on potential business opportunities is based on the four key elements of any business: Product , People , Market, and Money . The below table lists some of the key issues you should perform due diligence on in each category.

due diligence

I usually start by looking for competitive products that are similar to the differentiated solution that I’ve come up with. Finding a similar product isn’t necessarily the kiss of death, because the market opportunity may be big enough to support multiple players. However, if you find a similar product from a company that’s been struggling for years, that’s probably a good indicator that your solution might not be as good as you hope—unless your product better addresses the need that is causing the competitor to struggle.

The other issue I often find when looking at competitors is that someone else has an even better product than what I’ve come up with, and thus, there really isn’t an unmet market need. When this happens, I typically just tip my hat and move on.

The next thing I usually do is look at the overall economics of the opportunity . What is it going to cost me to develop my solution into a real product that I can sell? What will it cost to produce in volume? What is a reasonable sales price? How many can I realistically sell?

If my back of the envelope financial model doesn’t indicate a real windfall, I usually walk away. I say a real windfall because inevitably, things always look worse, not better, when you do a really detailed financial model .

If I still think I have a good business opportunity after I’ve worked my way through all of the questions in the above table, and any other questions that come up as I’m doing due diligence, I share the idea with several colleagues, friends, or family members and ask for their honest feedback . In addition to getting their input on the business idea development , I also solicit their support for the new venture. If your colleagues, friends, and family aren’t supportive (e.g., lending expertise, financial backing) of the undertaking, that may well be a showstopper.

4. Get Market Feedback

You’ve made it to the final step, and you still think you have a good idea. Now, it’s time to see if knowledgeable people in the market have the same view of the concept.

You need to solicit input from as many prospective customers and distribution channel partners as you can to find out if they need and would pay the price you envision for the concept. It’s rare that anyone makes affirmative commitments at this point, but people will say no. Realistically, the best you can usually hope for is that some prospective customers say they’ll try your product when it’s ready, and the distribution channel partners indicate a willingness to carry it if it works out well for the early adopters.

Additionally, it’s often worth the money to hire former industry insiders who are now consultants to give you feedback on the idea. They can provide invaluable contacts and insights, not to mention fill key roles on your team when you’re ready to start hiring.

Sometimes, it makes sense to engage third parties to help solicit market feedback, but I’ve always found it invaluable to conduct at least some interviews myself so I can hear the feedback directly. This is especially true if third parties report rosy feedback. I’ve learned the hard way that many people don’t want to be negative about other people’s ideas. Remember, the goal here is not to delude yourself that you have a great business opportunity if you really don’t. The goal is to avoid spending time and money on business idea development that’s not likely to pan out.

If your business opportunity requires that you create a new distribution channel, e.g., selling directly from a newly launched website, you need to think hard about how much time and money it will take to create the brand and product awareness required to generate actual sales.

A final scenario to consider entails a business idea that creates a whole new product category, i.e., a product that’s unlike anything else on the market. Think of the personal computer when it first came out.

These types of opportunities create real challenges when trying to get market feedback because potential customers often can’t even correctly envision the product you’re describing. Think of trying to explain to someone in the 1970s that your new product is kind of like a typewriter combined with a TV screen. This is just one of many reasons that “breakthrough” business ideas are the riskiest and take the most money to bring to fruition.

Business Idea Development Is About Finding the Signals to Continue

If your market feedback is positive, it’s time to make the call. Are you really going to put this business idea plan into fruition? If your answer is yes, and your family is supportive, start drafting your resignation letter and read my next article on the details of forming a new company .

Further Reading on the Toptal Blog:

  • From Startup to Success: Mastering Business Controls for Growth

Understanding the basics

How do you develop a business idea.

The initial stages of formulating a business idea comprise four elements: finding an unmet market need, creating a differentiated solution that meets customers’ needs, poking holes in the concept, and soliciting market feedback.

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  • BusinessModel
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Located in Indialantic, FL, United States

Member since February 14, 2020

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Write a business development plan

Now that you’re in the growth stage of your business, set things in motion with a business development plan.

A business development plan sets goals for growth and explains how you will achieve them. It can have a short-term or long-term focus. Review and revise your plan as often as you can. And keep building on it as your business evolves.

How to write a business development plan

Your business development plan is your roadmap to growth, so make it clear, specific and realistic.

What to include in a business development plan

  • Opportunities for growth: Identify where growth will come from – whether it’s in creating new products, adding more services, breaking into new markets, or a combination of these.
  • Funding plan: Determine how you’ll fund your business growth. How much capital do you already have? How much more do you need and how will you get it? Check out our guide on financing your business.
  • Financial goals: Work out what revenue, costs and profits you’ll have if things stay the same. Use those numbers as a basis for setting new, more ambitious financial goals.
  • Operational needs: Identify what things about your business will need to change in order to achieve growth. Will you need extra people, more equipment, or new suppliers?
  • Sales and marketing activities: Figure out what sales and marketing efforts will effectively promote growth and how these efforts will change as the business gets bigger and better. Make sure your sales and marketing plan is sturdy enough to support your growing business.
  • Team needs: You may need people to take on some of the tasks you’ve been doing. Think about what parts of running the business you enjoy most – and you’re good at – and what parts you might want to delegate to others. And give some thought to the culture you want to develop in your business as it grows. Check out our guide on hiring employees.

A sample business development plan

Avoid these common business development mistakes.

  • Thinking short-term instead of long-term
  • Underestimating how much money it will take to grow
  • Not budgeting enough money to cover the costs of growth
  • Focusing on too many growth opportunities: think quality, not quantity

Micro-planning can keep you focused

You may want to create some micro-plans for specific growth projects so their details don’t get overlooked. And you can build in some KPIs to measure your progress and successes. As your business grows, take note of your progress and make periodic adjustments to your business development plan to make sure it’s still relevant.

Support is out there

Remember you’re not the first to go through this. Seek out mentors, advisors or other business owners who can help you with your planning. Your accountant or bookkeeper may also be able to help or point you in the direction of the right people.

Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

Growing your business

Are you ready to drop the hammer and take your business to the next level? Let’s look at how to grow.

Before you leap into growth, reflect on where you’ve come from. Find out the stage of business growth you’re at.

Understanding your business performance will help you grow. Check out common examples of small business KPIs.

Increasing sales revenue is one obvious way to help grow your business. But how do you sell more?

You can grow your business by selling more things to more people, or fewer things to fewer people. Let’s look at how.

You’re all set to grow your business. But there’s so much to keep track of. Xero’s got resources and solutions to help.

Download the guide to growing your business

Learn how to grow a business, from planning to expansion. Fill out the form to receive this guide as a PDF.

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The Best Business Growth and Development Strategies

The Best Business Growth and Development Ideas

Business growth and development ideas can take your company to the next level if you apply them strategically. There are many techniques to choose from that can align with the size of your enterprise, even if you’re just starting out. For instance, unique employee benefits will often help attract new talent and help you scale operations in a way that facilitates your goals. In this article, we outline the best growth and development ideas that you can start using right away!

Note: If you are a university, business, or student organization representative and want to partner with us, visit our partnerships page .

Article Contents 9 min read

Importance of business growth and development ideas.

Business growth and development ideas shape the foundation of your operations. Your goal as a business is to acquire new customers, increase revenue, and become a competitive brand in your market. To accomplish these goals and others, you will need to constantly evaluate the efficacy of your strategies and revise them when necessary. Here are some of the top reasons why putting your ideas into practice is important:

1. Attract new customers

As a company, it’s important to constantly consider new ways to increase revenue and market share. A necessary step toward this objective is the expansion of customer interest. Implementing your growth and development ideas will help broaden your appeal to new customers so you can continue to scale at a steady rate.

2. Attract employees

To grow your business, you need to have strong employee development programs . Because one of the top job satisfaction factors is a dynamic company benefits package , you should consider offering more exclusive benefits like education planning and academic consulting for employees who plan on continuing their education.

Would you like to learn how to develop a business idea? Watch this video:

3. Reduce expenses

Any good growth strategy should aim to lower expenses. Market expansion is one of the major ways that companies can achieve this objective through deliberate strategic market penetration. For example, some growth strategies that companies use to reduce expenses include offering incentives to potential employees to make them accountable for costs. Having appropriate employee reward systems will also help you reduce waste and maintain a culture that shields itself from discretionary expenses.

4. Mitigate risks

Effective business growth ideas mitigate internal and external risks. You need to prepare a response to potential threats, especially as a new and growing business. For example, compliance risks, which are associated with rules and legislation, are commonly protected against through task or content automation. As a prophylactic, you might develop a risk management team, for example. This is especially important if you’re the sole proprietor of your company or business, as the risk you face can reduce your professional credibility.

5. Credibility

The main benefit of expanding your business is the optimization of credibility. If you’re going to influence the market price of products and services in your category, you need to procure a brand image associated with reliability, integrity, and leadership. You will need to use tools like testimonials to establish trust with your current and future customers. Having credibility will also help you attract new employees, which will reinforce these values and objectives.

When you’re deciding what strategies to enact at your current stage of development, there are a few things you need to consider:

1. Stay true to your purpose

You need to have a clear and visible message and mission for your employees and customers. It’s important to establish solid company objectives before you try to implement new growth strategies to avoid transfer errors or inconsistent results. Ideally, your mission should be short and pithy – ask for feedback from your employees before you decide on anything, but don’t be afraid to modify it slightly in the future.

2. Focus on process optimization

If you’re in an early stage of development, it can sometimes be better to start from the bottom up with your processes and operations. This way, you can ensure management is prepared to handle the transition and resolve potential errors if any occur.

3. Create high-quality products and services

Just having good quality products and services will help you move along a lot quicker in the industry than if you’re still in the design phase or selling faulty products. Your growth strategies should aim to build a channel through which you can influence the market with your excellent products and services. Come up with a definition of quality and the metrics you will use to measure them, which typically involve the following: compliance with standards; accessibility of design; comprehensive features; durability; and reliability.

4. Have a strong team

You will need a tenacious team before you start experimenting with new operations strategies and methods. To attract the most committed talent, you might need some out-of-the-box recruiting strategies . Job advertisements need to be posted on different domains to entice the best candidates to apply for the role. These posts should include an overview of the role, skill requirements, nice-to-haves, educational and professional credentials, and your mission stated clearly. Having strong benefits and ongoing training will also keep your current employees productive and enthusiastic about growing the business.

5. Prioritize adaptation

In rapidly changing markets, the growth methods you employ should be adaptable. For instance, if you suddenly have to adjust production capacity, you’ll be ready if you have a strong growth and development strategy that can easily be adjusted. Being adaptable also puts you at a competitive advantage. As you’re starting to weigh different ideas, try to think about strategies that can detect changes in the market to accelerate your company’s response.

The Best Business Growth and Development Ideas

#1 expand your online presence.

An increasing number of businesses are expanding their online presence to acquire new customers and curate a reputable brand. There are many social media channels to choose from, and most businesses will have several channels active and managed by a professional. For example, here at BeMo, we’re on TikTok and Instagram , among others.

Having an active social media presence allows you to communicate and personalize your brand values for your audience. Consumers, perhaps now more than ever, will make buying decisions based on what’s being said about companies online. You can’t forfeit this development idea if you want to spread your message and engage with your customers.

To use social media as a marketing tool, there are a few things you need to keep in mind:

1. Onboard a professional to help

Social media can be intimidating for someone just getting started. Hiring a social media manager can make the transition smoother if your business is new or you haven’t considered using one of the prominent social media sites before. A social media manager strategizes your content, creates content schedules, and helps facilitate product and service marketing campaigns.

2. Pay attention to your analytics

It’s one thing to generate interest in your products and services using social media, it’s another to stay on an upward trajectory. Using analytics can help you understand what’s working and what’s not. For example, if you launch an ad campaign, you can see how the ad is leading to new sales or clicks for that sales cycle. If the campaign is successful, you can use a similar strategy in the future. If it isn’t, the data from your analyses can help you adjust and revise your plan.

3. Use affiliate marketing

Affiliate marketing companies are online retailers that pay a separate company or entity a commission for endorsing their products or services. Using an affiliate to advertise your company can help you extend your reach and build relationships with other related creators in your industry or niche category. The great thing about affiliate marketing is that it’s risk-free: you only have to pay the affiliate when a sale is made. If you decide to implement this marketing strategy, make sure you have a landing page on your website that describes the terms of the affiliate program, which should include commission rates and eligibility.

#2 Attract Strong Talent

You need to attract strong talent to grow your business, which is why you need to offer the best employee benefits and inclusive work culture. One of the main benefits of a good relationship with your employees is increased productivity and a swifter implementation of growth strategies. This is why it’s important to acquire the right people before you start to shape a cohesive unit that emboldens the company’s mission.

Employees who go above and beyond will help your business see substantial growth over the next quarter. To lay the foundation of your operations and team, consider these innovative employee retention strategies :

1. Allure with benefits

It’s difficult to find committed and diligent employees, and even harder to retain and keep them motivated. To stabilize your work environment and bypass internal conflict, you should extend your basic benefits package and offer additional incentives, such as academic consulting or education planning. Employees of all different ages will consider pursuing higher education, such as an MBA or law degree, at some point during their careers. Investing in education is a great way to not only attract the best employees but keep them motivated to evolve with the business.

2. Write quality job descriptions

Your job descriptions should include information about your company culture, what you do, and what you’re looking for in a candidate. You can, for instance, include sections for education and professional background requirements. Be sure to explain the position in terms of responsibilities. Organize each section under headings and use bullet points if possible to keep the information accessible.

3. Rotate development activities

One creative way to attract employees is to invest in their growth and development. Some examples of successful programs include job rotations, simulations, and ongoing training. If the work environment is stimulating, employees are more likely to stay engaged and commit to new growth objectives in the long term.

You will need to know the market thoroughly to be a competitive company in your industry. Market research, if done well, will reveal information about your competitors and the product landscape. Monitoring buying and selling trends can help you predict and respond to changes in the market so you can adapt accordingly. There are many marketing research ideas that can help you develop more accurate and prescient results. Here are a few of them:

1. Question your customers

There’s no better way to get to know your customer base better than to directly ask them about what they want. Some companies will ask their customers to respond to an optional survey or leave a review for them on their website. Using the results of the customer’s response, you can evaluate customer service performance and product/service quality. It’s important to have consistently high customer ratings and testimonials to show that your company is trustworthy.

2. Identify your competitors

Knowing where you stack up against the competition is just as important as having a robust quality assurance system. First, you must identify your competitors. Your direct competitors sell similar products to the same customers; these types of companies are the most important to track. Keep a steady record of products, pricing changes, and promotion tactics.

3. Experiment

One of the more fruitful market research methods is A/B testing, also known as split testing. In this method, you divide your audience into segments and initiate marketing campaigns that differ slightly for each group to see which perform better. For example, you can move your service subscription button to different places on your website to see if you get more clicks that way.

#4 Explore Strategic Partnerships

Strategic partnerships will help take your business to the next level if you implement them correctly. First, you should know that you will have to do some amount of networking to meet the right people and start working with other companies. The partnerships you develop should satisfy the following qualities:

There are many different types of partnerships that can benefit your platform, but you should prioritize companies that can enhance your own internal processes and employee motivation/retention. Academic consulting companies like BeMo offer partnerships that add enhanced value to any established benefits program. Working with a company that can provide admissions consulting and career coaching will help your employees develop skills and more importantly, help your company scale at a desired rate.

#5 Automate Certain Processes

Automating some of your processes can help cut expenses and enable strategic investments. It’s well understood by laymen and professionals alike that hiring someone to perform a task or job that could reasonably be done by someone already within the company is an inefficient and expensive excess. This is why you should automate as many processes as you can to reduce wage expenses and enhance performance in the most important areas. Here are a few things to keep in mind as you consider this strategic intervention:

There are many automation tools available. While weighing the pros and cons of each, keep your mission and objectives in mind. There\u2019s no use integrating a new feature that doesn\u2019t benefit your company or somehow misaligns your goals. One of the commonly automated procedures is onboarding. It can be difficult to parse candidate information and initiate training procedures when you\u2019re hiring multiple candidates for different roles. For that reason, many companies use digital training courses and software to streamline this process. ","label":"Choose the right tool(s)","title":"Choose the right tool(s)"}]" code="tab1" template="BlogArticle">

The primary purpose of a growth strategy is to increase revenue and minimize inefficiencies/processes. The methods you employ should align with your goals as a company.

Your partnerships need to be strategic to avoid risks and maximize profit. Your partnerships should be mutually beneficial, and you should agree on the terms before the relationship commences.

An example of a good partnership is a company that provides academic consulting or education counselling. Because your employee base will likely plan to continue their education at some point, adding these unique benefits can motivate them and, in turn, lead to an increase in company growth.

The best way to attract strong talent is to write detailed job advertisements. These should include a description of your company objectives and culture, the roles and responsibilities, and required academic or professional credentials.

This depends on your company. Ideally, you should hire a competent social media manager to help you create a compelling online presence. If you’re just starting out, it’s best to choose just one of the most popular social media services to start promoting your brand before moving on to other options.

Conducting more direct research can help. The best example is surveys or customer reviews, the results of which can be used to learn about the needs and wants of your customers so you can better serve them.

The main benefits are as follows: attract new customers, attract new talent, reduce expenses, mitigate risks, and increase credibility.

You should choose the right tools for your company. If you don’t choose the right tools, you risk confusing your employees with the new technology or missing the mark on your performance objectives.

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business development ideas

What is Business Development? Main Concepts and Best Practices

What is Business Development

What is Business Development? How to, Best Practices, Main Concepts

What is business development introduction.

In the fast-paced and ever-evolving world of commerce, businesses strive not just for survival but for expansion and prosperity. At the heart of this pursuit lies a strategic process known as business development. This multifaceted approach empowers companies to identify new opportunities, foster valuable relationships, and carve a path towards sustainable growth. In this article, we will explore the fundamentals of business development, effective methodologies, best practices, and the tools that can elevate businesses to new heights.

What is Business Development?

Business development is a proactive and strategic process that aims to unlock a company’s growth potential and enhance its overall value. It involves a meticulous study of markets, customers, and industry trends to identify unexplored territories and lucrative prospects. Rather than focusing on day-to-day operations, business development centers on long-term vision and strategic planning, aligning the organization with its long-term goals.

How to Do Business Development

While business development may vary depending on the industry and company size, certain core principles can guide organizations towards success:

Market Research

Market research is the foundation of effective business development. It involves thorough data collection and analysis to gain insights into potential markets, consumer preferences, and industry trends. By understanding the needs and desires of target customers, businesses can identify gaps in the market and opportunities for growth.

In-depth market research includes competitor analysis to assess their strengths, weaknesses, and market positioning. It also involves studying macroeconomic factors, technological advancements, and regulatory changes that could impact the business landscape. Armed with this knowledge, companies can make informed decisions on market entry, product development, and strategic partnerships.

Networking and Relationship Building

Building strong relationships is a crucial aspect of business development. Effective networking allows businesses to connect with potential clients, partners, and stakeholders who can contribute to their growth. Networking can take place through industry events, conferences, trade shows, and online platforms.

The key to successful relationship building is to approach interactions with a genuine interest in understanding the other party’s needs and objectives. By actively listening and offering value, businesses can establish trust and credibility, laying the foundation for potential collaborations or partnerships that benefit all parties involved.

Sales and Marketing Alignment

To achieve successful business development, alignment between the sales and marketing teams is paramount. Marketing teams should provide sales teams with insights from market research and customer data, helping them understand the target audience and positioning the products or services effectively.

In return, sales teams must communicate customer feedback and real-world observations back to marketing, allowing for adjustments in strategies. This synergy ensures that business development efforts are supported by well-coordinated sales and marketing campaigns, driving lead generation and conversion.

Strategic Planning

Strategic planning is the roadmap that guides business development initiatives. It involves setting clear objectives, defining measurable goals, and charting the steps to achieve them. The process includes assessing the company’s current strengths and weaknesses, analyzing potential opportunities and threats, and formulating strategies to capitalize on the strengths and opportunities.

A well-crafted strategic plan outlines the specific actions required at each stage, allocates resources effectively, and sets timelines for achieving milestones. It also incorporates contingency plans to address unforeseen challenges, ensuring adaptability in a dynamic business environment.

Embracing Innovation

Innovation plays a pivotal role in business development, driving differentiation and competitive advantage. Encouraging a culture of innovation within the organization fosters creativity and empowers employees to explore novel ideas.

Businesses can engage in innovation by conducting research and development activities, exploring new technologies, and seeking feedback from customers and industry experts. They should be open to testing and iterating new concepts, products, or services, embracing the idea that failure can lead to valuable lessons and improvements.

Risk Management

Business development involves venturing into new territories, and with it comes inherent risks. Effective risk management is essential for safeguarding the company’s interests and resources.

To mitigate risks, businesses must conduct thorough risk assessments, identifying potential obstacles and challenges. They can then develop risk response plans to address these issues proactively. By being prepared for various scenarios, businesses can navigate uncertainties with greater confidence, ensuring that their growth trajectory remains on track.

Best Practices in Business Development

Implementing best practices can significantly enhance the effectiveness of business development efforts:

Customer-Centric Approach

Putting the customer at the center of business development efforts is essential for long-term success. This approach involves understanding the target audience’s needs, pain points, and preferences. Through customer surveys, feedback sessions, and data analysis, businesses can gain valuable insights into customer behavior and expectations.

Once armed with this information, companies can tailor their products, services, and marketing messages to address specific customer needs effectively. By focusing on providing value and solving customer problems, businesses can build strong brand loyalty, foster repeat business, and gain a competitive edge in the market.

Continuous Learning

In the dynamic and rapidly evolving business landscape, staying updated with the latest industry trends, technological advancements, and customer preferences is crucial. Continuous learning involves monitoring industry publications, attending conferences, webinars, and networking events, and engaging with thought leaders.

Through continuous learning, businesses can anticipate market changes, spot emerging opportunities, and proactively adjust their strategies. Embracing a culture of learning within the organization encourages employees to stay curious, innovative, and adaptable, fostering a culture of growth and improvement.

Agility and Adaptability

Business development should not be rigid but agile, ready to pivot and adapt to changing circumstances. An agile approach allows businesses to respond quickly to market shifts, emerging trends, and competitive pressures.

Businesses can embrace agility by promoting open communication channels and flattening hierarchies, enabling faster decision-making. Regularly reviewing and reassessing strategies based on performance metrics and market feedback ensures that the business remains on track and can seize new opportunities swiftly.

Long-Term Relationship Building

Business development is not solely about short-term gains; it involves nurturing long-lasting relationships with clients, partners, and stakeholders. Beyond mere transactions, businesses should focus on building trust, reliability, and mutual benefit.

To achieve this, businesses should prioritize exceptional customer service, actively seek feedback, and address any concerns promptly. Demonstrating commitment to long-term partnerships encourages collaborative problem-solving, customer retention, and advocacy, all of which contribute to sustainable growth.

Measure and Analyze

Data-driven decision-making is essential for effective business development. Implementing key performance indicators ( KPIs ) and regularly analyzing relevant data provides valuable insights into the success of various initiatives.

Businesses can use analytics to track the effectiveness of marketing campaigns, sales conversions, customer acquisition costs, and overall revenue growth. This data enables them to identify successful strategies, replicate them, and fine-tune underperforming aspects, ensuring continuous improvement.

Business Development Tools and Methods

Crm (customer relationship management) software.

CRM software is a powerful tool that streamlines and enhances business development efforts. It enables businesses to centralize and manage customer data, interactions, and communication in one integrated platform. CRM systems track every touchpoint with prospects and customers, including emails, calls, meetings, and purchases.

Beyond basic contact management, modern CRM software provides advanced features like lead scoring, sales pipeline tracking, and automated workflows. These features help sales and business development teams prioritize leads, identify potential upselling or cross-selling opportunities, and deliver personalized experiences to customers.

Business Intelligence (BI) Tools

Business intelligence tools provide businesses with a wealth of data-driven insights critical for effective business development. BI platforms collect and analyze data from various sources, transforming it into actionable information.

Through data visualization, dashboards, and interactive reports, BI tools help identify market trends, consumer behavior patterns, and emerging opportunities. Armed with this knowledge, businesses can make informed decisions, optimize their strategies, and stay ahead of the competition.

Social Media and Networking Platforms

Social media and networking platforms have become instrumental in modern business development. These platforms offer access to a vast pool of potential clients, partners, and industry influencers.

By engaging with their target audience through social media , businesses can build brand awareness, share valuable content, and foster a community around their products or services. Networking platforms like LinkedIn facilitate direct communication with key decision-makers, enabling businesses to form meaningful connections and explore collaboration opportunities.

Strategic Partnerships and Alliances

Collaborating with other organizations through strategic partnerships and alliances can significantly amplify business development efforts. By leveraging each other’s strengths, businesses can access new markets, share resources, and benefit from complementary expertise.

Strategic partnerships can take various forms, such as joint ventures, licensing agreements, or distribution partnerships. These collaborations open doors to new customer segments and enhance the company’s overall competitiveness in the market.

Main Tasks of Business Development Manager

The main tasks of a Business Development Manager (BDM) are diverse and encompass a range of responsibilities focused on driving growth and creating new business opportunities for the organization. Depending on the industry and the specific company’s needs, the tasks of a BDM may vary. However, some common main tasks of a Business Development Manager include:

  • Market research: Conducting comprehensive market research to identify potential business opportunities, analyzing industry trends, competitor activities, and customer needs. This research forms the foundation for strategic decision-making and market entry.
  • Lead generation and prospecting: Identifying and pursuing potential clients, customers, or partners through various channels, such as cold calling, email campaigns, networking events, and referrals. The BDM actively seeks out new business opportunities and creates a pipeline of potential clients.
  • Client relationship management: Building and maintaining strong relationships with existing clients, ensuring their satisfaction, addressing any concerns, and identifying opportunities for upselling or cross-selling additional products or services.
  • Sales and negotiation: Collaborating with the sales team to convert leads into clients or customers. The BDM may participate in sales meetings, presentations, and negotiations to secure new contracts and close deals.
  • Partnerships and alliances: Identifying potential strategic partnerships or alliances with other organizations that can mutually benefit both parties. The BDM works to build strong collaborative relationships to expand the company’s reach and capabilities.
  • Developing business strategies: Working with senior management to formulate long-term business strategies and action plans that align with the organization’s growth objectives.
  • Market expansion: Assessing the feasibility of entering new markets or expanding the company’s presence in existing markets. This involves analyzing market potential, regulatory requirements, and competition.
  • Innovation and product development: Collaborating with the product development team to identify new product or service opportunities, ensuring that the company stays competitive and relevant in the market.
  • Marketing and promotional activities: Developing and implementing marketing strategies and campaigns to promote the company’s products or services, enhance brand visibility, and attract potential customers.
  • Data analysis and reporting: Utilizing data analytics to measure the effectiveness of business development strategies, tracking key performance indicators (KPIs), and preparing reports to assess progress and make data-driven decisions.
  • Budgeting and resource allocation: Managing budgets allocated for business development initiatives and ensuring optimal utilization of resources to maximize the return on investment.
  • Attending industry events: Participating in conferences, trade shows, and industry events to network, identify trends, and stay updated on industry developments.

Overall, the business development manager plays a pivotal role in driving the company’s growth agenda, fostering strategic relationships, and exploring new opportunities to expand the business. They act as a bridge between various departments within the organization, contributing to the overall success and long-term sustainability of the company.

What is Business Development? Summary

Business development is a pivotal process that empowers companies to unlock their growth potential, explore new markets, and foster valuable partnerships. Through market research, strategic planning, and customer-centricity, businesses can navigate the ever-changing landscape of commerce with confidence. By embracing best practices and leveraging effective tools, organizations can adapt, innovate, and thrive in an increasingly competitive world, ultimately paving the way for sustained success and prosperity.

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A strong business development strategy allows your business to create strong relationships with promising prospects and generate revenue.

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If you ask 10 professionals what business development, or ‘biz dev,’ is, you’ll likely get 10 different answers.

To some, business development is just another term for sales. Many view it as the process of forming strategic partnerships. Others define it as a marketing tactic.

Business development expert Scott Pollack describes it best : “Business development is the creation of long-term value for an organization from customers, markets and relationships.”

This makes business development unique from other professional fields because the day-to-day tasks vary greatly by industry and by the specific needs of each organization. It is often the link between several different departments, such as marketing, branding and sales, and business development professionals collaborate with these teams to discover opportunities and develop relationships that ultimately have a positive impact on the organization.

Sales vs. business development

It’s easy to view business development as a sales process, but they’re not quite the same job.

The main objective of sales is to close deals with customers to drive revenue and maintain a high profit margin. A salesperson works at the end of the sales funnel to close deals, ensure products or services are delivered, and create repeat customers.

Business development, on the other hand, looks for prospects, nurtures relationships and guides leads toward the sales funnel. It is the process of identifying ideal customers and partnerships, building relationships and developing solutions that can then be handed off to the sales team to close.

While they are two very different roles within an organization, sales and business development work in tandem to generate revenue and grow the business.

Why you need a business development strategy

A strong business development strategy is the roadmap that instructs your team how to find and generate high-value leads to support your long-term goals.

Without a strategy, your team may struggle to find qualifying prospects or, at worst, spend months developing a relationship with prospects who don’t convert.

Business development is the creation of long-term value for an organization from customers, markets and relationships.

Scott Pollack, business development expert

How to create a business development strategy for your business

There are four main steps to take in creating a firm, reliable business development strategy.

Identify your audience

Creating a successful business development strategy starts with identifying your ideal audience. Focus on specific firms or individuals that will propel your business forward. You don’t need to have a large audience, but you do need a high-quality one.

Business development can be a long process, and the relationships you develop may take months or even years to turn into a sale. The last thing you want is to foster a relationship with an unqualified prospect.

Perform market research

Once you have defined your audience, learn everything you can about them. Before you can encourage your audience to work with you, you have to be able to answer the following questions:

  • What are their primary issues?
  • What specific services do they need?
  • How are they solving their problems right now?
  • How does your product or service improve their current situation?

With these questions answered, you can start analyzing your competition. Understand what makes you different from all of your competitors. This is the competitive advantage that you will use to communicate your value to prospects.

Determine which channels to use

The next step is to assess your total revenue goals for the year and determine which channels will help you achieve that target. The most common business development channels are a combination of networking, referrals, advertising, cold calls and content marketing.

  • Networking is one of the oldest and most commonly used business development strategies. Depending on your industry, face-to-face networking may still be the best way to connect with your target audience and build strong relationships. However, this method of networking can be time-consuming and expensive, so many industries have shifted to primarily digital networking through social platforms like LinkedIn.
  • Referrals can be a great business development strategy, as a positive relationship with a satisfied customer can lead you to a whole new network of prospects. Many small businesses get most or all of their business from referrals. However, relying on your clients to drum up business for you is passive and may not always result in steady leads.
  • Paid advertising , especially through digital platforms, is another solid business development tactic. The key to digital advertising is to find your target audience on their preferred platform and start there. If your audience are avid YouTube users, create strong, targeted video ads and post them there. If your audience has a high engagement rate with your brand on Twitter, advertise there.
  • Content marketing has become one of the best ways for companies to interface with their audience and showcase their expertise. In fact, according to the Content Marketing Institute , content marketing generates three times as many leads as outbound marketing and costs 62% less. It has a strong ROI, and it gives your audience the space to discover your brand organically.

Define S.M.A.R.T. goals

For each channel, set S.M.A.R.T—specific, measurable, attainable, relevant, time-related— goals to measure and track your progress. Your business development goals don’t have to be directly tied to generating revenue, but they should involve methods of introducing prospects to your sales funnel.

If you need help or inspiration defining your goals, take a look at these five S.M.A.R.T. goals for business development from Rapidan Inbound.

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21 Business Development Ideas

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Stuck for ideas on how to market your independent consultant practice to bring in new clients and projects? Here are 21 business development ideas, along with links to relevant episodes of our Unleashed podcast where applicable.

Editorial note: This article was originally published in January 2021 and was updated in April 2022.

1) Start a podcast and invite potential clients as guests

We recently released a detailed resource guide on how to start your own podcast, from the technical and equipment aspects to the topic and guest aspects. This resource also includes a 15-step checklist, and some examples of great podcasts by Umbrex members.

And in an episode of Unleashed , I presented four reasons why an independent professional might want to start a podcast, and 17 tips on how to get started.

Read the Resource Guide on How to Start a Podcast

2) start a newsletter.

We also have a terrific resource and 12-point checklist on starting a newsletter, which can be an incredibly effective marketing tool and business development idea.

We spoke with more than 20 independent consultants on how they started their own newsletter, and distilled what we learned into a 12-step checklist. This resource walks you through each step of how to start your own newsletter.

I also spoke with Josh Spector, founder of the For The Interested newsletter and an audience growth strategist and a digital marketing consultant, on Unleashed where he shared his expertise on newsletters.

( Bonus : you can also check out episode 451 on Business Newsletter Best Practices from Michael Katz).

Read the Resource Guide on How to Create a Newsletter

Episode 459, 3) make outbound calls.

It is so much more comfortable to send an email than picking up the phone and making a call — especially a cold call.

But David A. Fields, Umbrex member and author of The Irresistible Consultant’s Guide to Winning Clients: 6 Steps to Unlimited Clients & Financial Freedom , says that picking up the phone is an incredibly effective means to reach out.

The process is much more comfortable if you have a plan for how you want the call to go, and that’s exactly what David offers in this episode.

Episode 170

business development ideas

4) Create a portfolio of sanitized work

When thinking of business development ideas, start with the basics — do you have a solid portfolio of your work to share with potential clients?

You probably wouldn’t hire a graphic designer or a wedding photographer without looking at their portfolio.

Independent consultants ought to have a portfolio as well – samples of sanitized work you can share with potential clients.

I’ve found that many independent consultants do not have a portfolio, however, and here are some thoughts on how to create one.

Renegade Consulting Collective (Umbrex member Chandler Arnold) has a great portfolio of their work as Case Studies, as shown to the right. Click on the image to view it on their website.

Episode 121

5) create a project list.

Jay Martin, with more than 25 years of management consulting experience (including time at Arthur D. Little and IBM Global Services and nearly 18 years as an independent consultant) was a guest on Unleashed .

Jay has done a better job than anyone I’ve met at maintaining an exhaustive list of all his projects — the document is 18 pages long and includes the details on well over a hundred projects.

In this episode, Jay discusses how he started building this list and the benefits of keeping such a document.

Episode 140

6) update your linkedin profile.

Tips on posting LinkedIn articles and posts, and recommendations on each element of your LinkedIn profile, including:

  • Contact info
  • Summary section
  • Summary section attachments
  • Experience section attachments
  • Recommendations received and given

Episode 211

7) set up a crm system.

In another Unleashed episode with David A. Fields, we discussed how to set up a CRM system for an individual consultant or boutique firm.

A bit more than a year ago, I attended a training session that David led on this topic, and I set up my CRM system exactly that way he describes on this show. I’ve found the simple setup that David suggests incredibly useful, and I highly recommend it.

While you can use his suggested setup with just about any program, I happen to use Pipedrive, which is the system that David uses and recommends to his clients.

Episode 172

8) update your resume.

I’ve looked at 5,000 resumes over the past four years – seen some good ones, and lot of resumes with room for improvement.

This episode is particularly geared at independent consultants, but 90% of it is relevant to any professional.

Episode 253

9) ditch the yahoo, gmail, aol, etc and get a professional email address.

If you’re still using a generic email address, it’s time to upgrade to the professional version. Your email should be @yourwebsite — check with your hosting provider as they can set you up with one.

10) Reach out to clients where you LOST a proposal, just to check in

This is something that isn’t often thought of when it comes to business development ideas.

The idea is that in cases where you submitted a proposal (unless it was just an RFP open to the universe), you were in the consideration set. The client probably met with you. You spent time learning about the company.

Maybe they didn’t pick anyone to do the project at the time — they ended up prioritizing something else or didn’t have the funding. Or maybe they picked someone else, but now perhaps that other consultant is no longer available. Or maybe that other person didn’t perform as well as they had hoped.

So by following up, you can get back to top of mind. It’s possible they have something else new that is a better fit with your capabilities.

This doesn’t mean just calling to ask if they have new project needs, but rather making a relationship-building “touch base” contact point.

David Fields has a lot of great ideas and methods on how to do this (see #3 above).

11) Comment on LinkedIn posts by potential clients

The goal with LinkedIn is not to sell with posts, but just to engage people in a conversation. And conversations are a two-way street — so you should be going onto other people’s posts and commenting and engaging.

Focusing on the people who are your ideal clients and you would like to work with is a good way to become known to them and start to establish a personal relationship.

Mark Williams, "Mr LinkedIn" - 21 Business Development Ideas

12) Post 3-5 times per week on LinkedIn on the topic you want to be known for

Mark Williams, aka “Mr. LinkedIn,” is the host of one of my favorite podcasts, LinkedInFormed — I’ve listened to dozens of episodes, and much of what I know about LinkedIn I know from Mark.

In this episode, Mark provides tips on key aspects of the LinkedIn profile: the headline, the photo, the about section, and the experience section.

Episode 235

13) organize a virtual event.

Sree Sreenivasan has been the Chief Digital Officer at Columbia University, New York City, and the Metropolitan Museum of Art. He is considered one of the most influential people in social media.

We cover many topics in this episode, including the work of Sree’s firm Digimentors, which produces world-class virtual events. Sree shares how to set up and produce virtual events.

Episode 308

14) create, or update, your website.

Unleashed guest Tsavo Neal has thought hard about how consultants can generate more client leads with their website.

Tsavo has written dozens and dozens of posts on this topic and you can find all his work on his website, tsavoneal.com , which is a valuable resource.

He’s got examples of best-practice consulting websites, dozens of specific ideas on how to raise your visibility, tips on how to convert website visitors into leads, and much more.

Tsavo shares many valuable insights on marketing professional services in this episode.

15) Create a course teaching some skill that a potential client might be looking for

For example: “How to organize an Integration Management Office.”

Paul Millerd, has developed several online courses with over 4,500 students on Udemy alone. He also writes a very popular weekly newsletter that I love, and he is incredibly generous with his time: on his website you can book time to have a “curiosity conversation” with Paul; he has spoken with hundreds of people around the world who have reached out to him in this way.

Paul leads listeners through “Creating an Online Course.”

Episode 220

16) update your email signature to include your phone number (on the computer and phone).

A good email signature lets your recipients know, at a glance, both who you are and how to get in touch with you. Use this space to list (and link to) your website, and be sure to have your telephone number as well.

17) Create — or refine — your Fishing Line

In our very first episode of Unleashed , David A. Fields and I dove into some of his key pieces of advice for client development, including right-side-up thinking, defining your firm’s impact, building your visibility, how to have a context discussion, and tips on pricing.

David also shares a list of his recommended books.

18) Ask past clients for feedback

Soliciting the feedback of past clients is a way to both garner potential testimonials, as well as invite constructive critiques on ways you can improve.

On this episode, David A. Fields discusses best practices on what steps to take at the end of a long project to:

  • Hand over deliverables.
  • Ask for recommendations and referrals.
  • Stay in touch with key individuals you’ve developed relationships with over the course of the project.

We cover all three topics, and I found particularly helpful David’s approach to asking for a recommendation.

Episode 287

19) build relationships with other independent consultants serving your niche.

That’s a huge part of what the Umbrex community is all about. Join one of our live or virtual events , start a conversation in our member forum , or reach out to other members .

20) Read The Irresistible Consultant’s Guide to Winning Clients by David A. Fields

A frequent guest on our Unleashed podcast and speaker at Umbrex events, author and consultant David A. Fields published this insightful guide to understanding what clients really want — one that I consider a must-read for every consultant.

More details:

The Irresistible Consultant's Guide to Winning Clients: 6 Steps to Unlimited Clients & Financial Freedom

Independent consulting is a potentially lucrative enterprise—but the reality seldom matches the dream. Most solo consultants and boutique consulting firms are perpetually within six months of bankruptcy due to the sputtering unreliability of their new business engines.

The problem, according to international consulting expert David A. Fields, is twofold: 1) lack of a consistent, proven plan, and 2) fundamental misunderstanding about what clients want in a consultant. Fields, who has helped hundreds of consultants and boutique firms worldwide build profitable, sustainable practices, replaces the typical consultant’s mindset of emphasizing expertise and differentiated processes with a focus on building relationships, engendering trust, and solving clients’ existing problems.

In The Irresistible Consultant’s Guide to Winning Clients , Fields synthesizes his decades of experience into a step-by-step approach to winning more projects from more clients at higher fees. From nuts-and-bolts business advice and tactics to a deeply insightful breakdown of the human side of a very human profession, Fields, named one of Advertising Age magazine’s “Marketing Top 100,” delivers a comprehensive guidebook that is at once highly approachable and satisfyingly detailed.

21) Email a past client

It’s sometimes amazing how much a simple touch-base email can put you in front of mind again for the client. Try sending a friendly “Would love to hear about your plans for the year” email to previous clients on a regular basis.

Do you have ideas I haven’t listed?

I would love to know your favorite or most successful business development practice. Please let me know your suggestion here.

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15 Professional Development Ideas, Topics & Activities

This is a list of professional development ideas.

Professional development ideas refer to topics and activities for employees to improve their skills and advance their careers. This growth may help employees gain more confidence in their abilities and improve their contribution to the company. Example topics include workplace conflict resolution, communications, and critical thinking.

This concept is an employee engagement best practice and a worker engagement strategy .

This article includes

  • professional development topics
  • professional development activities
  • professional development ideas
  • professional development workshops
  • personal development ideas for work

Here we go!

List of professional development topics

Companies invest in their workers’ education and training to keep up with the competition and increase profitability. A team with a fantastic work ethic, problem-solving abilities, amicability, effective job prioritizing, and the ability to adapt to new situations will record high productivity and success. Professional development ideas for work include:

1. The Art of Storytelling (Top Choice)

business development ideas

Persuasive storytelling is a valuable ability for every employee who has to inspire action. In The Art of Storytelling, participants will learn to share personal narratives that both inform and entertain their audiences.

The Art of Storytelling offers the following features:

  • a 120-minute session led by an expert facilitator
  • the five essential elements of a captivating story
  • effective strategies and techniques to maintain audience interest
  • dedicated practice time for participants to refine their skills
  • in-depth feedback provided by the hosts

For added convenience, we will meet you at your preferred venue with all the necessary materials. If you want to have a lasting impression in the workplace, then knowing how you may exert your influence and advocate changes is crucial. Companies looking for professional development activities that help their staff share engaging narratives should consider The Art of Storytelling.

Learn more about The Art of Storytelling .

2. Environmental sustainability

Environmental sustainability means using natural resources wisely now so that future generations can still meet their needs without problems. Sustainably conscious workers consider the environmental impact of activities, products, and processes. Then, these individuals find ways to reduce negative effects on the environment.

Environmental sustainability includes reducing waste, conserving energy, using eco-friendly materials, and adopting renewable energy sources. Businesses can be more sustainable by using eco-friendly practices, like reducing waste and saving energy. Firms should also be ethical in their sourcing, get involved in community projects, and regularly check how they impact the environment and society. This process is essential for fighting climate change, preserving biodiversity, and ensuring a healthier planet for future generations.

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3. Time management ideas

Employees will be more productive and less stressed by learning time management skills. There may be more time to attend conferences and other training events after finishing projects on time if all team members have excellent time management abilities. Time management skills also directly affect an employee’s work-life balance.

Professionally and individually, time management skills are essential. Improved time management is necessary to meet deadlines, manage your workload, and reduce stress. An excellent time management tool is an in-depth awareness of your habits and routines. This process starts by noting how much time you spend on different tasks each day. Afterward, determine the tasks you can outsource, procrastination tendencies, and utilize tools for workload prioritization.

Check out this list of books on time management .

4. Professional certifications

Professional certifications are credentials individuals earn once they have demonstrated a specific level of knowledge, skills, and competence in a particular field or industry. Professional organizations, industry associations, or certification bodies typically grant these certifications. Certifications serve as formal recognition of an individual’s expertise and can enhance career prospects. Examples include the Project Management Professional certification for project managers, the Certified Public Accountant designation for accountants, and the Certified Information Systems Security Professional certification for cybersecurity professionals. Earning professional certifications can validate one’s qualifications and often requires passing an examination and meeting specific experience or education requirements.

Professional certifications are a highly beneficial addition to any professional development plan. These courses provide proof of expertise and skill in a specific field or industry. These certifications often require difficult training and exams, ensuring that individuals have up-to-date knowledge and skills.

5. Communication skills

Communication is the lifeblood of every company. Lack of communication means there is no shared knowledge, ideas, or diversity among employees. As the economy shifts and becomes more unpredictable, most forward-thinking organizations are emphasizing the need to have employees who are proficient communicators. The most crucial goal is to create an environment that encourages open communication among all team members.

As part of the professional development course on communications, workers will learn vital skills such as:

  • Teamwork: Handling group efforts, team-building events, and shared objectives. Employees will get to work as a team instead of focusing on individual contributions. Our perspectives, abilities, and expertise are all unique. You can take advantage of this detail by promoting a diverse approach to problem-solving.
  • Clear writing: When it comes to interacting with customers and employees, effective digital communication is often the only viable option for today’s companies to prevent miscommunication.
  • Active listening: Open communication with coworkers and superiors is effortless when employees learn to listen attentively and comprehend the viewpoints of all parties.
  • Conflict management: The ability to deal with difficult situations professionally. The application includes handling salary negotiations, complaints, or the departure of employees.
  • Discretion and confidentiality: These skills demand being trustworthy and fair in all interactions with coworkers, from the lowest levels of the organization up to the highest levels. You should always maintain a professional demeanor while dealing with sensitive or private material.

Career success relies on your ability to communicate effectively with coworkers. As part of your professional growth, you can learn strategies to strengthen communication with coworkers, supervisors, suppliers, and customers. You should learn to adapt your discussion depending on the individual’s attitude and how to communicate using multiple means, such as in person, via email, or over the phone. Knowing how to read and being aware of body language are essential for effective communication. Additionally, employees can use communication skills outside of the office, so working on these skills is among the top personal development ideas for work.

Check out this list of communication-building activities .

6. Conflict management and resolution in the workplace

In the workplace, disagreements are a normal part of the team development process and can be beneficial. Leaders and workers should manage conflict effectively so it does not negatively impact corporate operations or the team’s relationships. Understanding the other party’s viewpoint and coming up with solutions that benefit both parties is vital in conflict management. Taking a stand for what is morally correct and ethical might lead to conflict in the workplace.

A manager’s ability to deal with sensitive issues is crucial, and this training will help them learn:

  • Proper communication in stressful circumstances and being courteous yet persistent to reach a peaceful resolution.
  • Self-assessment of an issue to devise tactful solutions
  • Vital qualities like self-discipline, fairness, understanding, tolerance, and empathy to handle difficult circumstances while also demonstrating a strong work ethic.

Managers that are proficient in these three areas will be able to cope with more complex problems that need collaboration, interpersonal skills, and clear communication.

Here is a list of conflict-resolution activities .

7. Financial literacy

Financial literacy is the ability to understand and manage your finances effectively. The understanding involves having the knowledge and skills to make informed financial decisions. Financial literacy encompasses a range of topics, from understanding personal finance basics like creating a budget to more advanced concepts like investment strategies. Employees may learn about budgeting, saving, investing, and planning for the future. Being financially literate  empowers individuals to make wise financial choices, achieve their financial goals, and secure their financial well-being.

Financial literacy is an important topic for professional development because it helps individuals make smart financial choices, both in their personal lives and at work. Being financially literate helps individuals manage their own money better and helps them assist with financial planning and decision-making at their workplace. In today’s complex financial world, financial literacy is crucial for career growth and financial security.

8. Performance evaluations

Most times, a manager’s role includes doing performance evaluations. Therefore, every manager should understand performance management for workers. This ability entails assessing your team’s members, grasping their qualifications and experience, and placing them in roles that make the most of their abilities. Performance management may also include addressing any performance issues, developing an improvement plan, and addressing any bad conduct occurring in the workplace.

Regardless of one’s position in a company’s hierarchy, providing and accepting constructive criticism is essential. Your professional career will benefit if you become more adept at giving assessments to workers. An effective appraisal or feedback shows your appreciation for their efforts and your desire to see team members flourish in the future and offers improvement tips.

Although a manager handles performance evaluation, employees may sometimes need to provide constructive criticism to their colleagues during peer review. Employees will learn more about how to give and receive constructive criticism as part of the professional development program.

Here are tips for giving employee feedback .

9. Flexibility

In today’s dynamic corporate environment, individuals must continually improve their skill sets and be able to adapt to ever-changing working conditions. Employees in today’s fast-paced corporate environment benefit from this area of professional development. However, adaptation to a new environment and training needs many resources.

Some techniques to promote employee flexibility in professional development include network support, cross-training, business trips to other offices, peer learning and knowledge exchange, and switching departments.

Almost all companies experience change or transition, but a successful change implementation relies on the cooperation of all workers and supervisors. As the manager, it may be beneficial for you to learn how to prepare your team for change better. In addition, you, as an employee, can learn how to effect positive change or how to prepare for negative change.

10. Better customer service

Customer service training is one excellent example of employee development activities. Your firm and its customers will benefit greatly from your efforts to improve your customer service competencies. Customer service skills include patience, understanding, empathy, adaptability, and calmness under pressure. Professional development in customer service can equip employees with the skills needed to deal with difficult clients or how to make a customer’s bad experience better. Examples of training activities include conflict resolution and de-escalation training and courses in emotional intelligence and active listening. These skills include empathy, clear communication, excellent work ethic, and thick skin.

Here is a list of books about customer service .

11. Leadership

As a manager or a senior executive, developing strong leadership abilities is a worthwhile investment of time and money. People’s self-esteem and career prospects may improve and benefit from formal leadership education. Successful leaders in your company are likely to have the following characteristics:

  • Determination
  • Team Management
  • Strategy Development
  • Decision-making

If you want to hold a management position one day, you will benefit from participating in professional development training on management. This training will help you better understand leadership styles and expectations. Employers also do well to invest in leadership development to ensure future managers are confident and ready to lead.

Here is a list of leadership skills .

12. Hard and soft skills

Hard skills often correlate with the employee’s position. These skills are important for talent acquisition, payroll administration, and disseminating ideas from upper management to lower-level staff. Digital technology eventually pushes you to develop even the most competent people in these disciplines, regardless of their expertise. Short and in-depth seminars and courses are the greatest ways to learn. Staff members are more likely to embrace shorter and concise training, and the relevance lasts longer.

Soft skills deal with the way you go about your job. Communication, listening, and time management are a few examples of the many critical soft skills in today’s workplaces. Employers prioritize soft skills when looking to fill open positions because they contribute to an employee’s success at work.

13. Human resources software

HR departments benefit significantly from different people management tools. Individual employees benefit from this form of software, which helps disseminate and organize their personal and professional data. Corporations are increasingly relying on technology to arrange their workers’ personal information. Learning this skill will help HR personnel learn to integrate HR software in your department. You will have an advantage over your competition if you have some software experience. Also, managing paperwork and communicating with staff will be easier if you use specialized software.

Check out this list of HR software .

14. Legal and compliance

Legal and compliance training can be a valuable professional development idea for individuals and organizations.   Legal and compliance refers to adhering to laws, regulations, and industry standards that cover various aspects of an organization’s operations. For instance, companies may need to follow employment laws, intellectual property regulations, contractual obligations, data privacy laws, and industry-specific regulations. Organizations must have systems in place to ensure that they meet these legal requirements and maintain ethical business practices. Failure to do so can result in legal consequences, fines, reputational damage, and other negative consequences.

It is important to stay updated on relevant laws, regulations, and industry standards. Professionals can minimize legal risks, ensure ethical business practices, and maintain their organization’s reputation. Training in legal and compliance matters can also lead to career advancement. This training equips individuals with the knowledge to navigate legal issues and make informed decisions that protect both their interests and their organization’s bottom line.

15. Talent management

To be an effective leader, you must be able to motivate and manage. An influential manager must encourage their employees to go above and beyond the call of duty, solve challenging issues, and establish a high-performance work environment. Impactful leadership may significantly influence productivity and staff morale, ethics, and company-worker relations. Managers can improve their people management skills by addressing their emotional quotient, ensuring team collaboration, promoting effective communication and transparency, and learning empathy.

The importance of professional development

Professional development is honing your abilities and collecting more knowledge. These skills can help you succeed in your current position and even help you get a promotion or a new role in the future. Therefore, it is critical to engage in ongoing professional development throughout your career to stay updated in your field. Professional development comprises degree programs, certifications, training courses, seminars, or finding a career mentor.

Regardless of their individual skillset, specialty, or emphasis, all personnel benefit from ongoing professional development ideas. As employees’ duties and responsibilities evolve, they must adapt and grow. Soft skills are just as vital as hard talents. Organizations gain as much, if not more, from ongoing learning as do their workers.

Learn more about the importance of professional development .

Professional abilities tend to interconnect, and when you work on one skill, you are sure to enhance the others as well. Even if your primary goal is to improve your general skills, you may still advance your career by upskilling.

If you want to succeed in your career, you need to like what you do. Without this commitment, motivating others to do better will be difficult. Therefore, it is crucial to discover the satisfaction of learning new things and improving your job skills. You will be able to recognize your strengths and limitations more easily. Implementing a professional development program will help you and your employees develop, learn, and become better people.

For more references, check out training and development books  and career books .

We also have a list of the best corporate workshop ideas for employees .

FAQ: Professional development ideas

Here are some frequently asked questions about professional development ideas.

What are professional development ideas?

Professional development ideas refer to specific training topics and activities for employees to improve their skills and advance their careers.

What are some good professional development ideas for work?

Good professional development ideas for work include management skills, communication, and performance management.

How do you hold professional development workshops for employees?

You can hold professional development workshops by performing a needs assessment to determine what areas require upskilling. You can then devise the training approach, perhaps through one-on-one or group sessions.

Author avatar

Author: Grace He

People & Culture Director at teambuilding.com. Grace is the Director of People & Culture at TeamBuilding. She studied Industrial and Labor Relations at Cornell University, Information Science at East China Normal University and earned an MBA at Washington State University.

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Step-By-Step Business Development For Consultants

If you’re a consulting firm and you want to know the hows of business development and expansion, then this episode is for you. Michael Zipursky’s guest today is Tom McMakin , the CEO and Partner of Profitable Ideas Exchange . There are generally two ways to grow your business: getting new clients and deepening your relationship with existing clients. Guess what? Most companies agree that 80% of their revenue comes from existing clients. How then do you deepen and expand your relationship with your existing clients and their referrals? Tune in and discover practical tips on business development for consultants like yourself!

I’m with Tom McMakin. Tom, welcome.

Thanks so much for having me.

It’s great to have you on. Tom, you’re an author, a speaker, you’re the CEO and Partner of Profitable Ideas Exchange , where you help expert services firms with business development. Your company has conducted over 10,000 best practices, interviews with senior executives at over 350 Fortune 500 companies. Before that, you cofounded a private equity firm and you worked as a Chief Operating Officer. Your work has been featured in Fast Company, Inc. Magazine, Wall Street Journal, a whole bunch more. You also have a new book that came out. Let’s dive right in because there’s a lot to cover, Tom, and I’m excited to have you on. When we talk about consulting firms, professional services firms, most people think about two ways of growing business. Number one, from new clients, and number two, from existing clients. In your experience, which do people spend most of their time thinking about and focusing on?

We wrote the book, How Clients Buy , to answer the question, “How do you bring new clients into the fold?” We interviewed a slew of people in professional services and consulting firms to ask that question. We wrote the book and it was well-received. Then I got this incredible feedback from the consulting world that goes, “That’s nice, but if you look at our new revenues year-over-year, 80% of our new revenues come from existing clients. New logos are fun but tell us how to land and expand.”

Given that’s the case, what is the recommendation that you typically have? Let’s say I’m running a consulting firm, and now I understand that you’re probably right. Most of my business has come from referrals or existing clients. What do I do about that? What’s the first thing that somebody should start to think about or look at? What analysis should they even run to identify? Do they have opportunity to grow their existing accounts? Any exercises or best practices that you can offer?

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It’s helpful always to make distinctions and not just look at that big block of a challenge, which is, “How can we increase our business?” One distinction you can make is, “Am I trying to do more of the work that I have already done for a firm, for the buyer in that firm that I now serve?” For example, if I stand up a conference for a buyer in the general counsel’s office once a year, I could go back to that same buyer who knows me, trusts me and knows my competence. I could say, “We can do your spring conference as well.” That would be more to the existing buyer, but the adjacency to that is to sell more of the same thing that you’ve sold already into a company, but into other divisions or other business units or other geographies. That’s a distinction.

There’s a third type of new work that you can get. That’s where you offer conferences for the company, but someone else in your business is quite capable of writing pithy and compelling newsletters. You want to introduce newsletters either to the people that bought conferences from you or even harder, sell newsletters to people in the organization that you don’t now serve. You can think of it as a matrix in that way. As you can imagine, the easiest thing to do is to sell more to somebody that already knows and trusts you. It gets harder to introduce colleagues or other capabilities in your firm to a firm that you’re serving. It’s harder to reach outside of the vertical that you’re now serving in a client to other verticals. There are different tactics that help us scale those two walls.

The other thing that you’ve found is that the Pareto Principle holds true in business development that 80% of the business and profits typically come from 20% of a firm’s clients. Tell me more about what you’ve observed with that. It’s not surprising to me because the Pareto Principle applies to so much of life and science. It was especially interesting to hear your take regarding business development. Dig a little bit deeper into that and share with everyone what your findings were.

I interviewed a head of strategy inside a massive IT integration professional services firm. Think $15 billion. They had two businesses, the technology half and the consulting half of the business. Each half of the business had forced ranked their clients, who were their best clients. That 80/20 rule kicked in, so 20% of their clients on the consulting side produced 80% of their revenues. Likewise, on the technology side, 20% of their clients produced 80% of the revenue. What shocked me and shocked this head of strategy is there was precious little 20% overlap between each group’s major clients.

If the consulting side, their number one client was Pfizer, the technology side didn’t know business with Pfizer, and vice versa. If the technology side of the businesses major client was AWS, the consulting side of the business did nothing. It speaks to what is called the cross-selling problem. In the previous matrix that I outlined, that would be the problem of introducing other services to a client that you already serve. It’s interesting, I’ve seen that over and over again. We develop consulting practices, mid-sized, small consulting practices even. It could be a three-person firm and I have a specialty and you have a specialty and Jane has a specialty, and there’s little overlap between our various practices.

Let’s dig a little bit deeper into that to make this actionable for people. Likely they’re going to be seeing that in their business as well if they’ve been in business for some time. Let’s even take your firm, PIE. When you look at your clients and you see there’s some distribution of 80/20, maybe it’s 70/30, 90/10, but there’s some Pareto Principle that is playing out. What do you do within your company? What actions do you take? How do you rally the troops? How do you move forward knowing that is the distribution of clients to revenue and profits?

I’ll offer up three things. One, when a person that does a project wants to do more of that work for the project manager that they serve, it’s generally easy. You have to reverse-engineer when the budget processes. If the budget for your client ends in September, you might reasonably ask, “When do you start planning?” You’ll get an answer of, “We always have to submit a wish list deck around March, and the powers that we decide on how much money we get.” We have found it helpful to get on top of that cycle in March. We call our program manager and say, “We do a number of things for different clients. Would it be helpful for us to brainstorm other things that you might do to further your objectives and put it in the form of a slide deck?” I’m surprised 8 out of 10 times, the program manager lifts our slides and puts it in their deck and passes it on and they’re grateful.

In the case where you’re trying to do the same work for a client, but in a different business unit, it’s harder than you think. One of the reasons that it’s hard is that your program manager is proud about the success that you and she have put together. They’re not always eager to share it with people that might be in competition for them for the next job up, or even worse in a global corporation. They flat don’t know who their counterparts are in Berlin, or they don’t know who their counterparts are on the technology side of the business, so they can’t be helpful to you. At the end of the day, they’re doing you a favor. They’re taking some political risk within the organization, but with little return to them. We have found that successful to have a second partner on every assignment, and that’s a senior partner, and that’s what a lot of the big professional services do.

CSP 179 | Business Development

They have an implementing executive and then a senior partner that flies in every once in a while and says, “Is everything going well?” We have that senior partner level up above the program manager and talk to the big boss and say, “Is this working for you? How do you feel about the ROI? By the way, would you mind introducing me to other people that report in to you?” It eliminates some of the problems that we see. The last thing, and people have been doing this forever, is when we’re trying to include another capability in our offering set. Oftentimes, we’ll take out our program manager for dinner, and at the last second we’ll say, “Do you mind if I bring Michael along with me? He’s my partner. He does the training half of our business. We’re in New York and he got nothing to do tonight.” We introduce him and we’re like, “Michael does a ton of training for consulting firms across the country. His specialty is small and midsized companies. He saw tremendous success. Michael, I’ll let you introduce yourself.” Michael asks a question of the client, “I’ve got to ask, what do you do for training?” There’s a transfer of trust and a transfer of trust around capability that occurs there. I don’t know if that makes sense.

It makes a lot of sense, that’s valuable for people. Thanks for sharing that. You touched on, Tom, about maybe 1 or 2 reasons why clients within an organization hesitate to refer you to their colleagues within that same organization. You mentioned you can have a senior partner fly in, spend more time with a higher-level partner, but let’s say that you don’t have that ability. Maybe you’re running a small firm, maybe you’re a solo, independent consultant, you’re doing great work. You know that because you keep hearing that from the clients. You’ve been kept around for a year or two, but you’re unsure of how to move deeper into that organization. What would be some recommendations that you would offer for people to consider or explore that might help them as a solo, independent or small firm to be able to get their tentacles deeper into that client organization?

There are a couple tactics. One is not to ask for a referral from your program manager that loves you so much. That can be hard for them and they cannot get to that. We’ve all had the experience of talking to somebody and they say, “I’d be happy to introduce you to Bob.” It never happens. A better use of those people is to take them out to lunch and to think of them as seeing eye dogs and go, “I’m curious about the wider organization and I’m interested in selling more of my services like I do for you elsewhere in the organization. Tell me what’s going on. What are the strategic priorities of the company? Are there divisions that they’re putting money into or not? Are there group presidents that are old and tired and about to retire and aren’t taking any risks? Are there also young whippersnappers that are about to take over and want to make a name for themselves? Tell me the lay of the land. That’s all I’m asking for.”

Another thing that we’ve learned over the years is a foundational principle of all business development, which is own the action, own the next step, never leave the next step in someone else’s hands, because it’s not as important to your program manager to grow your business as it is for you. One of the ways we do that is go, “I was wondering if I might use your name as a reference when I reach out to your counterpart in Berlin. I’m also wondering if I could include a short case study, which I’ll send you for review.” You own the action. You figure out what the email is. You write Hans and you copy Marsha, your Program Manager with the case study. You say, “I’ve worked for Marsha for a long time, and I’ve admired at a distance what you’re doing, Hans. It seems like we might be able to help you in a similar way we’ve helped Marsha.” Copy Marsha and then say, “With your permission, I’d to like follow up with a call.” Owning the action is a crucial habit.

A lot of this has predicated, Tom, on having that existing relationship with the existing client, which is what the new book is about. What would you say to those who don’t yet feel they have that relationship with someone? Maybe they’ve been prospecting, they’ve been having a bit of reach outs, not a lot of success, and sitting down on the table with someone, but they want to find out more about their budget so that they can provide some ideas and some potential ways to serve and support them. What advice would you offer to professional services firms that want to essentially generate more “leads,” more opportunities to have conversations with people that they don’t yet have relationships with? What’s working best to get a seat at the table?

I have a bunch of thoughts on this, one is narrow cast. Shrink the pond. Be number one in your pond. You’re in the training, consulting and coaching business, the education business, and you have shrunk the pond, Michael, to focus on people in professional and consulting services firms. That means you’re not focused on helping retailers do a better job of reaching out to customers and selling more shoes. By delimiting what your stated area of expertise is, your domain, you’re able to niche yourself and create a brighter identity. One that’s memorable, “There was this guy that does coaching for consulting firms. They were cousins. They’re in Canada.” They can find you that way because they know who you are. That’s the first thing is stop trying to boil the ocean. Figure out where you’ve sold 2 or 3 projects well, and where are the through line on the story is.

“We did some work for a mining company in Nevada, then we did one in a mining company in Edmonton. We have the right to reach out to other CFOs of mining companies in North America. Let’s figure out a list of those folks. There are only 200 of them. What’s the function that we sell into? Sometimes the CEO knows somebody, and we get in that way, but it’s the chief supply chain officer that pulls the trigger on what I do. Let’s figure out the names of the 200 chief supply chain officers of the top mining companies and set ourselves the objective of getting to know them over the course of time.” That’s the biggest single piece of advice that I would get give people is niche sharply, invest in the conversation, give without expectation of return to that limited community. It’s like what you’re doing, Michael, you’re giving this show, you’re giving your expertise to the community you most want to serve. In that way, you’re elevating yourself, not only as an expert, but as a bee that’s cross-pollinating best practices between all the work that we do in the world of consulting.

My daughters love honey. It’s a good thing that I’m a bee because lots of sweetness. That aligns and resonates, Tom. In your new book, Never Say Sell , you say, “We shit on the immutable wall of diseconomies of scale. In some business, the cost of production goes up, not down with growth. As it turns out, expert services firms also face these economies of scale, and understanding and overcoming the diseconomies of scale presence in your industry is key in growing our work with current clients.” Can you talk a little bit more about what you mean about that diseconomy of scale and how it relates to expert and professional services firms?

CSP 179 | Business Development

Economies of scale are, if you build a plant and it costs you $1,000 to create one widget out of that plant, it’s got so much more capacity. When you run 1,000 widgets through that plant, the cost of that widget goes down up to $1. That’s economies of scale. On some level, we suffer from the opposite in our world. Like massage therapists and psychiatrists, the only way we get new work is by increasing our time and we hire people to serve clients that we work with. That’s how we augment our time over a period. The problem is that those people require management and training and houses, offices and all sorts of support. That drives a diseconomy of scale. Working out of your guest bedroom as a sole proprietor is monstrously efficient. Your overhead is almost nothing as you kneel down, crawl under your desk and fix your own IT by detangling your wires. That doesn’t exist at McKinsey, where they have a whole department of 500 people whose job is to keep computers humming across the globe. That’s what I meant by diseconomies at scale.

That does connect with what a lot of people are dealing with as they’re scaling up their own consulting businesses. They’re looking to add more people or whatever it might be, and more can often translate into more complexity. Complexity doesn’t scale well. Knowing that, what’s the way to overcome that? As you mentioned, the key to growth is learning how to overcome the diseconomies of scale. For you and your firm, is there anything that you’ve done specifically that you found has been helpful in overcoming that challenge to allow you to scale or to make a greater impact and maintain profitability?

We raised our prices, and I mean something specific about that. Even if they spun out of IBM and they were somebody in charge of digital transformation, they don’t have the right to take on a global digital transformation project for General Motors. They don’t have the capacity to do it. They don’t have the people to fly around the world and make it happen. Sole proprietors tend to take on smaller gigs, and those smaller gigs, the barrier to entry tend to be lower and consequently, they tend to be bid more fiercely and the margin or the price on the services are lower. We’re not a sole proprietor, but we’re also not big. We have 60 people in our company, but it gives us the capacity to take on a national or global contract, particularly for a business unit, and cover it up with resources and execute well. The truth of the matter is when you do big projects that, you’re allowed to charge more per unit of cost because it is baked into the world of pricing and competitive pricing. There’s an understanding that there are those overhead costs that get baked into any bid.

You mentioned that one of the things you did was increasing prices, that’s a great approach and strategy. Is most of your pricing and the projects that you work on the engagements, is it on an hourly basis, a daily rate, is it a retainer, project based or using value in ROI? How do you approach pricing, and has that changed at all over time?

We’re scared to death to price on our costs. We refused to do that. We didn’t do everything on a project basis. We say, “What are the outcomes? We’re going to drive business development by creating cohorts of likely buyers and putting your practice leads in the center of a series of conversations. We’re going to recruit a certain number of people. You don’t need to know what happens behind the curtain.” We priced by project. Otherwise, you’re defending hourly wages and you’re tracking time. We don’t track time like a law firm. Everybody that I know in professional services that tracks time, lawyers and accountants principally, are desperate to figure out how they can get out of that box.

You mentioned that boutique smaller firms should focus less on innovation and more on other ways to grow their business. When I read this in your book, it resonated because a lot of people do believe like, “I need to be innovative and I need to come with new ideas.” Always sharing new stuff with clients. I want to hear from you a little bit more about when you say that a boutique smaller firm should focus less on innovation, and more on other ways to grow their business. What do you mean by that and what do you find in your conversations and research?

We’ll go back to that example of mining. You did some good work for a mining company in Nevada, and then you did some good work in Edmonton for a mining company. You write up some case studies and you think, “I’m going to get to know all the chief supply chain officers of the 100 biggest mining companies in the country. I’m going to go to the conferences. I’m going to try and present. I’m going to publish. I’m going to set up round tables. I’m going to do a podcast. I’m going to engage and add value to this group of 100 people, because this could be a $50 million business if I did that.” Over it again, you see people doing that, they invest in that way. They get another mining client. They get two more mining clients. They hire someone from a mining client to add to their staff to be a consultant, and then someone goes, “This vein, no pun intended, that we’re mining right now is so profitable and no one else is mining this vein. How about we spend some time and resources to figure out what else we could do in this world?”

It’s silly, as long as the vein is continuing to produce, you’ve invested ten years of time and momentum into establishing yourself as the preeminent supply chain consultant to mining companies. Your consumer product’s good vision for what you do is a distraction. Founders have this disease the worst, they see the virtue of grinding away at a niche that they’ve established for themselves. Founders oftentimes are creative and they’re like, “This was so much fun. I’ve got another idea. My expertise could be used to help transit systems in the far East, so I’m going to start dabbling in that world as well.” They never get any momentum, any scale and reputation in the industry for excellence.

CSP 179 | Business Development

Until you have 100 employees or so, what you should do is focus on the one, or at best, two niches that you figured out that you can own and do well. When I say own, I mean as delimited by expertise, supply chain management, industry, mining, and maybe geography focused on North America with the exception of Mexico. I don’t do any mining projects in Brazil or Africa, because that means I live on a plane all the time. Delimiting in that way takes time to build a reputation, but don’t fritter it away.

I was sharing this similar concept with clients in our Clarity Coaching Program from a marketing perspective. Often, people will start to do some marketing, they see it working and go, “This is working good. What else could I do that is different that might work even better?” They take their eye off the ball of what’s already starting to work for them. Whether it’s playing out from a specialization focus perspective or service offers perspective or marketing perspective, that focus, and that consistency is so important. Tom, I want to thank you again so much for coming on here, sharing some of the research from the book and what you’ve been seeing playing out in the space, which I know you’ve been in for quite some time. I want to make sure that people can learn more about the new book and about the work that you are doing. Where’s the best place for them to go?

You can go to our website, ProfitableIdeas.com . Our services are there and the books, How Clients Buy , Never Say Sell , are there. It’s available on Amazon or Barnes & Noble, either of those books. You can find resources there. We have a blog on our website. We continue to generate some insights based on interviews. I’m a big fan of your work and your book. When you’re on Amazon and you’re buying Never Say Sell , I want you to reach out and pull in some of Michael’s books as well.

I appreciate that. It’s great to have you on. We’ll talk soon.

Thanks so much for the opportunity.

Important Links

  • Profitable Ideas Exchange
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  • Never Say Sell

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JUST RELEASED: View the 2024 Franchise 500 Ranking

Expand Your Knowledge and Unlock Success With These Must-Read Business Books Top business books to ignite your entrepreneurial journey.

By Tom Freiling • Feb 19, 2024

Key Takeaways

  • Business books are essential tools for professional development, with classics and category leaders offering timeless insights and fresh perspectives.
  • Delving into business fables and books about resilience provides relatable advice and strategies for overcoming challenges.
  • Regular reading enhances cognitive skills, broadens knowledge and equips business leaders with the intellectual tools to succeed.

Opinions expressed by Entrepreneur contributors are their own.

Whether you're a recent college graduate seeking an entry-level position, an industry veteran or an aspiring entrepreneur, you've probably picked up and read at least one business book to help inspire your journey. Books are a must-have resource to expand your knowledge and business prowess, and they are one of the most cost-effective and efficient methods to become a whip-smart employee or entrepreneur.

But with so many business books on the market today, how do you find the right books for your given experience and goals? After all, there are tens of thousands of titles available. All in all, there are approximately 80 million business and economics books printed and sold annually, representing 25% of all adult non-fiction books. Business books represent the second largest adult non-fiction subject category after religious books. Where to start?

Related: 8 Business Books Entrepreneurs Must Read to Dominate Their Industry

Read a classic business book

Classic books are a great place to start. Not necessarily old books, although some books like Think and Grow Rich by Napoleon Hill are nearly 100 years old, the classics are those books that continue to sell millions of copies year after year. They are the books of which people say, "I am re-reading" and not "I am reading." Indeed, Hill's classic book has sold more than 70 million copies. Readers simply can't get enough.

Other classic titles include Rich Dad, Poor Dad by Robert T. Kiyosaki, which has sold more than 40 million copies, The 7 Habits of Highly Effective People by Stephen Covey and How to Win Friends and Influence People by Dale Carnegie, which still sells more than 250,000 copies annually. Carnegie's book was ranked the seventh most influential book in American history in a Library of Congress survey in 2013. Atomic Habits by James Clear is only a few years old, yet having sold more than 5 years old, is already considered a classic.

Read a category-killer

There are hundreds of categories and subcategories of business books to choose from. One popular category, business fables, has become a trusted resource when looking for thoughtful, memorable advice and genuine inspiration. A business fable is part fiction and part non-fiction, and in this way provides a way to communicate important business lessons by using relatable characters and situations. They are quick, easy reads and encourage new ways of thinking about business challenges .

There are many business fables to choose from. For example, a business fable by speaker, coach and podcast host, Dallas Burnett, recently zoomed to the top of the best-seller lists. In Lift: A Business Fable For Teams and the People Who Lead Them , Burnett shares invaluable advice for team-building through the story of a young executive and aging airplane pilot. Patrick Lencioni and Jon Gordon are also notable business fable authors.

Choose Your Battles by retired U.S. Army Colonel, Irene Glaeser, is also a top-selling book for leaders. Glaeser writes from her experiences as one of the Army's highest-ranking female officers. A book for both military and civilian leaders, Glaeser weaves her storied U.S. Army career into compelling lessons on leadership. Her book is an ideal companion read to the No. 1, million-copy best-seller, Make Your Bed by Admiral William H. McRaven .

Related: 32 Entrepreneurs Share the Books They Always Recommend

Read books about resilience

All business leaders should prioritize reading books about resilience because, in today's dynamic and often unpredictable business landscape, resilience is a key attribute that can make or break you and your organization. Resilience refers to the ability to adapt, bounce back from setbacks and thrive in the face of challenges. By delving into books on this subject, leaders can gain valuable insights into how to navigate adversity, build mental and emotional fortitude, and foster a culture of resilience within their teams.

You might consider the best-selling book, Choosing Resilience , by Tiran Jackson, who is a popular speaker and coach, and who addresses issues relating to bouncing back from adversity . Jackson has shared his compelling story in front of thousands of people across the country. You might also read L.E.T.S. Lead by Robert Anderson, Jr., the former FBI Director and now CEO of a global cyber-defense company. Anderson shows leaders how to bring more energy and teamwork to their organizations.

Read and grow rich

The adage, "The more books you read, the smarter you become," holds true for several reasons. Reading is a mental exercise that stimulates the brain, enhances cognitive abilities and expands one's knowledge base. Each book offers a unique perspective, information or insight, adding to the depth and breadth of one's understanding. Furthermore, reading exposes individuals to different perspectives, diverse viewpoints and a variety of business subjects, fostering critical thinking and analytical skills. It also improves vocabulary and language proficiency, enhancing communication and comprehension abilities.

Ultimately, the accumulation of knowledge and intellectual growth that results from reading contributes to a business person's overall intelligence and capacity to navigate the complexities of the world effectively.

Related: 5 Books That Paved My Path to Entrepreneurial Success

Find the best business books in the Entrepreneur Bookstore. For a limited time, you can save 40% on every book and ebook with code BOOKS40 at checkout.

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36 Business Development Ideas To Survive In Economic Slowdown.

At one point we business owners realize that there is one thing lacking somewhere in the business. Does that happen to you too? If yes, then let me tell you that you are not alone. This struggle is in the life of every upcoming successful entrepreneur. Where does this struggle end? There are some hidden points or should I frame it differently; there are some things that we don’t try to look at.

Yes, there can be a bunch of those minor collections that you have forgotten but those were the things that you followed regularly at the start of your business. So focus guys because we are going to have a deja vu. You may think at some point while reading this article that you were following this tip so much and you didn’t realize how it fell from your mind.

Not one or two, we are going to give you a list of 36 Business development ideas that are minor but impacts majorly.

36. Ever-Changing Market

The market is never in anyone’s control or there is no fixed rule to control the market. But what can you do? It is to have a plan B. That means take advantage of the market. Situations may not be in your favor but you can find a positive side in every situation.

If the market is low today then invest, the market is high tomorrow then sell. That’s what the general rule says but what if you wait for a long time and then sell to earn more. It is the patience formula. You need to work with the market. 

If the market is demanding on something then are you up for it? Can you identify those demands? Can you change your tech if needed? If yes is your answer then you are ready to grow your business.

35. Motivation

Sometimes we are hoping for an error in the outer environment but what if there is an error in our own environment. Then do you think you can grow? Same way if your employees are not motivated enough then you can’t expect them to achieve targets.

It is better that you motivate your employees, it may be positively or negatively; there are various sources. A push in the work environment can create miracles in history. It is a given solution for successful entrepreneurs.

34 Measure Your Past Contributions

Work on business development ideas

The business works on past trends when you check these trends? At times you are in doubt what can be done in the future then past trends get us some perspective. If you want to grow your business then check your past world.

Analyze the problems, defects, and even best achievements. If you are able to figure out what you are missing today that was extraordinary in your past works; then you may do a great job in the future. Also, you will come to know what were the things that you are missing out on.

33. Promote

A business demands promotion , you can’t stick to the same old rule. By promotion, we mean changing your work life and adapting to the modern lifestyle. The way you work may be a traditional one and that could be the number one barrier for your growth.

If you don’t use high tech equipment or online websites or an interesting work environment then you don’t stand a chance. You should be able to cope up with the demand. If you are not acting quickly by using this high technology then your competitors will easily push you back.

32. Over Deliver

There is one rule in business, I hope you haven’t forgotten that and if you are reading it for the first time then use it forever. Whatever you are asked to do, do something extra every time. Your client will not be satisfied ever until you don’t deliver extra.

If you are asked to maintain a report on the weekend then tell then it will be done by evening 5 pm on the weekend. Why? You need to be on time and exact; that is what means to deliver extra. If you deliver what is asked then business growth is stagnant but over-delivering ensures more clients and more work.

31. Improve Your Skills

Have you stopped thinking about yourself? Do you think I am the boss, why should I learn? If yes then you really needed this article. You need to work on yourself constantly because maybe your work can be delegated but it should not be taken over.

If you are always dependent even for one bit of small matter and you don’t even know about its basics then be ready for others to use your weakness. A business can’t afford these mistakes, improve what you don’t know; start with basics.

30. Start Investing in Marketing

36 Business Development Ideas To Survive In Economic Slowdown. 3

The biggest gift that you can give to your business is to expand your marketing networks . If your growth is stagnant then it is time to use the high tech world and reach everyone. You will expand the network and business is eventually growing.

What do you require here? Do not stick to online modes, even the traditional method such as your business card; plays an important role. It is the identity of your business and like that various other traditional marketing methods.

29. Know Yourself First 

Do you know where you belong now? What you want from your business except for huge profits? Are you able to discover peace in your work? Are you satisfied with what you provide to society? If these questions are unanswered then you should answer them now.

An owner is the heart and brain of the business, if his mental health is not aware of then you can not expect anything good. You should be clear of what you want and be ready to put in hard work for it. 

If you are charged up and ready to work for anything then the business gets its activeness. You will see a new kind of sparkle in your business.

28. Focus When It Is Meant To Be

If you are not aware of the environment of in and out of your business then you are nowhere in your business. You may work from your home but keeping a check on every employee is essential. If you are on a vacation that does not mean you cut off from the world.

The minor mistakes done by each entrepreneur at some point is that they miss out on many opportunities due to their lack of focus. I am not saying you have to get every one of them but you can avoid missing out on many opportunities if you use this advice.

27. Diversify Income Sources

This is my personal favorite as I got to know this advice a little bit later but it eventually worked out. You may be doing business in some sort of sector but if you are planning to grow your business. It means you want more profits and income.

The easiest way is to get multiple sources of income. You can invest, buy assets, and various other options are available. These are those sources that can be done while doing your business. You can put your money on better use.

26. Are You Strict With Your Time Schedule?

A person should always be punctual, you must have heard that “time is money”. And it should be respected. While doing business for more than 2-3 years you get habitual. But if you start ignoring the time boundaries then you are in a big problem brother.

Growing a business demands punctuality, you need to have proper discipline in your life to achieve your goals. If you are leaving your work for tomorrow then you need to change some of the habits. 

25. After-Sale Service

This is the most crucial aspect of the business but after some time it gets overlooked. Why did that happen? There could be a number of reasons such as fewer employees to solve queries or problems in the products. You should get to the problem and find out what is the error.

Once you are improving the after-sale services then you can see the results. This is one such problem that you may or may not have in a business. There is no harm in checking out for those reasons that can grow your business.

24. Know Which Client To Choose

At initial stages of business we just don’t figure out which client or whom to choose, it is just the client and their needs. But at some point, you get to know what is best for your business. It is possible that some clients are not giving enough sales and even getting much more spend.

You need to drop the burdens of these clients and go on with the best possible solutions. It will help your business to grow as a whole. How? You are going to get new and better clients that can contribute well. This way you are losing the liabilities and getting assets.

23. Do What You Love

Business is all about doing what you loved to do most. If you don’t enjoy it you can expect others enjoying your services. As it is well said “you should be your first customer”. What it has to do with growing the business. If you are really a person who enjoys doing business then it’s good.

But after many years of doing the same business, it may happen that one of the reasons for your business not growing is you. You are not enjoying what you do. You need to find that happiness again. Or just start a hobby so that it relieves the stress and you can focus.

22. Fail More to Try More

You may find it discouraging but failing more doesn’t mean that you are doing anything wrong. It only means that you are going for something new that your competitors are not. What if you fail? Every entrepreneur fails thousands of times to achieve wild success.

This is the only method through which you can try your luck and pop into that category where no one has even thought of it. You should not be afraid of failing because being out of your comfort zone is the best thing you can do to grow your business.

21. Identify the Reach of the Business

While growing a business the first question that You must answer is to what extent your business is already flourishing. If you are not reachable to all those customers who are within your market then you have to plan your strategy again.

When you come to know about the reach of your business then you have a better chance of not missing out on the important clients of the business. Sometimes it happens that you forget a minor sector of society which can bring you hi Sales.

20. Work More on Online Promotions

36 Business Development Ideas To Survive In Economic Slowdown. 4

Marketing has been a major part of the business since forever. Even the ancient times has examples of

Marketing. But online modes have totally changed the myths. Now you can reach out to anywhere in the world. Whether it is a recession or a pandemic disaster; online marketing never fails.

Here is the thing; you need to work professionally with your marketing manager now. It is not possible that the manager is supposed to do major work. Now you need to be on top of his head to change the plans according to the market and bring out more relevant.

19. Ask Yourself, Can You Expand?

 A proud stage comes for every business where you seriously think about expanding. It may be nationally or internationally, with a different line of products or a new product and many other ways. It is a common and most founded way of growing a business.

What makes expansion better than anything? It is less risky because you already know where you are stepping. You can handle the pressure. Also now your business can earn high profits. 

18. Invest or Acquire

Every entrepreneur knows that growing a business gives you an option to acquire new business. We want to help you out with that. There are some questions that you need to ask before thinking about acquiring. Do you have enough resources? Can you handle the new venture? Many more like that.

If the answer is No, then don’t get disheartened. Start investing. You can earn high by investing in those ventures that you wanted to acquire. That way you can earn money even without paying a huge amount. 

17. Are You Evaluating the Contributions to Society?

A business protocol asks you to invest in contributions to society. You have a corporate social responsibility but did you ever evaluate returns for your contributions. If yes then it is time to make changes in your process.

You have evaluations for the returns that you get in terms of monetary benefits but the qualitative benefits that you get are often missed. Did you check which clients found your name through a charity event? If not, do it because now you will know where to contribute more. Either at marketing or contributing to society.

16. Try to be Short and Simple

Email marketing is the best way to promote business. But it can’t be done by anyone. Being precise is not a task that has guts to be followed by any ordinary person. You need to have those skills. Email marketing is a good way to reach out to where your business hasn’t.

Being short and simple in your emails is one such sure shot way that I can never forget. It did help majorly. You might not know the returns it could get for you; especially in the era of technology.

15. Check Out Growing Options 

Now as a business there are several options where you can grow your roots. One such option that is on top of my mind is franchising. It really helped a lot of bug enterprises to spread nationwide and even internationally.

How? You can give options to those small startups who are looking to purchase your franchise. This is how they will do the work for you in return for your goodwill. You are growing as a business by using your business name. 

14. Hosting Charity and Social Events

Being in society you get some and you need to return. This is how it works. Also, it is a huge part of the image that you present for your business. There are many plus sides of this activity but the major which I can recall is you get to have fun.

These events are really great. You can easily relax your mind and work with a charged up body. Growing your business is just not possible when you don’t grow together. Learn to grow with society.

13. Know About Your Competitors or Even Make Them Friends

Yes, you heard it right. Your competitors can be your friends. If you don’t know what happens at your competitor’s business then you are not going to them then. Also, it is not necessary that you have to have a great bonding with your competitors.

Just socialize with the market and build good networks. It is really a part of the business. What you may not know is sometimes your competitors can divert clients for you. 

12. Networking

While networking is important but when business achieves a good image, it becomes necessary that you start scrutiny of your networks. We are not suggesting to cut off with anyone who you want to be associated with. 

You need to build larger and stronger networks. Networking is a core part of growing a business. If you are ready to let go of what you don’t need and get those which are best for your business, then it is time to take that step.

11. Evaluate Business Goals

At one point in time, you had goals for your business but now you have come a long way. It may happen that these goals have changed. It is time for a quick check. Do you still want to go for those goals? 

You may just want to achieve a stage where you had good profits but now that’s not enough. Now you need better customers and more sales. Did you start working on it? If not then why are you waiting for? 

Change your goals right now so that you can start working for them. Sooner the better.

10. Innovate

In every other article, you will read this word, why? It is a sure shot solution that could grow your business. But here is a catch that no one will tell you. The process is difficult. Getting innovative needs expertise of the market, identifying and collaboration opportunities.

No need to worry because you may have already passed by some of them. You just need to hold them when they are in front of you.

9. Grab Market Opportunities 

Remember about those times when you were a fish from a lake (startup) and when you moved to a big ocean (large scale business); your brain was popping out with new ideas. You were like a bullet train who wanted to mix this and match that. 

If that is not the case now then ask yourself why? You are stuck at the normal routine and you don’t want to change with the market. If you won’t see the upcoming demand then maybe your competitors will. Not maybe they surely will.

8. Be Unique and Fresh

A long time ago when you were deciding which strategy to use or which name to take or which products are better; there you must be wanting something unique and new. What happened now? 

If you are circling in the same routine, not venturing anything new; then do you think you will survive for long. That is why it becomes really important to just go for new ideas, take your employees on a brainstorming weekend. Ask them about the changes that could be done.

7. Customer Relations

36 Business Development Ideas To Survive In Economic Slowdown. 5

The one and only top priority of every business that may destroy or create you. But do you know which customers should be diverted from your business? There are a bunch of those toxifying clients who waste our time.

What is much better? It is to get rid of them. How do you do that? You can divert them to other sources (maybe tour competitors) or handle them with care. The major problem here is you may not understand which customers are really these types. The simple solution is to ask your employees.

6. Brand Image

We all know how our brand image works. If promoting our brand image would be enough then there will be no additional treatment to clients, employees and various parts of the business. You got to think about the branches of your business.

You want a tree to grow but how can that happen if the branches are not given water. Similarly, you need to work out on your image through treating your employees better in the work area and satisfy your customers by responding to their queries.

5. Are You Investing In Your Own Company?

You are earning well and good, in fact investing to earn great; but are you investing in your own business? Your answer could be yes I am getting the raw material to pay salaries. Dies investment ends there? Of Course not.

We start with a simple example, Google. It gives abundant services to them so as to get maximum efficiency. And that should be the case with your business. Extra services in your business will bring extra profits, maybe not directly but surely through your employees.

There are other ways to invest in your business such as creating extra facilities for storage or maintaining the proper free areas for employees or canteen and much more viable options to create better assets.

4. Delegate Tasks or Maybe Not

While there is a difference in delegating a task and assigning a task. If you are left stress free by holding important work to your employees, waiting for them to complete it for you; it’s not going to happen. Until you are not supervising.

Be on top of them, think what they are thinking; know where they are headed to. You must take care of every task. Even help then if they are in doubt. This is what a boss does not do, right? No that’s not true, you should work as an employee to be the part of the business.

Create a balance between delegation and assigning the task. You may find that employees are using this option for their personal use. It may not happen if you keep a check on them.

3. Are You Looking Even at Minor Opportunities? 

Every other day you may get an invite from various charity events or shows or corporate affairs, you may ignore minor ones. But don’t miss out on the details of these events. Sometimes big networks do follow some minor events and you need to be prepared for these opportunities.

But no one will tell you about these, you have to do your homework. The background story of an idea is different from what you look at. If you are ignoring the data then you are cut off from a large part of the community. You need to identify those opportunities that are ignored by most entrepreneurs.

Have your personal views on each thing that rolls out in the market. This way you are able to work out things in your favor and in the quickest way possible.

2. Solve Your Doubts and Ask for It

Now you are an entrepreneur and you worry about your reputation. How will I look while asking a minor doubt? Don’t be that stubborn, when you were nothing these doubts helped you out to grow as a person. You will not only learn but you may come up with new ways of communicating.

Also, there is one more view of it. You need to ask for big results. If you are afraid that you can achieve them then you were not ready in the first place. You can ask what you want because if you don’t no one will get it for you. 

Well, if you are anyway troubled by asking for doubts or your doubts then you have other ways. Indirectly communicate so that your employees do not get offended and for your doubts, you can anytime ask us.

1. Own Your Business

Well, if you think that by owning you need to behave like you have a business; no that’s not what I meant. What did you forget which you practiced while starting your business? It is learning about the deeper concepts of the main idea on which your business stands. If you are not well aware of that then be ready to fall off.

By the time maybe you haven’t realized it yet but you forgot to start deepening the bugger visions of the business. You need to be through with the goals of the business. It is the one common mistake that became the game-changer for some. 

I hope I reached out well and you did find out some of the big vane changes of the business. Well, these were some top business development ideas that are enough for any business to get back on track or go faster on the track. You must use these wisely, at some point we need advice but how do we use it is in our hands.

If you are really serious to grow your business then here is an extra tip# Let go of all of those failures the past you had your lesson and now you can write new pages of your life.

Did you miss anything? Want us to add on to any topic? Which advice you would want to apply now? Which business development ideas you loved most? Is there anything you couldn’t relate to? 

Share your queries in the comments below .

15 big ideas that will revolutionize industries and economies, led by AI

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More tech-led transformation is coming and artifical intelligence (AI) will be at the heart of that change, says a report by  ARK Invest , which is an investment management firm that focuses on disruptive innovation in public equity markets. 

"We're all about finding the next big thing. Those hewing to the benchmarks, which are backwards looking, are not about the future. They are about what has worked. We're all about what is going to work," says  Cathie Wood , founder, CEO, and chief investment officer of ARK. 

Also: 4 ways to help your organization overcome AI inertia

ARK publishes a Big Ideas report annually, which provides a comprehensive analysis of technological convergence and its potential to revolutionize industries and economies:

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The ARK Big Ideas 2024 report is titled 'Disrupting the Norm, Defining the Future' and it highlights 15 big ideas, which are: 

  • Technological Convergence - The global equity market value associated with disruptive innovation could increase to 60% by 2030.
  • Artificial Intelligence - Scaling global intelligence and redefining work: AI training costs should continue to fall 75% per year.
  • Smart Contracts - Powering the internet-native financial system, smart contract networks could generate fees of $450bn in 2030.
  • Digital Wallets - Digital wallets could grow select vertical software platforms' revenues to $27-$50bn in 2030.
  • Robotics - Generalizing automation, thanks to the convergence of AI software and hardware. Generalizable robotics represent a $24 trillion-plus global revenue opportunity.
  • Digital Consumers - Transitioning toward digital leisure, where spending could teach $23 trillion in 2030.
  • Electric Vehicles - Lower battery costs powering adoption mean EV sales could reach 74 million in 2030.
  • Robotaxis - Robotaxi platforms could create $28 trillion in enterprise value in 2030.
  • Multiomic Tools & Technology - Translating biological insights into economic value: R&D spending could decline by more than 25%, thanks to multiomic tools and technology.
  • Reusable Rockets - Satellite connectivity revenues could exceed $130bn per year in 2030.
  • Autonomous Logistics - Global autonomous delivery revenue could reach $900bn by 2030.
  • Bitcoin Allocation - Growing the role of bitcoin in investment portfolios. During the last seven years, bitcoin's annualized return has averaged around 44%.
  • Bitcoin in 2023 - After challenges in 2022, bitcoin's price surged 155% last year, reaching $827 billion in market cap.
  • Precision Therapies - Curing disease more efficiently and less expensively. The enterprise value of companies focused on precision therapies could reach $4.5 trillion by 2030.
  • 3D Printing - Revenues could grow 40% at an annual rate to $180bn by 2030.

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The 2024 Big Ideas report by ARK identifies five innovation platforms converging and defining the technological era: AI, public blockchains, energy storage, robotics, and multiomic sequencing. ARK also looks at the historic impact of converging technologies and estimated economic impacts. 

The company identifies AI as the central technology catalyst. Let's take a deeper dive into the AI chapter of the 2024 BIg Ideas report. 

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AI: Redefining Work

The research suggests coding assistants are early success stories that have boosted the productivity and job satisfaction of software developers. AI-powered assistants are increasing the performance of knowledge workers and, interestingly, benefiting underperforming workers relatively more than high performers:

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Foundational models are improving across domains. With larger training datasets and more parameters, GPT-4 outperforms GPT-3.5 significantly . Increasingly, foundation models are becoming "multimodal" -- supporting text, images, audio, and video -- and are not only more dynamic and user-friendly, but also more performant. The analysis says the cost of authoring the written word has collapsed:

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AI-training performance is rapidly improving. What's more, training costs should continue to fall 75% per year.  The research notes that after focusing initially on large language model (LLM) training-cost optimization, researchers are now prioritizing inference costs. Based on enterprise-scale use cases, inference costs seem to be falling at an annual rate of around 86%, which is even faster than the fall in training costs. Today, the inference costs associated with GPT-4 Turbo are lower than those for GPT-3 a year ago:

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The open-source community is competing with private models. ARK states that the performance of open-source models is improving faster than closed-source models. LLM performance advances will require nuanced techniques, with the Stanford HELM framework highlighted as an example in the report. 

Also:  Why open-source generative AI models are still a step behind GPT-4

ARK also notes that computing power and high-quality training data appear to be the primary contributors to model performance. As models grow and require more training data, will a lack of fresh data cause model performance to plateau? Research institute Epoch AI estimates that high-quality language/data sources, such as books and scientific papers, could be exhausted by 2024, although a larger set of untapped vision data still exists:

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The reserach suggests the acceleration of employee productivity using AI could have a multi-trillion dollar impact. AI has the potential to automate most tasks in knowledge-based professions by 2030, dramatically increasing the average worker's productivity. Software solutions that automate and accelerate knowledge work tasks should be prime beneficiaries:

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The ARK Invest Big Idea 2024 report is the gold standard for detailing the disruptive technologies that will shape industries and economies for the next decade. The summary of the report's AI chapter includes potential possibilities for AI beyond 2030, and potential scenarios by 2040: 

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The report also includes other great content. The Digital Consumer and Digital Wallet chapters of the report are important for business leaders in any sector and any size. For example, the report suggests social commerce should grow 32% at an annual rate, from $730bn today to over $5 trillion in 2030. 

Also:  Five ways to use AI responsibly

The Big Ideas report is a comprehensive study of disruptive technologies, with more than 160 pages of analysis. To learn more about the research, you can visit here .

Artificial Intelligence

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How renaissance technologists are connecting the dots between AI and business

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Meta Quest 3 review: The VR headset most people should buy in 2024

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Singapore is boosting its broadband for AI and autonomous vehicles

More From Forbes

The evolution of retail in 2024: a glimpse into the future.

Forbes Business Development Council

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CEO at Raydiant , creating a market-leading offering that brings brick-&-mortar locations to life.

Retail leaders must continually evolve their spaces and operations to deliver quality products, services and experiences. It's obvious that brick-and-mortar stores still have a place in the retail landscape, but how will they evolve their offerings and experiences to keep up with changing customer demands?

Our company has been tracking retail technology since 2017, and we talk to retail leaders every day about what they see on the horizon. Look for these 10 trends to impact the retail industry in the next year.

Technology-Driven In-Store Experiences

The future of retail will be tech-driven, and the global smart retail market size is expected to grow at a CAGR of 29.1% by 2030 . The pandemic spurred many retailers to invest in technologies like buy-online-pick-up-in-store (BOPUS) and self-checkout. We'll see the continued acceleration of technologies to streamline operations and enhance the customer experience.

I believe digital, dynamic signage will increase, as will the use of AI to personalize the shopping experience. We'll see even more use of augmented and virtual reality in stores as retailers explore ways it can enhance the customer experience through product interactions or virtual try-ons.

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024, enhanced e-commerce integration.

Retailers today are conducting omnichannel business through both online and in-location offerings. In 2024, we'll see more integrations between the two. Retailers will strive to make the online and in-store experiences feel the same through consistent branding. Customers will be able to move from the online browsing experience to in-store through tech capabilities that can bring up their online lists or offer personalization based on their online behavior.

Sustainability At The Forefront

Sustainability is on the minds of both retailers and customers these days, and 93% of consumers are looking to make sustainable purchases either at the same rate as they have or even more. Retail leaders can capitalize on this trend by making their products more sustainable or featuring products from sustainable companies. Look at sourcing from sustainable partners in the supply chain as well, and audit your operations to find more eco-friendly approaches, from energy-efficient lighting to recyclable packaging.

Personalized Customer Experiences

Customer demand for personalization has only been growing, and 71% of consumers expect the businesses they buy from to get to know their individual interests. Retailers can offer personalized experiences through in-store technology where customers can bring up accounts and carts on digital screens and receive specialized suggestions or offers in the store. Retailers can provide multiple options for how the customer wants to drive their experience, like self-service kiosks, BOPUS options and self-checkout alongside traditional methods. Of course, personalized customer service from friendly associates goes a long way as well.

The Growth Of Cashierless Checkout Systems

Not only will we continue to see an ongoing desire for self-checkout options, but we'll also see more customer demand for various types of touchless payments by waving a smartphone or watch. Retailers need to be ready for a future of mobile payments or even sensor payments where Internet of Things (IoT) devices ring out your products as you choose them, like at the Amazon Go stores.

Emphasis On Local And Community-Centric Retail

Customers will continue shopping at small businesses and seek out local and specialized products in 2024. Retailers can draw customers in by focusing on unique local goods and using their physical spaces to build community and connection among their customers. Collect and analyze your customer data so that you can provide hyperlocal personalization for those who shop in your community as well.

Rise Of Experiential Retail

Customers are looking for the retailers they shop with to offer them unique in-store experiences they can't get online. According to Salesforce data, 80% of surveyed customers agree that the customer experience a business provides is just as important as its products and services.

There are several different experiential options retailers can offer: digital, interactive screens and signage; self-service kiosks and self-checkout options; AR and VR experiences to learn more about products or for virtual try-ons; entertainment, classes or events or even ambient lighting or music.

Integration Of Smart Devices And IoT

As tech integrations increase, so will the use of IoT technology in inventory management and customer interaction. One example is smart shelves, which can track if products are on the shelf and automatically place orders if they're not. Smart shelves can also use dynamic digital displays to tell customers about the products or show personalized offers for them. Look for IoT and smart device-enhanced stores to make retail management more efficient.

Shift In Retail Workforce Dynamics

Retailers have seen massive shifts in the workforce over the past few years and will need to plan for the same in 2024. Take steps to make sure your workforce is engaged and satisfied. Do this by providing them with the tools and technology they need to do their jobs well, as well as providing training through apps or roleplaying. Create a supportive environment by listening to employees and taking action to resolve issues, and use rewards and recognitions to boost engagement. Studies have shown that happy employees result in happy customers.

The Social Media Influence

Social media has been an ongoing channel for brand and product discovery, but it's also recently become a place for product purchases. Social media platforms like Instagram and TikTok have integrations that allow retailers to create in-app browsing and purchases, reducing steps and friction in the e-commerce shopping experience. We'll only see this trend increase, with U.S. consumers expected to spend nearly $80 billion annually on social commerce by 2025—5% of total e-commerce.

Retail’s Continued Evolution Into The Future

Enhanced by technology to improve the customer experience, retail will continue to have a bright and interesting future as it evolves and transforms its spaces and operations to deliver great experiences to its customers. However, if retailers expect to grow with the industry, they must stay on top of tech and consumer behavior trends so they can give customers what they seek in 2024.

Forbes Business Development Council is an invitation-only community for sales and biz dev executives. Do I qualify?

Bobby Marhamat

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UF Business Library Homepage

Gemini Guide: Tips & Tricks

  • What Can Gemini Do?

Generating Ideas

  • Brainstorming
  • Refining and Expanding

Creative Content Generation

  • Effective Idea Generation
  • Writing and Editing
  • Research & Knowledge Details
  • Summarizing / Explainers
  • Technical Skills
  • Gemini Features Mind Map
  • Gemini Features Radial

Topic Exploration:  You can ask Gemini broad questions like, "Give me ideas for blog posts about healthy eating" or "Suggest short story topics within the sci-fi genre." This sparks the creative process when you're feeling stuck.

  • Unique Angles:  If you have a basic idea, Gemini can help find fresh perspectives on it. For instance, "Give me unusual angles for an essay about the importance of friendship."

Brainstorming and Concept Development

  • Direct Questions: Ask clear questions like, "Generate marketing campaign ideas for a new line of sustainable shoes" or "Give me 10 blog post topics about personal finance."
  • Problem Focus: Define a problem you're trying to solve and ask Gemini for solutions. For instance, "How can I promote better engagement at work events?"
  • "What if" Scenarios: Ask hypothetical questions like "What if an app could organize all my social media in one place?"

Refining and Explaining Ideas

  • Elaboration: Take an existing idea and ask Gemini to add specific details. For example, if your idea is "host a charity bike race", ask "What themes could make my charity bike race stand out?"
  • Variations: Provide an idea and ask Gemini to make changes or twists. "What are some variations on a classic grilled cheese sandwich?"
  • Targeted Feedback: Tell Gemini to identify weaknesses in your idea, strengths, or potential problems.
  • Storylines: Have Gemini outline short stories, ad scripts, or video content concepts. "Give me a storyline for a funny commercial about a clumsy robot assistant."
  • Poems, Songs, Scripts: Experiment with different forms of creative writing. Gemini can generate haikus, song lyrics, or even scene ideas for a play.
  • Visual Inspiration: Gemini's image generation capability can provide visual ideas for marketing materials, concept art, or just general inspiration

Tips for Effective Idea Generation

  • Be Specific: Instead of vague prompts, phrase your requests with targeted details. The better the input, the better the output.
  • Start Broad, Then Narrow: Begin with a wide-ranging prompt and gradually refine your ideas with subsequent prompts.
  • Ask "Why" and "How": Go beyond merely describing what you want. Ask why it would be helpful, or how it could be done for fresh perspectives.
  • Embrace the Unusual: Don't be afraid of wacky suggestions. These sometimes lead to valuable unexpected insights.
  • Combine, Adapt, Modify: Mix and match ideas Gemini generates. Don't feel constrained by a single suggestion.

Example Scenario Let's say you're trying to think of engaging topics for a new YouTube channel:

Direct Question: "What are 10 popular content ideas for YouTube channels?"

Problem Focus: "I want to create YouTube videos that teach people a new skill. What are some ideas that have potential viewership?"

Refinement: "That list has some interesting video ideas. How can I make a personal budgeting tutorial stand out from others?"

Creative: "Write a funny song about the dangers of impulse shopping."

Keep in mind: Gemini is a powerful tool, but it works best when you interact with it. The more you explore, the better your results will be!

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  • Last Updated: Feb 24, 2024 11:33 AM
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