BOOHOO: How Small Business ideas can grow into a billion dollar business
Business ideas are as abundant as trees. Every so often in the course of our day to day activities, we get a sudden light bulb idea about how a particular thing can be done differently. Other times it’s a totally fresh idea about a product or service that we are sure is missing from our modern society. Usually, we share these ideas with family or friends and their support makes us even more excited to see your idea turned into reality.
So you put your money where your mouth is and you start a business. Your idea becomes real and you begin to have several customers. You now know that your idea is good. All this is great but you don’t want to just be a small company with a great idea. Your dream is to build your idea into something as large and lasting as Apple or Microsoft or Boohoo.
So how do you turn your great idea into a billion dollar company? We’ve come up with a few steps to put yours in the right direction to becoming a billion dollar company. Let’s take a look at how Boohoo did it
Establish a Proper means of distribution
No matter how good a product you have or how good a service you offer may be, it can only be appreciated if it has the necessary reach. It is important that you have a system that can take your products far. Without a proper method of distribution, your products will at best do well locally. Naturally the farther you reach the more customers recognize your brand and of course the more product you are able to sell. A lot of businesses never try to expand and so they never grow. Another type of business is the one that does try to expand but does not have an effective means distribution, because of this these companies lose customers faster than they gain them. It is very dangerous to be unable to deliver on products on service not only does it give your brand a bad reputation, but it also breeds customer distrust. This is the exact method applied by Boohoo in delivering goods to customers.
Gather a team of solid builders
Most people do not like to hear this but the truth is, you are only as great as the people around you. To grow you must have stability. You can’t have stability if you’re struggling with retaining members of your team. You need to surround yourself with people who share your vision with you. Building a billion dollar company is bound to come with several challenges and you want to be sure that your team members will not abandon ship during storms. A quick look at the Boohoo executive team should give you an idea of how they got this done.
Identify your real value
Before you are able to sell a product or good efficiently, you must first be able to identify why it should be bought. It is important that you have a clear grasp on what value you offer your customers. If you know your value, selling it to other people should not be a problem. Whatever you’re offering for sale must actually solve a problem or product that people need. If there is no real value in what you’re offering, your business will never grow as large as you want it to.
Building your business into a billion-dollar franchise is no easy task but if you know how you have a fighting chance. Boohoo has grown from a small company to a widely recognized billion dollar industry by selling clothes. The clothing industry is one of the most fiercely competitive industries in the global market with competition like Fashionova and Asos, the boohoo boom is truly amazing. If boohoo could do it, You can too.