Expand Ink and Toner Business

[tgans93]

Hi All,

I work for a small family business (3 employees) that specializes in remanufactured ink and toner. We have been in business for over 6 years and have a solid foundation, doing over six figures in sales each year. Our issue is trying to expand our business. Its hard to figure out a way market ink and toner as its just a commodity and not something special. I was wondering if anyone else has had experiences like ours.

Once we get customers to find us, we usually have them coming back for years as we save them 40-70% off the OEM products found in large office stores. For us, it seems like a no brainer to use remanufactured over OEM just based on the massive savings.

Thomas

[Harold Mansfield]

So what's the issue, building a larger customer base? Or expanding a product or service line that compliments what you're already doing?

[tgans93]

So what's the issue, building a larger customer base? Or expanding a product or service line that compliments what you're already doing?

Sorry, We are trying to expand customer base. I should have pointed that out in the beginning.

[Harold Mansfield]

So I assume your market is local. How saturated are you? Is your business well known in the area?
Where do you think you could expand? What market? More businesses? Smaller businesses? Larger businesses?

It's kind of a general question. Everyone wants more customers, but I have to assume that after so many years in business that you've already identified an area, or target market in which you want to expand. Or, there's something about your current market that isn't working as well as it used to.

I see your website does ecommerce. Are you speaking about growing your reach online?

Still need some more info so that we aren't swinging wildly suggesting things that you're already doing, or not interested in doing.
We also need a direction. Online and offline are not the same approach.

[KristineS]

Still need some more info so that we aren't swinging wildly suggesting things that you're already doing, or not interested in doing.
We also need a direction. Online and offline are not the same approach.

What Harold said!

Let us know what market you're already working with and what market you'd like to penetrate. There are definitely things you can do, but we need some direction as to who you want to attract.

[BobOlmstead]

Hey Kristine- one of my old ad agency accounts is up in your neck of the woods, Lauren Hanna Interiors. Lovely people, lovely area.

Howdy Thomas!

There a few common struggles at your level. Typically, owners at your level have left the "IM GOING TO STARVE!" phase and have entered into the "Im still alive! Now I want more!" phase. The more you invest in well though, focused and purposeful strategy- now, well before your peers do, the better off you will be. I say this because the tendency for those under 500K is kin to the movie "Up", wherein just when you get focused, "SQUIRREL!".

Globally speaking, in ideal world, where do you want to take your company? To simplify, what are the top (3) things you want to accomplish with your business over the next few years?

Ok, cool, so we now we are beginning to establish a little bit of a foundation to your thinking, which will begin to protect you from SQUIRREL!! syndrome.

Expansion is merely symptom that the big three things you had hoped to be accomplishing, are in fact, happening. Its a byproduct of those goals. Which is why everyone is asking you for more details, to get to some of those specifics. But even then, even if someone gave you an idea that rocked your world, that great idea needs to align with you big three things up top. This last point is MASSIVELY important.

In my most recent podcast, I take on grocery shopping. At its core, grocery shopping is a boring enterprise. And yet Central Market, some Whole Foods, the little mini markets springing up that offer beer on tap, a place to hang out, are changing the mundane into something cool and enjoyable.

Path One: What do all your clients have in common? The top three reasons they come to you are what? The big problem you solve, from their point of view, is what?

Path Two: Why did you start this business? What's your story? Why did you get into this business?

As you get clear, way up top, on where you want to take your business and then plug into that, the Path One & Two questions, you may end up discovering things like, the best way to expand is to add another product line of the same ilk (recycled something) to the people that already love your brand. Or you may discover, ya know, I just really love saving business owners money. So you buy a keyword rich domain along those lines with the print piece- and add a content marketing piece to your business.

In review, don't chase rabbits through the briar. Lots of good strategies out there, doesnt mean they'll be a good fit for you. Know what it is that you want to build and then focus your energies on expansion, strategies and the like, that support that end goal.

Break a leg!