Township businesses face specific challenges and opportunities due to their location in underserved communities. The organisers of the Township Economies Conference & Expo that took place in June have put together some quick growth points for township businesses:
- Identify local needs:
Understand the needs and preferences of the local community. Conduct market research to identify gaps and opportunities for products or services that cater specifically to the township residents. The market research can be conducted in person by engaging the community members.
- Build a strong network:
Forge partnerships and collaborations with other local businesses, community organisations, and relevant stakeholders. Networking can lead to new business opportunities and knowledge sharing.
- Embrace digital technology:
Leverage digital platforms and technologies to expand your reach, improve marketing efforts and streamline operations. Establish an online presence through social media, e-commerce platforms, or a dedicated website to attract customers beyond the local community.
- Access finance and support:
Seek financial support and resources specifically designed for small businesses in townships. Explore microfinance institutions, government grants, or business development programmes that provide access to capital, mentorship, and training.
- Focus on customer experience:
Prioritise excellent customer service and create a positive experience for your customers. Word-of-mouth recommendations and repeat business can significantly contribute to the growth of township businesses.
- Enhance skills and knowledge:
Invest in continuous learning and skills development for yourself and your employees. Attend workshops, training programmes, or seek mentorship to acquire new knowledge and expertise that can help your business thrive.
- Seek marketing opportunities:
Participate in local events and exhibitions to showcase your products or services. Collaborate with local influencers, community leaders, or organisations to gain visibility and build a strong customer base.
- Adapt to local affordability:
Price your products or services in a way that reflects the economic realities of the township community. Consider offering affordable options, payment plans, or bundle deals to make your offerings more accessible to a broader customer base.
- Engage with the community:
Develop a strong relationship with the local community by actively engaging and supporting community initiatives. Sponsor local events, collaborate with local artists, or participate in community development projects. This can enhance your brand reputation and customer loyalty.
Remember, consistent effort, resilience, and adaptability are key when growing a township business. Each business is unique, so tailor these growth points to fit your specific circumstances and goals.
