What Is the Best Way to Relaunch a Business?

min read
Opinions expressed by Entrepreneur contributors are their own.

Good to hear things are getting back on track for you. The first thing you really need to do is go back to your existing customers and customer base (including leads and prospects databases) and reintroduce yourself and the business to them. That is your “low hanging fruit” -- and it’s always easier and less expensive to re-convert existing or old customers than to go out and find new ones.

Depending on the business and how you left it, would a name change be in the works? Re-positioning your products or services under a new moniker could help drive the message that you are re-launching, and might also help attract a new customer base. It really just depends on your business, your reputation as an owner and the reputation of the company in your market or industry.

If you are a business-to-business company, a re-launch campaign could be as simple as some personal phone calls and a well-targeted email (or conventional mail) campaign and phone follow-up. If you’re a retailer -- location is important -- and if you’re looking to offer different products or services, new signage and positioning would need to come before an updated “grand opening” campaign. But if you left customers in good standing, a grand “re-opening” under your old business badge would also be a good tactic.

The bottom line is that business relationships are simply another form of personal relationships, and rekindling “old flames” can be as simple as going back to those people and “reaching out” to them. Some will respond, some won’t. But if you had a decent business before your setbacks, you should be able to regenerate positive cashflow and repeat business before you spend any additional resources on buying new customers.

Hope this helps. Good luck on your comeback!

More from Entrepreneur
Our Franchise Advisors will guide you through the entire franchising process, for FREE!
  1. Book a one-on-one session with a Franchise Advisor
  2. Take a survey about your needs & goals
  3. Find your ideal franchise
  4. Learn about that franchise
  5. Meet the franchisor
  6. Receive the best business resources

SAVE on an Entrepreneur Insider Membership

Use code SAVE20 through 9/6/21 to become an annual member for just $49/yr $39/yr. When you do, you’ll enjoy:
  • Full access to Entrepreneur.com, including premium content
  • An ad-free experience
  • A weekly newsletter
  • A 1-year Entrepreneur magazine subscription delivered directly to you
Make sure you’re covered for physical injuries or property damage at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business

Latest on Entrepreneur