If you feel like there’s more competition than ever for your business, you’re right. These days, it’s the dream of more and more people to leave their day jobs to be their own bosses, and many are trying it. You may also have big-brand competitors, so how can your small business survive and thrive?
Here are some expert tips for small business success in a competitive environment:
- Find a unique, unmet need: Build your business around supplying the specific needs of an already existing audience or market. Then you can corner this market, rather than trying to create a market for something entirely new. Instead, sell what’s different about your service/product from the usual.
- Research before you jump in: Find a market that isn’t completely saturated. Choose a business that has room for you to improve upon. Look at who your small business and major brand competitors would be. Study these operations in detail to see if you can break in and differentiate your new business, or if you should choose another business sector.
- Stay close to your customers: Continually interact with your customers and prospects to learn what’s important to them, what their problems are, as well as what they like and don’t like about your product. Promote your services/products that solve their current problems. Refine your product if necessary, or add a product, that meets their needs. Send surveys and offer incentives for responses. Respond quickly when interacting with individual customers. Responsiveness puts you ahead of the competition.
- Make competitors into partners: Team up for the good of both businesses. Help one another with skills you have, that the other business owner might lack.
- Use your agility: Since you’re smaller, you can make quick changes, without getting the approval of a Board of Directors or worrying about stockholder reaction. Make bold changes to differentiate yourself from the competition. As a small business, you have many strengths that national brands don’t have. Being new makes you interesting and you can provide a more personalized, customized service, so don’t let competition intimidate you.
Get personalized service from a non-bank lender. Contact Purevue Capital to fund your business and succeed, despite competition.