In a world dominated by monopolies and large chains, some individuals with solid business plans and innovative ideas are afraid to invest in start-ups. However, more and more research shows that consumers are increasingly choosing to customize their shopping and living experiences, as opposed to buying what their neighbors are buying. This means that most markets from clothing to electronics are ripe for small business growth. The following are a few tried and true ways that small businesses can effectively compete with the big boys.
Niche Marketing. This strategy is one of the fastest ways for new businesses to get noticed by consumers. Building your brand on a smaller piece of the pie is almost sure to keep business booming. For example, instead of being a computer business, why not focus on creating or selling a specific part (s), or providing a few specific services instead of all services. This will be less expensive to market, plus increase profits as your brand becomes the “expert” in x or y.
Passion. Small business have an advantage over larger corporations because they are not filled with burnt out executives with little passion for their products. Small companies usually have their founders involved in the daily activities which in turn keeps the staff and leadership passionate about the product or service. If the staff is passionate, they will be motivated to provide better service and sell more merchandise.
Service. Smaller businesses have a better chance of creating solid relationships with their customers. Due to a lower volume of activity, small companies have a unique opportunity to offer more personalized services to customers. This will increase customer loyalty.
Stay on Top of the Social Media Campaign. It is much easier for smaller companies to create and manage social media accounts like Twitter and Facebook. Larger companies often miss this opportunity to connect with consumers and assist with their individual issues. If customers can communicate and interact with staff, then this will increase loyalty.
No matter how good your small business idea may be, you may not be able to acquire a loan if you have bad credit. FAM will give you a business cash advance with bad credit. Contact us today to learn more about our cash lending options.