Entering the market space as a small business competing against larger companies can be intimidating and challenging. However, as a small business, there are a number of steps that you can take to increase your chances of success against your more established counterparts. Following these few tips will enable greater success:
Pick Your Niche
Wisely picking your niche market can set your small business up for success. Since operating costs for smaller companies are lower than those of their larger rivals, it is easier to just focus on the primary consumer. In other words, do your research to find your core customer and go hard after that laser-focused market segment.
Stress Personal Customer Service
One key advantage that smaller businesses have over larger corporations is their ability to provide more personalized service. Small business leaders are in the unique position of being able to interact with their customer base personally. It would be wise to leverage this ability and let your customer service shine through, winning over customers in the process.
Determine Your Competitive Angle and Continue to Develop It
As you examine the primary strengths of your business, it is critical to find what makes your company unique and continue to develop that to your advantage. Your competitive angle is what sets you apart from your rivals. Take this aspect and form it into the story of your company, continuing to drive that forward to achieve success.
Focus on Your Business, Not Your Competitors
Although it is important to stay informed of what your competitors are doing in the market space, it is critical not to obsess over this aspect of developing your business. Instead, focus on your own innovation and business strategy so that you are not always merely reacting to what your competitors are doing.
Do One Thing Well
The simple truth is that small business owners do not have the resources to juggle multiple products and service. Instead of spinning your wheels trying to enter every market space, it is more fruitful to pick one niche product and do that one thing really well. There will always be the opportunity to expand once you have mastered your specialty and established a name for your emerging business.
Nick Zamucen is the founder of Bio-One Inc., the first successful franchised crime scene and hoarding clean-up company and the founder of B.O.R. Restoration, the first restoration company that will collect insurance invoices for franchises. He’s also a published author, business strategist, and award-winning serial entrepreneur. Read more on his entrepreneurship advice or check out his Twitter!