| |
| |
|
Small Business Information |
|
|
|
How to Compete with the Big Guns?!
Many small business startups fail within the first 2 years of existence. There are several different factors reason for the failure. One reason many entrepreneurs often under estimate the need to find a niche market and to serve it well. Instead of finding the niche market they attack the big guys head on. If you have enough money to throw at 'this problem' you might succeed, but in reality almost every small business doing this will fail and eventually shutdown operations. So, what should small business startups do to avoid this big mistake? How can they survive and grow and become successful? As mentioned before - finding a niche market is the first big key to not be destroyed head-on buy the big guns. Never, ever try to be the "Wal-Mart" for everyone. Not everyone is your target group. Carve out a niche market, then slowly steal away market share from the market players. Eventually pick a niche that you know of where the market leader is not spending enough attention on. Grow here and grab market share. Eventually you will grow big enough without being noticed to become the market leader for this niche. Companies like Microsoft and Wal-Mart tend be slow moving but they have enough cash to catch up quick. We have seen situations where the small business owner was able to cash out big time from a situation where he/she was able to grab enough market share to be considered 'armed and dangerous' for the big guns. Compete on things where large market players fall short. Compete on experience and value added services - not price. You will not be able to compete on price with somebody like Wal-Mart or Target. Their buying power is just too big for you to swallow. Let your experience disappear differences in price for a product. Give the customer the feeling that you know what you are talking about and that this experience is worth spending a little extra. Emotions can be a big advantage for the small business startup. Bond with the clients and vendors. A personal (business) relationship that makes everyone feel good will get you repeat business and fair deals from vendors (friends don't steal from friends). If the vendor can make his share of revenue and you can get your share of the pot - everyone will be happy. Nobody likes to be squeezed by the big sales department of the market leader. The work place. Be hands-on. Be the boss, but at the same time be the employee who does actual work. Don't get disconnected from your own business now that 'you are a the boss'. Stay involved as long as you can. Work harder than your employees. Be emotional and inspire your employees with your dedication. The spark will eventually jump over and the productivity increase can be enormous. Make your work place 'cool'. Create an environment people want to work at. If employees wake up in the morning and really like to come to work because they enjoy what they do, you will definitely benefit from it. And keep in mind - you need all the help you can get when competing with the market leader. Be the employer of choice. Be the star in your community. The place where you start your business can be the founding place of the next 'business empire'. People are proud if one of them makes it to the top. Remember Johnny Carson? He gave back to the community where he had grown up. Nobody outside of that local area really knew about it or had paid attention but the locals - they admired Johnny Carson and were thankful supporters. Keep this in mind when building a business. You might become as big as other market players, but doing good is not a matter of how many millions you have. On the other side - you do not want to build a business just to make $30K per year. Your goals should go much further out and higher. Try to be the best in your field. The sky is the limit. Use technology. Technology can be your friend. Small businesses can respond much faster to market trends than the big guns. Be innovative. While you're the small guy you can use this to your advantage. Being small is no excuse when it comes to using sophisticated technology. See the advantages of what technology can do and put away with the whining about the next upgrade coming soon. As long as you calculate it properly and make your case, you can most likely provide a quick ROI (return on investment). Of course there are many more things that come into play in regards to business success. The steps outlined in this article however will give you a good head start when working on strategic placement of where and how your business should start. Good Luck. About The Author Christoph Puetz is a successful Entrepreneur and international book author. Websites currently operated by Christoph are Credit Repair Help and Highlands Ranch, Colorado. PPC and SEO Services provided by the author can be found at Net Services USA LLC. Note: This article can be published by anyone as long as the resource box (About the Author) is posted on the website including the links and that these links must be clickable. This last paragraph in italic font informing about the author resource box does not need to be published.
MORE RESOURCES:
Small-Business - Google News |
|
|
|
RELATED ARTICLES
Solving the Late Paying Customer Blues Nothing can drive a business down faster than customers who don't pay their bills as agreed. When you sell to customers on credit you are making an agreement with them. Serious About Writing A Business Plan... Start A Business Plan Library Tap these treasures of ideas. The best money you can spend is money invested in your business plan education. Book Yourself Solid Key #5: Go Forward With Gusto & Articulate What You Do Want your small business to flip instead of flop?! Statistically half of the entrepreneurs reading this will be out of business in three short years. Establishing a long standing, profitable and successful business absolutely depends on your ability to convey a clear message. Keep TRACK of your Business Relationships and Gain Profits How do you know when an alliance needs to be monitored and tracked?More often than not, an alliance needs to be monitored and tracked. If you ignore your alliance partner at all, you will be losing ground and your business relationship will not be what you expect. When to Say NO! When is it a good thing to say no to a request?Balance in one's life is perhaps the most important goal for busy people. They can take on many more projects that most others. Power Tools for Business How do we keep track of our business deals?If you are only working with one or two deals, keeping track of them is a simple matter. However, most of us have far more than two deals on the plate and even more coming down the pipeline. Designing a Franchise Training Program If you intend to franchise your company you will need to design a bullet proof training company for your new franchisees. This is above and beyond the training program you will design for them to administer to their new employees. Is Brick and Mortar A Passing Fad? Q: Is the online world the best place to sell a product or service these days? My friends seem to think that brick and mortar stores will totally disappear in the future. I debate this all the time with them, but it seems to be heading that way. A Look at Incorporating a Business in Florida As you may know, there are many ways to incorporate a business in Florida. While companies exist to do the legwork and paperwork for you, the most direct way is to contact the Florida Department of State, Division of Corporation's website itself. 11 Things Small Business Owners Can Learn From Tiger 1. There Are No "gimmes" - They count two-foot putts on the PGA Tour. How to Prevent Home Business Burnout As a home business proprietor, you may already realize why avoiding "home business burnout" is so important. Even if you have only been working your home business venture for a relatively brief time, you may have already been aware of the need to maintain your energy levels and reduce your stress levels while you were involved in your other employment. Where Can I Get Clients From? The following tips have come from a wide variety of sources; some from other successful businesses we know, some from our Home-Based and Small Business Support Group meetings and some we've developed by trial and error.Some of the ways to get clients are:contact previous employers;mailing lists;cold call your target market;attend group meetings and seminars for your target market (conventions for doctors, lawyers; computer seminars);attend local Chamber of Commerce meetings;join groups related to your target market;if your target market uses a specific system, for example accountants use the SafeGuard system, contact them and tell them that you are available to teach them how to use the system or you can do it for them. Four Reasons Why Small Businesses Succeed (or Fail) The American system of business management has been admired and emulated around the world. This system is characteristic of two traits in the American psyche: (1) enthusiasm for the future and making things better, and (2) an openness and willingness to change in order to achieve that end. Street Wars Between Mobile Car Washers and Mobile Auto Detailers There is much competition in the mobile auto detailing business. There are two different lines of reasoning emerging as to how the business should be run. Starting a Small Business? ?Tips from a Veteran Congratulations, you are starting a small business! You are taking charge and going for your piece of the American dream! Your excitement is high, and the adrenaline is pumping! Everyone dreams of freedom and owning a successful business, but not everyone can successfully create that reality. Now that you've made the commitment to give it a shot, let me give you the single most important tip that I can give you to insure your success. Business Development Is Not An Event Cash flow. To stay in business, you've got to keep a steady stream moving through your company. 3.5 Million People And A Possible UK Home Business Opportunity Has this ever happened to you.. FFP vs. CPFF Contracts SBIR Corner: FFP vs. CPFF contracts:In the SBIR/STTR world, the single most important decision you need to make is whether you are going to bid a job as Firm Fixed Price (FFP) or as Cost plus Fixed Fee (CPFF). The Types of Skip Trace Accounts First, we need to define the different kinds of skip trace. There are three basic types of skip trace accounts, they are:The Typo AccountThis account is really not a skip trace account. Create a Win Win for Your Small Business Discover How Specialized Cost Containment Creates A New Win-Win Position For Property Owner's And YouProperty Management: A simple strategy to increase client loyaltyProperty managers who pro-actively employ advanced techniques to help property owners and anchor tenants reduce operating costs, will most certainly be considered a more valuable business asset. When you can achieve this with lower administrative functions and no out-of-pocket cost to you or your client's, you've created additional benefits.
|
|
|
|
|
