Growing A Small Business – How to Survive Amongst Sharks
Growing a small business can be seen as ‘swimming amongst sharks.’ It is a situation of stepping into an unknown territory where you are not atop the food chain. The competition from these so-called ‘sharks’ instills fear & intimidation in the entrepreneur or small business owner.
When you find out that there are more than a hundred other people who have the same idea and may have even started before you, you might be tempted to give up. You are not alone because every business is going to have competition at some point in time.
Every small business owner must know the right buttons to push if they are to survive the competition a.k.a sharks.
These levers, when pulled in the right direction, can give your business an instant recognition and increase your chances of survival while creating a large customer base for your company.
Move in the Direction of Passion:
Passion ignites emotions and produces results. Passion is the ingredient needed so the fire of motivation keeps burning. Larger organizations have executives that may have been overworked while smaller brands have founders who are limitlessly thrilled with the prospect of the business. Passion is a requirement in Growing A Small Business.
Due to the flexibility of small businesses, it seems like a good medium to be agile in running it. Agility, when mixed with passion breeds innovation. While bigger players may have to involve the board of directors, smaller businesses do not have that level of bureaucracy. You can implement new ideas at a faster rate which allows you to test and grow faster.
Create a Personal Brand:
Creating a brand for your business is pretty easy. The truth is that once you are launching your business for the first time, you are the embodiment of your brand. Your readiness and relationship with clients may determine if you will succeed or not. Your brand needs to be intertwined with your target market, community, partners, and stakeholders. If you need help with your brand strategy & logo design, click here now!
If you want to work through your personal branding, here’s a free brand building worksheet to get you started.
Deliver Quality Service:
The quality of service you provide can go a long way to determine if the setup will survive in the sea of competition marshaled by the ‘sharks. You can use a relationship with clients and your brand, to make your clients feel special. Set proper clients’ expectations and try to deliver above that so you don’t disappoint. E.g Do not promise to deliver your product in 3 days if you know you need 5 days.
Try to do what you have to do concerning service and take particular advantage of your ability to deliver ahead of the larger organizations.
Have a Specific Niche and Strive to be Outstanding at it:
When growing a small business, creating a niche for self, and doing that quickly, is one way to survive amongst ‘sharks’ in the business world. A niche is a differentiation strategy which consequently separates you from the rest of the pack.
It is mistake to think that ‘everyone’ should be your target market. As a small business, you must know who your focus audiences are and how to help them in ways that the bigger organizations will not.
Always remember, “There are riches in the niches.”
Launch a Timely Social Media Campaign:
You should not wait until the last minute before launching a social media campaign for your business or product. Take time to plan your social media marketing strategy and include mobile in this planning. The disadvantage of not planning your social media marketing strategy on time is the result of RAMs (Random Acts of Marketing). These RAMs hurt brands more than helping.
Dedicate Time to Planning:
The success of any venture in the world depends on the amount and quality of planning that was given to it. Taking time to plan, set goals and research your market, results in a slow down to move faster. Jumping into a line of business without putting these into consideration is sure to produce failure.
In conclusion, small businesses can survive in the midst of sharks if the owners dream big and go for it.