Have you ever wondered how you can start and grow your business?
As a small business owner, you may have dreams of your company becoming the next Amazon or Apple, or you might be content making a splash in your local community. Either way, you may wonder how you can make it against large companies that seem to have the people and resources to do the things you can’t do.
Just because your business is small, that doesn’t mean you can’t think big. Below are ways you can grow your small business without a big budget.
Start And Grow Your Business By Finding your niche
Big businesses tend to appeal to wide, general customer bases. As a result, customers with more specific needs are left out, because there’s not enough profit potential for a big company to cater to those customers’ needs. However, a small but eager customer base can be perfect for a smaller business.
“Step No. 1 is to recognize that a larger business is not necessarily your competition. Ask yourself how you are different,” Joanne Chang, owner of and chef at Flour Bakery + Café and Myers + Chang in Boston, said in The Wall Street Journal.
Identifying and focusing on your niche also lets you work to your strengths and develop market expertise and loyalty.
“Many are afraid to eliminate part of a potential market,” James Clear, founder of Passive Panda, wrote in an American Express Open Forum blog post. “It can seem scary, but you need to focus on your core customer if you want a clear path to growth.”
Danielle McPhail, founder of eSpec Books, said she has seen this in the world of small-press publishing.
“When you diversify too much when you’re small, then you can’t maintain your market,” she said. “I’ve worked with a lot of small presses, and when I see them self-destruct is when they start making imprints to reach different markets and they don’t have the support structure to reach that different demographic.”
Put your efforts into innovating
One way to innovate an industry is to find a problem that most businesses are ignoring.
“Don’t be afraid to solve the hard problems that everyone else avoids,” wrote Clear. “There is a lot of money to be made when you’re the first person to fix something.”
“Because you have passion and because you can tap into agility, you have a perfect mix to better innovate,” Pam Moore, founder of Marketing Nutz, wrote in a blog post. “It doesn’t require an intense board meeting to kick off an idea for further research. You can simply plan it and do it.”
When you innovate, be sure to keep in mind your market and customer base. McPhail encouraged small business owners to diversify within their existing product or service scopes but warned against branching out into completely different demographics.