Challenge may just be a good thing if you are looking to start up a small business and compete against larger corporations. It’s not all about David and Goliath after all. Don’t be intimidated. We’ve seen the little guy win before. Many small-business owners fail to recognize the wealth of information and experience they share with customers every day. “For example, people don't go to a hardware store for nails and hammers; they go for solutions to their problems. Recognize the value of the ideas and information you've been giving away for years.”
I know it sounds like a drag and you have families and important people to spend time with but consider longer starting hours than your competitors (and late nights too) and you might just gain consumers that way Life doesn’t hand you anything for free. What are you willing to sacrifice for success?
When you’re working for yourself, you have to put in many more hours, time, dedication and hard-work. You have to brainstorm and come up with unique ideas to target you audience. You have to start from the ground up. We have talked about writing a business plan, how to secure funding, networking, branding your product, hiring employees, and the most important of all: is entrepreneurship right for you? If you feel it is after what I’ve written and have a belief in yourself, then go for it! Look at how many people have done it before you and who’s to say you won’t be that one; that yours won’t be one of the ones to be successful in the marketplace.
One way to succeed as a small business is to provide exceptional customer service. Are you available 24/7? Look at the details. Sit down with your potential client and give them lots of time to explain what they are trying to do. Don’t just rush them out the door. Even if their ideas don’t jive with yours, you can still gain valuable information for your own brand. Throw parties and networking events; invite potential clients to meet others that may help them. You know what they say: “I scratch your back, you scratch mine.” They may speak highly of you and set up a connection or meeting. You might want to show them your loyalty by sending then gifts and writing kind notes with what their business means to you in return.
You can also team-up with other companies that are trying to get the same word out. Maybe two companies joining as one is a good thing. You can bring different things to the table: creativity, street smarts, aptitude for math. (As a small business owner, you often run your own books.) Make friends; don’t burn bridges. You never know which stranger or customer might resurface and come back to help you.
Take advantage of technology and social media. We’re talked about his before. Twitter is an $8 billion dollar company and is the place to be if you want to expand your growing brand in the marketplace. Get on LinkedIn as well. Join groups where you can meet people with common interests and that can help you network.
Lastly, present a strong image. Walk into networking events and meetings with your A-game. Hey, you might not get another shot. Come with all your branding tools and visuals, such as business cards – that’s a must!
Remember, starting your own business can be a daunting task with so many companies already established and ahead of you but take my words to heart and you just may be one of those lucky ones who will look back on a start-up one day and say: “Hey, that was once me.”
Check out some other blogs about competing with bigger businesses: http://aks-blog.com/2011/03/11/how-to-compete-with-large-companies-and-make-your-mark/ and http://ccsmallbusiness.wordpress.com/2009/12/02/how-to-compete-against-larger-companies/
Until next time…
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