Small businesses are often said to be the job engine of the US economy. There are about 28 million small businesses operating in the US, according to the United States Small Business Association Office of Advocacy. Out of this huge number, only 44% survive for the first four years and a mere 31% of businesses survive their first seven years. Hence it’s quite evident that achieving success in a small business is not easy. It of course needs your hard work and also a few tricks. Below are five tips that every small business owner should follow for his success:
Probably the most common advice a new entrepreneur or a small business gets is to be “unique”. Unique is a difficult word. More than being unique, it is important to be recognizable. Your customers should be able to recognize your business and product/service – it should stand out among similar other products or services. This is the first step of the sales process. But that does not mean that you should do things that are unnatural and outrageous. For example, if you are selling popcorn, do not try to add pizza to your menu. Rather focus on selling popcorn and try introducing new flavors of popcorn.
Develop a USP
No matter how small you are, it is important to find a USP of your product or service. That will actually help to carve a niche for your business. Customers must come to you and not go to your competitors. For this there must be something unique that your product should offer. For example, if you are selling popcorn, try to offer customers more variety and new flavors that your competitors do not sell.
List Out Your Strength
When you are in the same business, it is obvious that you will have many things in common with your competitors -list out the things that you have in common with your competitors. You should try to find out the strength of your business so that you can add that in this list as well. Excellent customer service or a timely service delivery can also be the strength of your business. Think of that one thing that differentiates you from competitors and also adds value to your business.
Create Your Own Identity
You define your business. There may be others out there who are in the same business domain, but those businesses are not run by you. It is important that you create an identity for yourself and also for your business. Every business must have its own rules and ethics and every decision you make as the business owner must coincide with these rules and ethics. Your business decisions should validate the rules of the business.
Know Your Customers
Knowing your customers is crucial for the success of a business. The better you know them, the easier it will be for you to satisfy them and identify their pain points. It also helps in positioning your products and services.