Saturday, May 28, 2016

Succeeding in Small Business by Offering Something Unique

Small businesses don't often have the capital, manpower or resources to make their businesses competitive with larger chains. They suffer from a lack of having most things. Businesses that try and be all to everyone often fail as larger chains use their deep pockets to create exceptional facilities and economies of scale. Small business compete best when they create a niche and focus on a few service enhancements.

Large chains will always cater to the middle of the market in hopes of earning the most amount of money. This leaves everything outside of the bell curve for prime pickings for small business. For example, a large chain may focus on families with children that want pools while a smaller hotel might focus on providing exceptional comfort for retires.

This creates a fundamental shift in how the business thinks. All the marketing, design, decor, and associated services would be geared toward this niche demographic. Instead of marketing in the general paper they would focus more on niche publications and outlets. Instead of emphasizing the local sports activities they might focus more on restaurants and activities that appeal to their core demographic.

If you have a small business consider how you can maximize your opportunities by finding a true demographic that fits outside the average curve. By developing and focusing on this target customer you can draw in more interest and people that are willing to pay for your service and come back over and over. With enough time and forethought you could have a thriving business again.

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