Did you know more small businesses close down each year than those that start out in the market? Numbers further dwindle as time passes. Many do not even make it through the first five years, which is a critical phase in establishing recognition with the buyers. In order to distinguish yourself from the rest of the competition, your small business needs to step up. In a crowded market, the only way to make profit is to stand out. Below are a few tips you should consider when taking your small business to the next level.
Sell a Unique Product or Uniquely Sell a Product
Having a product that is distinct from those offered on the market is definitely an advantage. Nevertheless, ask yourself, what makes this product different and in turn, better than competitors? Even with a life-changing product, you are not assured of success. Without the proper recognition from potential customers, your product will stagnate. This is where promotions and advertisements play a huge role.
Even when selling a common good, standing out efficiently has the potential of drawing away clients from competitors. By taking advantage of social media, which is practically free advertising, and the rest of the internet, you can make your brand or product known. Make use of a blog to expound on what you are selling and gain some loyal followers in the process. Keep your blog interesting, eye grabbing and well maintained to catch the attention of internet users.
Invest in Promoting What You Have
If you have a background in graphic design or in SEO, then it will be good for you. Since humans process images thousands of times faster than words, you will need an eye-catching material –a well-designed blog or site should be in order. However, if you simply do not have the time, effort or skills to translate your business proposals into a living, breathing work of art, consider employing someone who can. A well-developed site usually gains positive reviews from potential clients, thus more exposure.
Apart from a great website that customers would be eager to visit, creating a logo shows that you are a serious competitor in the market. Have one that is distinct and easy to remember so that you are the first that comes to mind. Navigate the internet traffic towards your site with the use of keywords. Articles that are uniquely written with transparency could be enough to catch attention.
Secure Your Assets
Security for small businesses should include insurance where certain aspects other than general liabilities should be covered. Consider hiring a tandem: an accountant and a business attorney to keep taxes paid, trace funds, trace expenses, and generally keep you out of trouble. Do so as a small investment to protect your business. While improving visibility and sales is always a top priority, take the necessary steps of caution. This will cost you less than when you are neck high in deep waters.
It is through creativity and ingenuity that your small business will stand out from a sea of competitors. Even with a one-of-a-kind product, when it lacks the push to be recognized in the market and sold to buyers, it will plateau in sales early on. In a “been there, done that” market, it truly is a challenge to stick out. However, with the right know-how and dedication, you will be able to grow your own business in no time.
Paul Smith is a retired lawyer and business man. He now spends his freetime writing and reading for fun.