Has National Small Business Week (April 30 – May 6) inspired you to take the plunge and turn your passion into a business? Maybe you have a great idea and are ready to start your own business, but you’re worried because the market is saturated.
Although you’ll have a lot of competition, you know that there’s something different about your idea that could make your business a success. But how do you first establish yourself in the market and break in to your niche? It can be difficult, but it’s not impossible. In fact, a saturated market could be looked at as a positive because it indicates that the market is active and there’s a lot of demand and opportunity.
Keep these BBB tips in mind when establishing a new business in a competitive market:
- Differentiate yourself.
- Focus on what makes you different from your competitors. Solve a problem that others aren’t and advertise it. What sets you apart? There may be an underserved audience you could focus on or a new submarket you could establish.
- You can also differentiate yourself through your price point. Cater either to those who want the lowest price or to those who are looking for an expensive, high-end service or product.
- Demonstrate your value.
- After choosing your business model, determine how to do it better than your competition and provide more value to your customers than other businesses. Make sure your customer service is top-notch. When someone reaches out to you with a question or comment, be prompt and thorough in your response. Offer options and be flexible to different needs your customers may have.
- A great way to demonstrate your value is through BBB Accreditation. BBB Accredited Businesses have found that consumers view them as more trustworthy and credible due to their accreditation, and it helps their business be better. You can learn more at bbb.org.
- Keep an eye on trends and be adaptive.
- New businesses have an edge because they can recognize gaps and capitalize on recent changes in the market. There’s always a new trend, especially in today’s rapidly-changing world.
- Keep your finger on the pulse of your niche and act quickly on new trends in the industry. Demonstrating that you stay on the cutting edge will bring customers to you, while fading in to obsolescence will do the opposite.
- Spread the word.
- As a new business, you’ll need people to vouch for you. Create a small group of trusted experts who will spread the word about your product or service. It’s best if these supporters are social media influencers and have large followings. Customers are more likely to trust others than the business itself.
- Make sure you have a robust presence online and especially on social media – you want people to be able to find you! Focus on the platforms that make the most sense for your business rather than spreading yourself thin. Post frequently about both company updates and industry insights – things that your customers want