Eventually, you would want your small business to grow into a big business, right? Many start-ups and small businesses get intimidated in a competitive marketplace.
There are many big-business growth strategies that might work for you. While not every strategy will work for a small business, there are some strategies that small businesses can use:
If you are starting your small business in a market that has established competitors, then you need to develop a laser-like focus on niche markets and go deep early and fast. Most big businesses are good at carving out their corner of the market, which allows them to do whatever as they own that space.
Also Read: How to start a company in India
In order to take on the bigger competitors, smaller businesses need to focus on their basic customer that will allow for quicker sales, more marketing revenue and the ability to grow and scale. During the Cola wars, Pepsi stopped targeting the over-30 crowd and focused more on a young, fun-loving demographic.
Big businesses can pay for partnerships up front, while small businesses have to negotiate for partnerships that pay per sale. The advantage of small businesses is that they can leverage their personal brand and connect with the target market, strategic partners, community and stakeholders. Knowing when and how to join forces with another business is a key factor that will help any small business grow.
A strategic partner can help provide either capital, expertise, global exposure or let you leverage their brand. They could help you win business by offering services that are not available in your company, and yet help build those competencies within your team.
If you are looking for quick wins and results, then tap into the power of other people’s community. An easy way to do such is to tap into the power of influencers and your own employees.