November 15, 2019
Research indicates that a fifth of startups won’t make it past the first year. To give your business a shot at success, consider these tips:
Find where the playing field tilts in your favor - You can gain a competitive advantage in many ways, from selling at a cheaper price point to marketing a breakthrough technology. Sometimes, when your offering is very similar to a competitor’s, starting a campaign to donate a percentage of profits to a charitable cause your audience cares about can make all the difference. Or you could offer educational opportunities for your clients on unexplored topics.
Remodel the business - In well-established industries, major players tend to rely on the same basic business model for two reasons. The first (and most obvious) is that it works, but there’s something else at play. In large companies, people are often disincentivized to innovate. Would you want to be the executive who sticks with what works or the one who suggests taking a major risk that ultimately fails? That’s good news for new companies trying to enter an established industry: They’re free to chart a course instead of changing one.
Align yourself with a worthy cause - Consumers expect brands to take a stand on major issues facing society, and brands that don’t speak out will quickly fall behind their socially conscious competitors. Brand activism, whether by speaking up or taking solutions into your own hands, will give your business purpose even in its early days. Aligning your brand with a cause is a great way to connect with your consumers on a deeper level and, ultimately, make it harder for your small business to disappear.
SOURCE: smallbiztrends.com, 9/23/19