It’s a big day for your small business. You’ve just opened a bicycle shop in the neighborhood. Congratulations! Even though you are excited about your new venture, you know full well that you are now the fourth (!) bicycle shop within a five-mile radius. What’s a new small business owner, who is facing stiff competition, to do?
Make friends. And fast.
Small businesses are becoming more successful, a new study suggests. Gone are the days when 95 percent of small businesses were predicted to close within five years. Today’s small business owners are savvy and better prepared to meet the challenges ahead. And that goes for making a mark in an already established marketplace.
Here are some tips about how to join them (as you try to beat them):
Do your research. Study your marketplace closely to find your niche. Go online and see what you can find about your type of business in your community. Send mystery shoppers to your competitors’ stores. Check pricing. Check product. Check attitudes. All will help you establish a winning formula.
Reach out. Don’t wait for the competition to come calling. You will look like the bigger person by making contact first. Stop in and introduce yourself. Be deferential; after all, they were here first.
Become a force. Ask about local chamber of commerce and other community business meetings. If everyone with a bicycle shop, pet shop, or similar establishments worked as a united front, you will have a larger, stronger voice in the community.
Team up. Do something together for the good of the community and you both come out ahead. Wasn’t there a movie where the owners of Macy’s and Gimbel’s joined together in the spirit of goodwill?
When it comes to a highly competitive market that old saying, “Keep your friends close and your enemies closer,” might be a bit extreme but it’s always a good idea to keep an eye on the competition.
We’re looking about for you, too. Turn to Biz2Credit for your small business refinancing. Call (800) 200-5678, or visit www.biz2credit.com.