Some West Michigan small business owners are content with business as usual. They have an established local business, a few employees and they are content with what they are. But there are a few out there that have bigger dreams. There are some that want to create a small business story that Hollywood turns into a movie. These businesses are looking to go big. So how do you shock the world?
Outside of getting a few breaks along the way there are a few steps you can take to help make your splash. Serve a niche, go after the big competition, be different, be the first to market, and acting bigger than you are, are all great recommendations to follow.
Serving a niche and being different are similar. Fortune 500 companies have the resources to be everything and serve everyone. Your small business working with slightly less resources needs to pare that down and do specific things for a specific market. Even more, you need to be different in serving that niche. And that is more than just saying or acting different but actually being different. There is already an Apple out there so mirroring that company is going to be tough because the market already has Apple, why would it want another identical business?
Don’t hesitate to go after your big competition either. Now this is not to say the day after your business is formed that you are ready to jump in the ring with Nike. If you want your business to get noticed and to gather a following that is rooting for the little guy you have to get out there. It’s tough to win a fight with the big guy on the block if no one knows there is a fight going on.
At the same time, don’t act like you are a small business. Customers want to root for the underdog but they still want a solid product with great service. Technology has really leveled this playing field that allows small businesses to provide customers with the same quality service and products as the big businesses.
Finally, and this is a startup rule that every entrepreneur lives by, being the first to market is vital. Getting your small business out there and providing products or services to the market gives you a much better foothold than if you follow someone else. You want the market to think of you when they think of the service or product you provide. The best way to accomplish that is by being the first one on the market and let everyone else follow.
Growing so big so fast is a very exciting but it is fraught with potential pitfalls. Your business needs to run smoothly and follow the plan you have laid out for it. At the same time you are breaking new ground which can mean you are taking on more risk than a typical business. A Grand Rapids small business attorney can help guide you through this mine field to help ensure your business not only is able to stick to your plan but also avoid as much risk as possible. There is also the potential that your competition pushes back and your small business attorney can assist you through that too. No one wants to have the potential to be the next small business success story that stumbles and fails before it even gets its shot.
Source: “David vs. Goliath: How Small Companies Make It Big” by Steve Tobak of Inc.com