Three smart tips for small businesses just starting out
It’s a cutthroat world out there for small businesses just starting out. Competition is fierce, profit margins can be slim, and building a loyal customer base is an uphill battle.
But for all the challenges out there, entrepreneurs know they also have a chance of building something fantastic and wildly successful. As a small business owner, it’s important to be open to helpful advice and tips. These can make a world of difference to the bottom line.
Here’s a look at three smart tips that are essential for new small businesses.
Find your hook – what’s your unique factor?
The first tip is to think long and hard about what your company’s hook will be. What is the unique factor, product, or service it offers that other businesses do not? This is a great way to be competitive with all sizes of businesses, as the whole premise is that it’s something you have that others don’t.
Your unique hook can be such things as customer service, fast shipping, affordable shipping, a customer loyalty program, aggressive pricing, a wide product range, a customer guarantee, etc. For more insights on how to stand out in the competitive business landscape, you can check out valuable resources like https://sloboda-studio.com/software-development-for-startups/.
Embrace digital marketing and use it to your advantage
While it’s true that your small business isn’t going to have the same sized advertising budget as a large company, it doesn’t mean you can’t be competitive. Instead, small businesses need more strategic marketing plans that have been well-researched and focus on the target market/customer.
One thing that should be included in the marketing/advertising campaign is digital marketing. If your business hasn’t yet embraced digital marketing, you’re missing out on a huge opportunity – it’s that simple. Digital outreach can offer the best return on investment (ROI) as it’s capable of reaching a massive audience that traditional marketing can’t compete with.
Some of the most important areas to be active in terms of digital marketing include Facebook, Twitter (now X), Instagram and YouTube. You also don’t want to neglect the simple power of SMS. You can use lists of samples of texts from online to help you get ideas for what kinds of texts you could be sending.
You also need a professional bug-free website that is user-friendly and links to all of your social media accounts.
Make sure you’re getting the best rates for credit card processing
Because you want to provide an impressive level of customer service at all times, this means you need to give consumers a chance to pay in their preferred methods. Credit cards are one of the most popular methods of payment, both online and in-person. But just because you’ll be offering this option to customers, doesn’t mean the business has to pay a fortune in processing fees.
A smart tip is to look for affordably priced credit card processing for small business, ideally reflecting the interchange rate. This one step alone can save the business an impressive amount of money, which means higher profits for each sale.
Using tips like these and seeking helpful advice all help to make you a smart business owner that knows how to weigh the options and make wise decisions. Just because your business may be small, doesn’t mean it can’t be competitive.