5 Strategies For A Successful Small Business

5 Strategies For a Successful Small BusinessToday we are going to jump right into five of what I think are the most important strategies for a successful small business.  More than just five steps, these strategies will help shape your mindset with a philosophy geared toward helping mompreneurs like you really grab onto and focus on a foundation for success.

 

So here we go.

 

1.  Choose a narrow target audience.  And I know, I know—I know the resistance.  You’ve heard me talk about this before.  So here’s what I’m saying.  Again, if you are a big national brand, that’s fine.  You can work on appealing to everybody.  Go for it.  But if you’re a small business owner, one of the best ways for you to make a splash is by being a big fish in a little pond.  What I mean by that is if you really want to start out with some traction, choose a small group to begin with.  Once you dominate that market, then you can start expanding.  So you don’t have to stay small.  We’re just going to start small.

 

2.  Engage with your target audience.  You guys know I am all about engagement marketing.  Engagement marketing is really building relationships that are completely authentic—getting to know people, building that connection and that relationship with them as a person—and then the business follows after that.  It’s all about being where your customers are.  This can mean posting to the blogs they read, being an active participant in forums that interest them, tweeting about topics relevant to them.  Over time your participation will increase that “like, know and trust” factor that is so key to establishing the credibility you’re striving for.

 

3.  Create things people need.  Now I’ve talked about this before.  We’re talking about making offerings to your audience that are painkillers—not vitamins.  Create a solution for one small problem that your target audience has, and I promise you they will be grateful and buy it.  So pay attention to what their top challenges, biggest struggles, ongoing issues—their pain points—are.  This is how you will learn to create your products and services as solutions to those pains.

 

4.  Distinguish yourself from your competition.  When faced with fierce competition, the advantage is found not in discounting your prices—which can actually have the psychological effect of decreasing your value—but in providing more value to your clients than your competitors do.  The key here is to find ways to make whatever you’re offering even more valuable to your clients in a way that serves you both.  What valuable yet cost-effective thing can you add to what you are already offering?  This is a great way to stand out from the crowd and develop customer loyalty in the process.

 

5.  Be an expert.  The key is focus.  So many business owners try to be everything to everybody and we wind up piecing together a business that’s really just a hodgepodge of things we know how to do to make money.  Being a business owner requires vision, strategy, and planning.  Be the best one in your industry at solving a specific problem that your specific audience has. Build a platform that gives you that expertise.

 

I love connecting with small business owners like you, so share your experiences!

Which of these tips hangs you up most often? 

Which are you succeeding at?    

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1 comment

  1. What a great article. You have touched on so many great points that I never considered when starting my business. I loved strategy 1) because it really does help on so many levels. Starting with a narrow target audience not only helps you make a big splash in a small pond but it also allows you to dip your feet into that pond and test the waters. Being a large fish in a small pond is also like setting yourself up for success. You feel very confident about yourself and others feel that confidence and think, “Wow! This person is an expert at what they do.” They begin to trust you and once you have established trust, people with do business with you. When that happens you feel successful and you have the confidence to try bigger and better things. It becomes a domino affect in a very positive way. …and I love strategy 5. Be an expert. I work with a lot of small businesses and I can see how they try to focus on everyone’s needs to no avail. Oh! And you mentioned something about not discounting your prices because you devalue your services and that can have an adverse affect. I’ve learned this from experience. The clients that I discount my fee are usually the ones who don’t value my services and time and they are a huge pain in the butt. The clients that I charge my full fee LOVE the work I do for them, send me referrals, give me free stuff, and they always come back and do more business with me.