Having A Small Business Has Its Advantages

Those of us business owners who do it all, whether we are home based or small business have it built. With today's technology techniques we can look as big as we want. With the web, fax, video conferencing and all the growing technology today you don't need to be a big business to be successful. We can do a lot that our competition cannot or cannot. So let's take advantage of being small.

Actually, being small has its benefits. Mom and Pop or a one-man operation only has to worry about itself, not the employees. If we have a bad month, no one else is up to us to pay them. We will tighten our backs and work hard next month.

We can also take risks that a large company cannot. A different business marketing technique, a new technology and innovative strategy. We can go with our creative ideas. We have no one but ourselves to answer. So our creative business process doesn't need to go through channels or get someone else's approval waiting.

Another benefit, especially for those of us in a home based business; We don't need to fancy trappings of big companies. For many of us home based business owners, our office is the kitchen, dining room, family room, part of their bedroom. Even for those of us who use a den as a second bedroom or office, we keep our costs down. We don't need expensive fares, fancy furniture or luxury cars. We can keep our costs down by working out of our home, buying used or discounted furniture. We keep costs low, cut corners and make our money count. We are frugal rather than extravagant.

We may also form alliances or partnerships with other businesses outside of our region, network. We appreciate each other. These businesses are typically in a related but not competitive field. However, we can also work with our competition. There are many word processors that network with each other, so if they have overflow work, they have someone they can hire. Those lawyers who cannot handle a particular case, refer them to another case. An example of a great alliance would be a travel agent with a B&B, spa, resort. Or, let's say you developed an exercise machine that you're selling through your website and mail order. Why don't you try to develop alliance with sporting goods store to sell your product. Or set up alliances with exercise newsletters or magazines to send mail about your product to their customers.

You can also contact organizations that can help you showcase your product. What about Weight Watchers, or Edicts.

If you were selling promotional items, ask your local chamber if they would be interested in printing T-shirts or hats. Catering businesses can offer their services to local charities or a restaurant can give any leftovers to a local food bank.

Rewarding, giving your time and services is something that we have discussed in many other articles.

For those of you in business whose competition has been around for a while and is getting bigger and more powerful, what do you do? Well, we'll ignore them and go about our business. Never, ever spoil your competition. When students ask us about other coaches, we never say bad words to them. Whatever you personally think about your competition is your business and should never be shared. Run your business in an honest and ethical manner transparency and let your customer decide who they want to do business with their partner. Remember, you are younger so you can give them more personal attention, meeting their needs. Many times as businesses get bigger and more powerful, they forget what got them where they are... Focus on the needs of their customers. You don't have that problem, you have all the time in the world to give your full attention to your customers. Your business depends on it.

Always research your competition. Know what products they sell, how they market, distribute and sell them. Make sure to keep this content and keep updating it from time to time. You should have the best business examples of their promotional materials, pricing, their services, products, etc. Update on quarterly basis. Reading magazines in your field and joining groups in your field of business gives you the opportunity to ask questions about how people got started, what their problems were. You need to make it your business to learn as much as you can from other people in your field. Depending on your business, you may also have an industry publication that contains information about your competition. If so subscribe it.

We can do a lot that our competition cannot or cannot. So let's take advantage of being small, being humble, serving better, working harder and giving us your personal attention. Very compelling reason for customers to do business with us instead of our competition.