One of the utmost intimidating things someone can do in life is start their own business. Entrepreneurship is a high risk game that doesn’t pay off for everyone. With so much invested — time, money, and family sacrifice — it takes a lot of drive and passion to pursue dreams of entrepreneurship. However, high risk can result with high reward. Many small business entrepreneurs will tell you that the business model of a bigger competitor don’t always work in their own business model.
Here are three tips for small business entrepreneurs to help with the success of their business.
1. Ensure Your Customer Service is on Point
Nothing will kill your business faster than providing clients with with bad customer service. As many businesses thrive off of word of mouth recommendations, you can’t run the risk of providing a bad service. In a world where big competitors are in many small towns, it’s important to create strong bonds within your community. Creating partnerships and sponsoring events will help make you a staple in your town and known for your dedication to help it. As a result, your sales should continue to grow more and more by the day as your business is exposed to the locals.
2. Don’t Try to Beat Prices Set By Competitors.
Smaller businesses does not have the luxury that other retailers do when it comes to setting the price of their products or services. Sure the prices offered by other big retailers like Target, Amazon and Walmart are attractive, but more often than not, small business cannot afford to have the same prices. However, a price is not the only thing that attracts clients to a business. Focus on offering a positive experience that bigger brands cannot. Combining a unique and positive interaction will help clients to overlook just the price and outshine the competition.
3. Reward Your Customers
It’s been proven numerous times that reward programs will ensure repeat customers that spend more. When customers have something to work towards, it helps to motivate them to reach goals quicker. Think about it — you have a coffee shop that gives you punches for every coffee you buy. Once you reach 5 coffees, you get one for free! You are most likely going to return to that specific shop to get that free coffee as opposed to the one that offers no reward. Create a program that is tailored to your business! You are the one who knows your clients better than anyone so giving it a little thought will provide you with a leg up in your customer service.