As a small business owner, you’ve likely fought hard to get where you are. Don’t worry, you’re in good company.
Small businesses make up the majority of businesses in the U.K. and the U.S. According to the Department for Business, Innovation & Skills in UK, small businesses account for 99.3% of all private sector businesses at the start of 2015. Meanwhile, small businesses with less than 20 employees account for 86.2% among small business owners set up as C-corporations, according to the US Census Bureau.
Despite their strength in numbers, they wield much less power than the big conglomerate companies, big box stores, national, and international chains.
Whether you’re a retailer, restaurant owner, inn keeper, or service provider, you’re likely fighting big business for customers. But the customers you already have are probably fiercely loyal to you. That’s something you can’t take for granted.
Still, you feel like you’re facing a never-ending list of challenges. Here, we discuss three of the biggest problems threatening your small business, and how to deal with them and come out on top.
When you’re your own bank, growing your business can be a challenge. If the real bank isn’t giving you enough, what’s a small business owner to do?
Rather than taking out a second and third mortgage, get other people to see and appreciate your business vision. Some options include:
If you’re a small independent retailer, you can’t beat the prices that the big box stores offer. They get bulk pricing, and can afford to sell things at a discount, whereas you’re not getting the same volume discount. Instead, offer quality items and unique goods that can’t be found elsewhere. You’d be surprised to see how many people would pay extra for those.
When you’re the owner, manager, accountant and janitor, it can be exhausting. Even if you have a small team, it’s still exhausting. You just can’t compete with companies that have more manpower than you. However, lots of people want to support small independent businesses – it’s a huge movement right now. Offer personalized, warm service, along with great customer relations and follow up that the big companies don’t. Huge companies see customers as numbers.
As a small business, you have the power to treat people for the individuals that they are. Build a relationship with them, treat them like family and they’ll respond in kind.
There’s Room for You
Big business, despite its power and reach, can never take over the whole market—whatever industry you’re in.
Because sometimes, the same people who patronize big box stores for some things, also frequent small retailers for their other needs. Someone who shops at Target or Walmart can still eat at small family-owned restaurants, right? The same goes for almost any kind of entrepreneurial venture.