If you are searching for small business tips that will help you run your business successfully, the information I will share with you will be helpful.
As a small business owner, the best strategy to make more sales and reduce competition is to focus your business on small targeted people. Those that are not satisfied with the current product in the marketplace.
Your success is guaranteed if you acquire the proper knowledge to provide an excellent product to meet their expectations. Then fill the gap you notice in the marketplace.
Several case studies of entrepreneurs in Nigeria have applied this strategy and are making millions of naira in their businesses.
Below are illustrations to back my claims:
Here is the case study of Sunny Obazu-Ojeagbase, who works several years as a sports journalist before he founded the complete sports newspaper.
The newspaper is the leading sports newspaper in the country.
Another case study is John Momoh, one of the prominent broadcasters in Nigeria Television Authority (NTA) for many years before establishing Channels Television Station.
Today, the station is known as a television providing worthy information and credible news in Nigeria.
Larry Izamoje, who founded Brilla FM radio station, is another story of an entrepreneur that focuses on a specific market in industry and doing well.
He’s a football lover and has acquired the necessary knowledge to run the football business on the radio. His radio station – Brilla FM, is the first sports radio station in the country.
My point here is if these entrepreneurs can succeed in their businesses based on the experience they have acquired, you can do it too.
The first step is to reflect on these questions: Which works have you done in your previous company? You should carve out a small group of potential clients whose expectation is not meant in the market now.
Do you have a passion for doing the business? It’s the passion or love for it that will sustain you even if profit did not come at the beginning.
In my small business tips to entrepreneurs, I usually recommend that people focus on a target audience that can pay more for their product or service.
That way, they can increase prices and make huge profits with less stress.
However, it is vital to market quality products or services that will meet clients’ anticipation. The cost is not an essential consideration.
For instance, when I was running a boutique selling shoes, my target market is the upper class who loves quality leather shoes. Such as uncommon crocodile skins.
Their perception is that the price determines its value. The higher the price, the value it is.
There was an experience that I had with a potential client. I tried to sell a shoe that I bought N10,000 to him for N15,000. He felt insulted because he perceived N15,000 shoes to be low class and meant for retirees.
He arrogantly told me that the one he wore cost N60,000. My friend, you know what happened; I lost the sale and possibility of selling my product to him in future.
In conclusion, the proper application of the aforementioned small business tips will boost your business and separate you from your competitors.
I offer health and wealth coaching services. You can request a free session to decide if my services are right for you. Call me on 2348033205456 or Whatsapp 2348121325411 or click here to email me.How to Start a Small Business in Your Local Community