longchamphandbagsus.com – You need to know how to run a business properly and correctly, especially when the business you are running is still new. You will face difficulties when dealing with big business. Here’s how to run a business in order to survive and be successful.
1. Blue Ocean Strategy
Blue ocean strategy is a business strategy to avoid competitors. You don’t start a business segment with lots of competitors, but choose a segment with minimal competitors. A simple example is you want to make an air freshener product business. However, now there are many air fresheners on the market. You can do segmentation so that you don’t have minimal competitors, for example air fresheners that are safe for babies. So you will have a target market that is different from air fresheners in general.
2. Market Analysis
Before you run a business, the first thing you have to do is do a market analysis. You have to know whether the product you are going to sell is much sought after by consumers or even only a few potential buyers.
For example, if you want to start a fish farming business. Of course, you have to do a survey of various types of fish restaurants. You have to ask the restaurant owner which type of fish has few suppliers. And surveys are conducted not only in one place, but in various places.
3. Recognize Consumer Problems
A good business starts from solving problems from consumers. For example, the flour fried chicken business can solve the problem of consumers who like chicken but don’t have time to cook. Well, here you need to know exactly what is the problem with your consumers. A simple example is the fried business.
Of course, many people like to eat fried foods. But they are afraid to consume too much oil, especially oil that is used repeatedly. By ensuring that the oil you use is always replaced so that it is healthier, you will definitely be preferred over other fried businesses.
In this digital era, we as entrepreneurs must be good at using social media. Online sales are gaining popularity because many potential customers use social media. You have to learn how to optimize Instagram and marketplace to sell. Thus, your business will not be inferior to other businesses.
5. Accept Consumer Suggestions and Criticism
The products you sell will be closely related to consumers. You have to ensure that the products you sell are liked by your consumers. You do this by asking for feedback from your consumers. That way you will know the weaknesses of the product so that it can be perfected. As a result, your product will be liked by consumers.
6. Look for Gaps
The first thing you need to do is analyze your competitors. Analysis of your competitors can help identify their weaknesses and then you start to think about their strengths as well and how you might respond. Frameworks that you can use to analyze competitors, such as:
Know the target customer
- Find out their Translate
- Detailing the marketing strategy
- Identify competitor advantages
- Find out the strengths and weaknesses of competitors
- The next step is that you need to create a strategy to take advantage of your weaknesses and play to your own strengths.
7. Planning a Strategy
Look at the competitor analysis you made and then compare it to how you do business. Then look for opportunities to circumvent them and create your own empty space in the market. Brainstorm and ask how you can do something better than your competitors and how you offer it to consumers.
8. Act Fast Following Trends
You can do promotions by creating new products or promos according to the ongoing trend. That way you will get the attention of your target market and be able to increase sales through promotions according to the ongoing trend.
9. Create Innovation
If you want to be successful like a big businessman then don’t forget to always create innovation. innovation that you can do is to follow the trend that is liked by the community. creating innovation definitely requires a trail of errors so you need to do some research before launching a new product.
10. Never Give Up
The beginning of doing business will definitely get a lot of big challenges. Generally, the start of a business is rarely successful immediately. Therefore, you must instill the mentality to never give up within yourself. When it fails, remember that there is a big dream in your business that you want to achieve.
Conclusion
You have seen 20 examples of small capital businesses that have not had many competitors. Many businesses there must be something that makes you interested in run it. So, to be able to realize all your innovation plans, you need sufficient funds. Quite a lot of business capital can certainly make it easier for you to create innovations and make them happen faster.
