In general there are three common strategies you can use to build a new business or improve your small business to be greater and more successful. Honestly, these three strategies have been proved by some reputable companies and manufacturers and even the highest-achieving entrepreneurs. Therefore, here are the three strategies you may consider to follow.
The first strategy is that you should go on a treasure hunt and find an undeserved niche. Undeserved niche represents a lucrative market that every other entrepreneur or business person has failed to target. It means that you notice something that everyone else cannot even recognize. By taking the undeserved niche strategy, you can find and target the right niche ignored or neglected by those business persons who may have the same business specification like yours. Thus, you will be able to build a strong and loyal customer base while limiting competition.
Some popular companies have run this strategy and they proved it effectively helping their business. Several companies exemplified are Gary and Diane Heavin (Curves International fitness franchise system) who made a breakthrough by focusing the attention to middle-age and older women who want to get in shape, busy working women with rapid schedule, and budget-conscious women who can’t afford the pricey monthly membership of gym center. Furthermore, Liz Lange (Liz Lange Maternity clothing company) who designs fashionable clothes for pregnant women is also another entrepreneur who is successfully applying the strategy.
Secondly, the next strategy suggested is you should buck the conventional wisdom. Conventional wisdom sometimes can be something that may block your efforts in improving the business in particular way, you need something new and fresh, or more importantly something that you figure out yourselves. Thus, you should keep in mind to be willing for a new change or idea to formula your own way of thinking.
Furthermore, listening to others’ opinions can be so helpful but don’t blindly accept them because they may not be suitable for your business. The successful businessman that has applied this strategy and gained great result is John Paul DeJoria with its John Paul Mitchell Systems. The unique system applied is not only by providing the quality hair product for salons use but also to be used at home.
The last strategy but of course not the least is for you to spot a new trend and pounce. Following the trends that are developing surround you may affect your business because a shift in cultural or economic trends will create new entrepreneurial opportunities. The reputable businessmen who succeed with this strategy are Robert Stephen the founder of Geek Squad and Andy & Rachel Berliner the founder of Amy’s Kitchen brand. Finally, through these three strategies you will be more understand which one of those that will suit your business best.