On the one hand, the climate has never been so accommodating for building your own business from the ground up. Digitalization enables companies to work across the world, greater transparency allows more partnerships to emerge and support your business, and more financing opportunities are sprouting in a variety of industries, but in particular for tech and digital experts.
On the other hand, this boom comes with its own set of challenges that is especially prominent for the newcomers to the business leagues. You, as a new business owner, are facing exceptionally fierce competition, no matter your niche of choice. With that in mind, it takes plenty of strategizing, creativity, and devotion in order to make it, thrive, and build a solid reputation that will allow you to outgrow those competitors. Let’s take a look at several essential tips you can implement into your current business plan in order to cut costs, make the most of your efforts, and let your business stand out in this crowded market!
Active networking
Owners of young businesses know the value of building your base of contacts, both in the realm of your customers, potential partners, investors, but also competitors. However, considering the highly competitive environment in which you’re trying to succeed, it’s far from enough to stick to an occasional conference. In fact, the more you spend time attending various events such as workshops, seminars, both online and offline, you’ll get more opportunities to mingle.
You will be able to meet and greet with people from your industry, master some of their own tried and tested strategies, learn from them, find more clients, and get updates on the latest trends in your niche. Plus, there’s always a chance of merging or partnering up with a competitor to build an alliance.
A sterling online presence
No matter what your business is about, a significant portion of your overall success heavily depends on your online game. No modern brand can compete unless it has a powerful online identity, from an optimized, appealing website, all the way to a very active social media life. It’s one of those aspects of your business that require ongoing investments, such as SEO strategies, marketing campaigns, innovative content, and the like.
You need to keep up with the needs of the market and your customers’ preferences in order to build a reputation that will stand the test of time as well as the growing competition. Even if you personally may not be an expert in, for example, social media, make sure to work with the right people to deliver your brand presence to the right audience and ensure your success.
Cutting costs
For smaller businesses that are still in their early stages of development, monitoring and cutting costs makes for a vital part of surviving in the modern market. By using smart ways to lower your expenditures, you can allocate your funds to more pressing business strategies that will deliver more relevant results. One such area is renting your office space and taking care of all the accompanying costs – they can be quite overwhelming for any business owner, no matter the size of the team. In Australia, for instance, the budget needed for renting an entire office space could truly lead a business to break the bank.
Instead of taking the traditional route, many Aussie businesses have turned to booking a serviced office in Melbourne or another thriving metropolis to cut their costs as well as maintain a powerful image. These modern offices are built and designed to support a contemporary business and attract top talent by offering a truly engaging space. Such solutions take away the hassle of rental contracts and leave you with a multitude of choices to run your business successfully and cut your expenses.
Diversify your hiring tactics
In addition to your physical office space, you’d be surprised how changing your hiring process can give you a competitive edge in the current market. For starters, in order to attract the right people, you need to rethink your current approach – are you utilizing social media platforms as much as you could? Have you considered outsourcing to freelancers?
As challenging as the market may be, it also comes with its incredibly beneficial opportunities for aspiring business owners such as yourself. Peruse through platforms the likes of Upwork, and you’ll likely find a match for your next project. Add to that, you can outsource your IT needs to an agency and only handle your own services in-house.
Plan ahead
If you’ve already landed an investor or a loan, and you already have a successful marketing campaign or two under your belt, you know that building plans often means winning half the battle. From your overall business plan, listed short, mid, and long-term objectives, all the way to delivering creative steps to build brand awareness through social media, your plans are essential in ensuring success.
However, they shouldn’t be set in stone, on the contrary. Think of them as guidelines of expected results and as milestones that help you reach your goals more efficiently, but also leave some wiggle room for flexibility and changes on the go. This will allow you to keep growing even when the market mood suddenly changes, so that you can meet any market fluctuations with skill.
While no two markets are the same, much like no two businesses can apply the same solutions to their problems, you can rest assured that these basics are something all aspiring brands have in common. Do your best to keep learning about your target market, and you’ll be on your way to growing your brand despite the rising competition.
Keith Coppersmith is an Adelaide based business consultant with a degree in Media Management. With experience in numerous small businesses and startups, he enjoys giving advice on all things marketing.
