Growing Small Businesses

Unique Challenges of Growing a Small Business

 

That hair salon, small law firm and a real estate agency in your local hometown have one thing in common. They greatly depend on interpersonal relationships.

If you needed a professional to design your new house, you would ask your friends who own mansions to recommend you the best architect right?

This friend-to-friend referral engine basically is what differentiates growing a local business from building a global software company. Local growth emphasizes on grassroots that connect individual in that specified region unlike online strategies which plays attention in connecting the masses. The most important aspect of local growth is building relationships.

Below are a few major differences that will help you when coming up with growth strategy.

1.A smaller audience means better and easier market target.

A large national or international company has more audience than a local restaurant. This means that the large company has to appeal to more people across the regions, countries and communities including those they never visited. On the other hand, a local restaurant has a smaller audience which they can serve while still in the process of knowing them. The intimacy between a local business and the community around is greater and stronger.

2.Satisfy their basic needs and you become part of their routine.

A local business is in a better chance of satisfying people’s basic needs than fancy online businesses. You can help them purchase or sell a house, orient their finances or get something to eat. You get to sell them something to wear, cabinets or coming up with a new hobby.

3.Build trust to bring them back.  

Trust is paramount to local business than any other aspect. This is because local businesses involve real blood relationships. Your customers will run away if they do not trust you. They will also give a negative review about you to their friends. Basically, trust is the core thing binding a local business to the community.

4.The establishment matters a lot!

Whether you own a restaurant, an architect firm or shop, your place of establishment matters a lot. How your business looks and feels is core. It should be clean and offer a comfortable atmosphere that defines you as a trust worth, responsible and determined at your work.

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