Great Small Business Ideas to Start: Instant recognizability Creating a distinctively packaged product will secure it a lasting place in the memory of customers, convey an image, and ensure it stands out among other choices, making it easy for people to recognize instantly. The idea How to successfully differentiate your product is a much-debated issue … Read more
Great Small Business Ideas to Start: Being honest with customers Focusing exclusively on the threat from competing businesses can leave clients feeling alienated and neglected. The idea In the early 1980s, soft drinks giant Coca-Cola was concerned by its decreasing market share and rivalry with the soda multinational PepsiCo. The 1980s was a decade that … Read more
Great Small Business Ideas to Start: Lifestyle brands By making your brand synonymous with the hobbies and aspirations of a particular cultural movement, you can massively increase the appeal of your product. The idea It is one thing to have a well-respected brand. It is another thing entirely to have a brand that encapsulates an … Read more
Great Small Business Ideas to Start: Innovations in day-to-day convenience Everyday life provides people with a large number of small challenges. By considering potential solutions to these challenges, it is possible to develop a new product that will be used regularly by many people. The idea Creating innovative products for day-to-day convenience combines the financial … Read more
Great Small Business Ideas to Start: Feel-good advertising Rather than simply presenting customers with a manifesto of reasons to purchase your product, try to entertain, intrigue, or reassure them. The idea It can be tempting when creating an advertising campaign just to focus on why your product is superior and how you can persuade customers … Read more
Great Small Business Ideas to Start: Complementary partnering If your product can be partnered with another, the popularity of the other product may directly affect your sales. The idea A “complementary good” is a product that is often consumed alongside another product. For example, beer is a complementary good to a soccer match, while a … Read more
Great Small Business Ideas to Start: Intelligent negotiating By learning where the pitfalls lie in negotiations, it is possible to sidestep them and ensure satisfying results that last for all involved. The idea Harvard Business School (HBS) professor James Sebenius specializes in the field of complex negotiations. In 1993, HBS made negotiation a required course … Read more
Great Small Business Ideas to Start: Turning the supply chain into a revenue chain Agreeing to share sales revenue with suppliers allows companies to purchase goods for a lower price, increase revenue, and cope with fluctuations in customer demand. The idea In the 1990s, the leader of the video rental market, Blockbuster, found itself frustrated … Read more
Great Small Business Ideas to Start: Vendor lock-in Developing products that are only compatible with other products in your range shuts out competitors and ensures repeat business from customers. The idea Being able to devise a foolproof strategy for retaining customers and maintaining a steady, reliable stream of revenues is the dream of many corporate … Read more
Great Small Business Ideas to Start: Redefine your audience Finding new audiences for your product can allow you to broaden your sales potential and escape crowded markets. The idea Do you think you know who the best people are to target with your marketing? Think again. Reconsidering who may be interested in your products opens … Read more
