Focusing on Your Product
Yes, it is true that you are in business to sell your products. But, in a broader sense, your customers do not really care. Unless, you sell them happiness. Face it, people are emotional. Your product should speak to your customers in a personal level.
Let's say you're selling vacuum cleaners. If you advertise by listing down the features of your vacuum and comparing it with others, it won't pull in as much customer as you've liked. However, by empathizing with housewives who break their backs cleaning with clunky vacuum cleaners, you can then offer then your product which is lighter and portable. The key is to sell positive emotions and relating them to your product. Through this, people can easily recall you and your business.
Corey Blake of Round Table Companies said, "Stop focusing on selling your product or service; instead, focus on the joy your company creates, and let that drive your growth. Scale the joy. Systematize how you deliver the joy. Sell the joy."
Branding
Most small businesses actually forget to define this in their business plans. In today's world, your business can easily be drowned by millions of others, which makes it harder to make potential customers. By identifying with a certain culture, attitude, or a word, customers can easily remember you whenever they encounter your brand in their daily lives.
For example, Apple is one of the most recognizable brands worldwide. When someone thinks of simplicity, it is easy to connect Apple with the word. By consistently releasing products with the same look and rooted in innovation, Apple became the most recognized company in the world. Heck, add an "i" before any word and people will think of Apple.
Online Sales Tax
If you're like any small businesses out there, you probably have your online store and made efforts to build your online presence. Now, that's good since most people would rather shop online than drive around four states away just to buy that vintage jacket. However, you have to watch out for tax laws on small businesses, especially the Market Place Fairness Act.
This online sales tax, in its present form, will put a huge burden on your business that might result in legal issues later. It states that businesses owners are responsible for collecting sales tax from each customers and remitting those tax to the appropriate jurisdiction. There are literally thousands of tax jurisdictions in the country and the paperwork involved in filing taxes for each items sold will take a toll on your business. Well, just pray that an amendment happens before the law gets passed.
Competing with Competitors
Now, this is may sound a little bit weird, but in today's state of economy, no one company can do it all. Although it is different from what you used to know in business school, befriending your direct competitors can give you an advantage. That's not to say that you reveal all your trade secrets to the store down the street. But, putting your business in the best strategic position can guarantee your success in the future.
There is always the possibility of merging with a competitor to create a bigger business. Or if your business is relatively bigger than your competitors, may be actually buying them! The most obvious examples are AT&T and BellSouth, Exxon and Mobil, and Pfizer and Wyeth.
"I meet with anyone who is or could be competitive. Competitors could be your acquirer; you could merge with a competitor, or you could buy them. So it's best to position yourself as best as you can without revealing strategy," said Sarah Ware of Markerly in an article on SmallBizTrends.
Having an entrepreneurial mindset does not only involve your business and your products. A lot of external factors will affect your business. You need to open your mind and think how these things can be used to your advantage.
Author Bio
Roger Gallager is a Communications Specialist and Writer with an expertise in writing about business, technology, and politics. His works have been featured on various other sites like the Daily Caller.
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