Tuesday, December 30, 2014

Business size

     Free daily tips, information, advice and ideas
     for owners of small businesses

     To get a business out of the garage and into the big time takes a lot of dreaming, hard work and vision. Not all small businesses grow large.

     Today's leaders in computing technology and social media started small. So did the fast food chains--one outlet at a time.

     The ultimate size of a business depends on the vision of the owner. But the main constraint is the marketplace. Markets limit business growth. 

     No matter the size of your dream, the buyers of your goods and services will determine how big you get.

     Example: Therapists usually work alone with a relatively small group of clients they serve. Working alone, specialists in massage, Reiki, yoga, personal trainers, even chiropractors and nutritional experts and others can only handle so many clients. But by expanding into a wellness center, more clients can be served--and each specialty attracts more clients to individual practitioners.

     Example: Small cafes can specialize, attracting tradespeople looking for hearty breakfasts and quick lunches. Electricians, plumbers, construction crews, landscapers and others start their day very early. They represent a niche market in the restaurant business. Is there a market opportunity here for a new type of start-up quick food service place? I'm not talking Starbucks or Burger King here.

     Example: Gift shops can grow large by attracting a certain market segment. There is a niche market for up-scale, high-end, handmade items. A small or outdated gift shop can re-brand itself and grow by addressing this niche market. Seek out artists and artisans who create and craft items that appeal to this market segment. 

     If your small business is stuck at the present level, you can grow by thinking outside the box. Re-examine your market. Who are your customers/clients? What additional groups can you serve by expanding in a new direction? 

     No matter your business or its size, you're only as big as your dreams. Match your dream to the markets that are out there. Just remember that markets always rule, not your dream. Markets always trump whatever you might want. 

     Dreams are the stuff of small business. The trick is to translate that dream of yours into the reality of a successful small business. It ain't easy. But it can give you a great deal of personal satisfaction. 

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