Advantages of Having a Small Business
When you have money saved up to use as capital, you become more cautious of where the investment goes. The beauty of a small business is that just in case it fails, you wouldn’t fear losing that much from your small investment compared to losing millions in big companies.
The past few years have become opportunistic and favorable for small growing businesses due to various advantages in the field. Small businesses enjoy the ease and boost provided by technology, better access to credit, improved economy, more competition, plenty of resources and customer service.
These advantages were brought on by the passing of time. Gone are the days of paper spreadsheets, calendars etc. The progress of technology continues to make life easier for humans. Communication continues to play a big role in the growth of doing business.
Social media has allowed businesses to grow and reach a bigger scale or market. It has helped organize and focus communication with specific audiences, which helps save time, energy and improves efficiency.
It has also gotten easier for small businesses to get loans. In fact, bank rates are now low due to economic recovery from the past years. With the emergence and demand of new apps and startups, it has become way easier to get small business loans not only from banks but from other entrepreneurs. The global economic growth has produced more optimistic people who continue to invest more in others, themselves and other businesses. With this, competition continues to grow as well.
Healthy competition among small businesses motivates and inspires. They all strive to rebrand, innovate and try new things. As a result, small businesses provide better and more opportunities to learn from one another in the industry.
Going back to technology, advertising has been made easy. Small business trends are widespread on blogs, videos, podcasts and more. Search engines, such as Google, Yahoo or Bing have paved the way to help advertisers promote brands and for individuals to find all the information that they need online.
On top of that, small businesses are more flexible when it comes to making immediate necessary changes. If these changes are essential for the business, a swift change can be done without having to cost you a lot more. When the market changes, so should your business. This is one of your biggest assets, which you can definitely use to stay ahead of the competition.
It used to be that only big companies could afford and require customer service. Now, customer service has proven to make small businesses more successful. The service experience that every customer gets is more intimate and personalized since you are only covering a smaller market or area.
This gives small business the advantage and the chance to really get to know their customers better. To know what customers wants, needs and their history of purchase, which can develop a long-term relationship and loyalty. To have an ongoing relationship with customers is just one of the benefits that keep your customer coming back for years or even more than a generation.
Having to serve the father, mother, brothers and sisters of the same family is priceless. Small businesses have the opportunity and ability to make this kind of business relationship possible. There is no wonder they continue to thrive and grow faster.
So, if you’re looking to start a small business of your own, get a piece of paper. Start writing those ideas now and evaluate the costs. There are small businesses that you can start with less than $100.
If you want to start with more confidence that you know what you’re doing, there are affordable franchises that you can buy. That way you already have a foundation to work with and the rest is up to you. Starting with a franchise is the easiest way for starting entrepreneurs. Take the plunge. You won’t know until you try.