Understanding Needs in Small Business.
Every successful business sells a combination of status, power, money, love, protection, knowledge, excitement and pleasure. To make your offer more attractive, you must clearly articulate how your product will look. To create a responsive marketing campaign and to create compelling offers, you need to understand your customer’s wants, needs and their decision-making power. Each lower need of a person is to be replaced by the higher need. First existence, then relatedness, then growth. Every human being has five core human drives which influence his actions and decisions.
It’s not enough to simply have a dream. However, a business plan and solid understanding of what types of businesses are needed and what types aren’t in your local area, can make or break your success. As a small business owner, what you put in will almost always yield what you get out, which is a solid plus not only for you and those who benefit from your hard work, but also for your family as well. Your family and friends play a pivotal role in your professional development.
Small scale operations enjoy low overhead costs. They can be easily operated in small premises with low operational costs. Most businesses do not use or require huge premises and hence, the rent to be paid is also not too much. This results in low price of product to customers. In some counties, business and citizens enjoy an extremely favourable environment in terms of tax payment. This makes the place more attractive to business owners.
- Investors hear ideas on a daily basis.
- While many sound great, they may not be viable.
- Even a business plan is simply not enough to attract an investor. You must be a business with a model that scales, a product or service that has “legs,” and even people in place to make it happen, including the talent infrastructure.
- Even then, you still have to prove you know what you are doing. Make sure you have some experience in operations before seeking out investors.
- This will allow you to illustrate how you have handled hurdles and what opportunities you are currently developing, including a pipeline of leads.
- Small business owners are good at forming mutually beneficial business relationships with employees, manufacturers, suppliers and customers.
- The industry has a business-friendly environment in small cities and it is easy to know who you are dealing with, if you own a small business.
- This helps in interacting directly with the concerned people. It is easy to stay in touch with your business contacts and form strong, improved business relationships.
- This is not so true for businesses in bigger counties.
- Status seeking is a universal phenomenon.
- Usually, everyone likes to be associated with someone who is more powerful, influential, exclusive, important, and exhibits high quality of status and behavior.
- Everyone would like to grab the opportunity to increase their status if they could.
- Status consideration has a lot of influence in the buyer’s decision making and actions.
- All humans are social creatures.
- We live among people and compete with others for power and position.
- If there is a choice to make between different alternatives, people tend to choose the option which has the highest status or value.
Companies that promise to make us more knowledgeable or competent connect to this drive. This drive is related to the desire to satisfy our curiosity. Keeping this drive in mind, educational businesses are involved in book publishing, academic programs and training workshops. Companies that promise to keep us safe, or stop bad things from happening, connect to this drive. In this, a person desires to protect himself and his loved ones. Martial arts training, insurance policies, safety alarms, are good examples to explain this drive.
Small businesses are well positioned to introduce innovative ideas in every field. Today there is skilful work force, talented engineers and technicians available everywhere to be employed. Small scale business can make use of the local talent to kickstart their business. HyperEffects is home to a host of ideas for business development and uses cutting-edge technology to get recognition for small businesses. What if consumers know your business and what you can offer, but they can’t reach you? Contact us for a free consultation on the concept, now.