Like most other places in the world, small businesses have been the backbone of the Texas economy for the longest time.
According to the Institute for Economic Development, small businesses or those with fewer than 100 employees make up about 98% of employers in Texas. Still, many of these small businesses find it hard to compete with bigger companies that seem to have never-ending resources.
In effect, most of them are forced to close up shop after years of suffering net losses, or the moment a huge crisis hits, like the coronavirus pandemic that peaked in 2020.
This is not to say, however, that there is no way for small businesses in Texas to pull themselves from the bootstraps to make it to the big leagues. All they have to do is employ the right business strategies, including the following:
1. Find a niche market
Limiting your prospects to but a fraction of the population in Texas may seem counterintuitive, but it’s exactly what you need to do to jumpstart your business. The purpose of finding a niche is establishing yourself as an industry player to a group of people who you know will patronize your business. Selling specialized products and services that will directly appeal to a target audience is a more sound strategy rather than trying to catch the attention of everyone from the get-go.
Once you are able to secure the trust and confidence of this target group, you can count on them to support you as you expand to targeting other markets in the future.
2. Utilize the power of social media marketing
Leave traditional advertising and marketing techniques to the big players who have money to pay for huge billboards and trending celebrities. Social media is a much more democratic platform where small businesses and conglomerates can compete based on creativity and skill and not based on the size of their investment.
If you own a small business in Texas, you might want to hire a social media marketing specialist who is from the same area. Not only will hiring locally benefit the entire local industry, you can also rest assured that your marketing specialist is knowledgeable about the local terrain and can thus bring your business to the consciousness of your immediate target market.
3. Cut down on operational expenses
In case you want to open a brick-and-mortar business or one that has an actual, physical office instead of a purely online venture, you have to think about how you’re going to pay for your recurring operating expenses, including utilities like electricity and water.
Luckily, the energy market in Texas has long been decentralized. This means you have the freedom to choose which power company will provide electricity to your office. Just do your research and compare the rates being charged by electricity providers in your area. Once you find which one offers the best small business electric prices in Texas, you can set up a subscription with them.
4. Expand slowly, but surely
One of the most common mistakes small business owners commit is trying to expand too fast, too soon. Scaling up is not something you do as soon as your first batch of profits roll in. You have to be patient in mastering the ins and outs of your business before you even begin to consider expanding or growing your business.
The way to compete with huge businesses is not to rush your way to the big leagues, but to do it carefully and skillfully to ensure that the growth of your business will actually be sustainable and
5. Seek your unique brand story
In order to attract attention, small businesses have to be relatable, and the best way to achieve relatability is by digging deep for your brand’s unique story — something that encapsulates the spirit of your company and inspires people to invest in your potential thanks to your brand story.
All the big brands you know today became famous for their brand stories — How they started small and built their way up, what business looked like when they had barely any money to cover their expenses, and the like. Doing business and marketing is all about capturing the hearts of the public, and you can do so by coming up with an amazing brand story.
As a small business owner in Texas, you belong to an important sector that moves the economy by heaps and bounds. By including these strategies in your business plan, you can secure your future as a player in this sector by competing well in the big leagues.
JAMAL ANTAR The rising star
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