Mike started a business selling mandazi on the side of the road; he was always good at cooking and baking so when he wasn’t able to get a job after college he decided to make some money while he continued searching for a job.
Now he supplies he’s mandazis to various shops and restaurants in his town. When he started, he had no intention of doing it permanently because he didn’t think he would be able to make a lot of money from it.
However, after getting various orders from shop owners in his neighborhood he realized that he could turn this into a prosperous business.
Now he is looking to branch out even more and start selling his goods in supermarkets and grow his mandazi business.
Mike wasn’t the only one selling mandazi on the street in his town, but he distinguished himself and his business managed to stand out from his competitors. this is what has enabled him to build such a successful business.
Let’s face it, there are few business ideas you can come up with now that already don’t exist. even if you manage to do that, someone else might take that idea and start a similar business.
So for you to be a successful entrepreneur it’s not just about coming up with the best business idea, it’s about being able to outshine your competition.
Here are ways to ensure your business stands out from your competitors
1. Do what you are good at
What are you good at? When starting a business, you find that you have to do most of the things by yourself because you don’t have enough money to hire employees.
Let us say you have a baking business that you started because you love baking and had a market for it. In the beginning, you will be the accountant, the baker, the marketer and everything else required.
However, you are not a trained accountant or marketer, so as the business grows if you really want to compete with the bigger bakers in the market you will have to hire professionals to help you.
You are good at baking so you need to stick to that. Trying to do things you are not good at will only stress you out and might even hurt the business.
If you don’t know anything about marketing then you shouldn’t be the one handling marketing for your business.
2. Work on your customer service
I am sure you have heard that the customer is king; this is because without your customers, your business won’t survive. So it’s very important that you take good care of your customers.
A survey conducted showed that around 75% of customers state that they consider customer service a true test of a company’s competence.
Every customer expects to get good service to have an expectation of great service and will not put up with waiting in long lines or receiving poor responses from representatives.
This means that for your business to succeed, you need to ensure that you are taking good care of your customers, that means having good quality products and listening to their feedback.
This will also help build your business through word of mouth because if your customers are happy, then they will recommend your business to their friends and family.
To stand out from other businesses, you can grow effective customer service skills by enrolling in customer service training.
3. Prioritize making money
For your business to stay afloat, you need to actually make a profit. If you are not making any money your business won’t stay afloat. So your main focus should be making money.
You can do this by focusing on marketing your products and services, so instead of spending money on things that won’t bring in revenue, use that money on marketing your company.
4. Prepare for the low seasons
In business you will face times when your products or services are not selling, this might have nothing to do with what you are selling and more to do with people not buying at that particular time.
There are high seasons where businesses make a lot of money and low seasons where they make little money. A good business owner will be prepared for these times.
So when you are making a lot of money, remember to save up for a time when you will not make as much, this way, even though you are not making as much profit as you usually make, the business will still be able to run efficiently.
Related Article >>> 4 Ways To Ensure Your Business Survives A Tough Economy
When you decide to go into business, you need to be ready to face competition. The success of your business depends on whether or not you can stand out of the crowd. This is why products such as Colgate, omo, blueband and the likes do well because they have managed to outdo their competition to the point where the brand names are being used to refer to the product.