I’m sure you’ve heard the phrase ‘one of a kind,’ but have you ever considered using it to set your business apart?
There are 730,000 new business startups every year, and you want yours to be one of the lucky ones.
In order to keep your business afloat, and better yet make money off of it, you need a solution so it doesn’t fade into the crowd.
I have a simple tip for you to ramp up interest in your company and the money you pull in as a result.
When you’re trying to accomplish a goal, sometimes people will advise to make a list of things you’re good at.
It’s no different with a business, or even a city, when trying to find the best fit.
The only difference when it’s your business is finding the perfect spot to operate often means tons of money flowing into your bank account.
So, why wouldn’t you want to find the optimum area of business for you to succeed?
That can be more difficult than it seems.
But to help you through this puzzle, I’ll give you a real-life example of this process going right (and making a lot of people like you really rich).
A few years ago, Amazon.com Inc. announced its search for a city to host its second headquarters.
Now it doesn’t take a business expert to know that whatever city got this deal would benefit from a mass surplus of jobs, economic traffic, and media publicity.
But one city stood out from the rest in stating its disinterest.
Little Rock, Arkansas dropped jaws in 2017 when it published a breakup letter between itself and Amazon.
The letter itself was no less than a public relations feat, but it also did well to draw in more appropriate business for the small technology hub.
What every business owner can learn from Little Rock is the ability of its leaders to recognize the city’s strengths.
The town, home to 198,000 people, was not meant to support the frenzy that Amazon HQ2 undoubtedly offered.
Instead, prominent business officials in the town focused on their pride and joy, a market they’ve stimulated since 1968: Fintech.
A fancy word for financial technology, this sector aims to compete with traditional financial institutions by utilizing technology in vastly different ways.
Instead of focusing on trendy crazes, Little Rock stuck to its guns and dedicated the time and attention of its businesses to building the fintech industry.
Now, it is considered the 57th largest media market in America, and the largest Little Rock-based fintech company boasts annual revenue exceeding $9 billion.
So, what does all of this have to do with you?
Well, I’ll tell you. Next time you’re looking to get ahead on your business agenda, keep in mind your specific strengths.
Just as Arkansas can’t offer what New York can, what does your business have behind the scenes that other competitors can’t offer?
Focus on where your product, marketing, and brand fit, rather than were they don’t.
You’ll be thankful when you notice a huge difference in the bottom line.
Once you’ve hit your niche market, you won’t even remember what it was like to not have the perfect business plan.