Arnold, Bruce & Doerfler Insurance Blog
How important is it to stand out from the crowd? People who risk leaving their job for business soon find that entrepreneurship is not as simple as they imagined. According to statistics, only 40% of “Small Business Enterprise” or SBE’s are found confident of what they’ve established. The ugly truth is that most people who try to have a business fail; and only a handful succeed.
Remember, confidence is not the only element in succeeding. There are some reasons why businesses do not run as smoothly as one might’ve thought it to be. Let’s take a look at three important things to consider before going on a business venture.
1. Finding The Right Location
As illogical as it sounds, the more enemies in a place, the better. It is crucial to understand that the reason why you have competition is because the market is bigger in that area. Being the first to introduce a product in a specific place may be a good choice as well--but the risks are rather higher.
2. The Success Of Your Competition
Mind your own business as they say. However, determining whether your competitors are making a profit is also important. The number of competitors will not matter If they too lack the profits you wish were yours. Try to ask around or look for reviews on the internet for starters..
3. Uniqueness of Product
After the above factors are identified, you will need to stand out. Imagine that you are the customer and you have loads of stores to choose from but none of them differs in the smallest way possible. You would probably choose the nearest store or may find someplace else to shop. To put it simply, if you want to attract more customers, you need to show why your product is different or better than the rest.
Remember, building a business is a risk. You have to fail once in a while to properly create the structure that will best fit you and your future market. For your financial security, get your business insured by people that you can trust. At Arnold, Bruce & Doerfler Insurance, we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (503) 222-1951. Get your free quote today by CLICKING HERE.