The idea of running a small business is often used to imply either subtly or directly that the endeavour has to be small. As a small business owner you must think of the “small” in your business as a stage, a period of time that positions your business for greater opportunities. You need to picture the big results that can come from your small business.
Small businesses in Africa are no exception to this stereotype. They’re increasingly being sold the idea that being small is a type of business. Actually it isn’t. If you see your business as being small, you automatically eliminate your brand from healthy competition with bigger businesses.
Young entrepreneur, Grant Sobczak, talks about how he got into web design as a hobby, and means of staying afloat financially. He did this while awaiting a huge business deal with a manufacturing firm to pull through. While the business deal was stalled, Sobczak started to gain some customers for his web design business, and soon transformed his side hustle into a digital marketing agency with an executive team.
How did he get such big results from a small business? Sobczak credits this growth to a series of qualities particulator to small business. Let’s have a look.
Small Businesses are More Agile
Small business can quickly respond to demand or trends in the market. A small restaurant can quickly come up with a new delicacy to meet a trend and then switch as required. It will take larger eateries weeks, if not months to decide on adding a new item to the menu. Sobczak cites that this level of agility for a large corporation will be like “Steering the Titanic from the icerberg in time, there’s too much mass which makes altering the direction of the momentum an insuperable feat” he says.
This level of responsiveness creates strong bonds between a small business and the local community. An advantage you shouldn’t overlook as a small business owner.
Small Businesses have Better Cultural Relevance
This is another area where small business outshine bigger companies. It’s the small businesses that run the restaurants in the streets, they own the thrift stores, they cater to the local community in a way that large corporations couldn’t. This makes small businesses an integral part of the community. They with the people, know what goes on in the community on a daily basis and make very heartfelt contributions.
The Money Stays in the Local Economy
According a study by the Michigan State University, for every $100 dollar spent on a local business, $68 remains in the local economy. But for every $100 you spend on bigger companies, only $48 dollar remains.
All in all, you must build on the potential of your small business to create a level of good will with the local community that will make bigger companies jealous.