Things have definitely changed from the days of the Industrial Revolution and how business is conducted today, especially if we’re talking specifically about start-up operations. There are lots more stats to comb through, lots of tools and utilities you can make use of to set you well on your way, whereas back in those days one could argue it was much simpler.
Back then all you really needed was a great idea, in some instances one which falls into your lap, having identified a gap in a specific market you were naturally interacting with as part of your everyday life. One would think that all these tools and utilities we have at our disposal today would be advantageous, but are they really? I mean how many people will point to the SWOT analysis as part of a some formal business plan they have to draw up, as making for some or other barrier to just launching an assault on the market and getting on with their identified business?
The issue of capital is also somewhat of a disadvantage today over it having been an advantage back then. Now, one generally requires a huge capital base to start any operation that has the potential to realise great success, whereas that capital is realistically only reserved for a select few. Worse yet, that capital is usually allocated to those who are already doing it big in the business world, perpetuating the truism of the rich getting richer.
Back in the misty days of yore, things were a lot more equal. If for instance you wanted to start a bakery, all you’d need were some pre-orders from the people you wanted to service and you’d have some start-up capital advanced to you in that way. Nowadays, thinking about starting a bakery entails considerations of established and elaborate distribution networks, which are serviced by three or four commercial bakery brands that have come to dominate the entire market. How do you compete with that?
Since this particular discussion is all about giving value upfront in exchange for future profits and hopefully repeat customers, the bakery example would have you giving out samples of your goods for potential customers to taste and then keep communication channels open with them so that they can place orders or buy whatever is in stock.
Investing in proper retail store fixtures for your retail space can significantly enhance your ability to compete. Attractive shelving, well-lit display cases, and organized layouts not only draw in customers but also showcase the quality of your products. Additionally, establishing a strong online presence through social media and an engaging website can broaden your reach and attract new customers. By combining an inviting physical environment with effective online marketing, you can improve customer engagement and increase sales, making it easier to establish your brand in a competitive market.
But that requires capital, doesn’t it?
Fortunately we live in an age where consumers can consume goods and services with their eyes, through experiences you generate around the possibility of them coming into the possession of whatever it is you have to offer.
Take a leaf out of the books of online casino platforms seeking to capture new players by offering something like a no deposit bonus to any new user. If you don’t even have something of value such as credits, points, etc, then the digital space still gives you a great platform to create something of value out of nothing.
How about an Instagram page with photos of an event for which your catering included all the baked goodies you’re selling, assuming you were indeed looking to start your own bakery? Create something like a “buy two get one free” voucher or something along those lines and, in that way, you’ve effectively found a way to give some value in exchange for long-term customers and future profits.
