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If you\u2019re working on a business plan<\/a> and starting a business<\/a>, you\u2019ve likely heard the statistics on new business success\/failure rates.<\/p>\n Only 50 percent of businesses survive their first five years.<\/strong><\/p>\n Look out a little further; only one-third exceed the 10-year mark.<\/p>\n With numbers like this, it seems even riskier to launch a business in a marketplace already flush with competitors.<\/p>\n But don\u2019t let this dissuade you from your dream. Even in crowded markets, smart companies can find their niche, uncover unique value, or succeed through savvy business decisions, passion, and hard work.<\/p>\n In many ways, opening up an entirely new market has its own set of risks. The idea or business model could be unproven, or you could be asking customers to spend money in a space they\u2019ve previously ignored.<\/p>\n Blazing a new trail might be exhilarating, but it comes with grunt work that could prove unsustainable. The hard work to convince consumers to take a chance on something they haven\u2019t seen before can drain even the most enthusiastic entrepreneur.<\/p>\n On the other hand, riding the momentum created by established competitors can be smart to jumpstart growth for a new business. Customers already understand the value proposition so you can expend more energy on growth and marketing.<\/p>\n Several factors can help or hurt you when you start or grow your business – especially in a crowded market. We’ve previously talked about the importance of branding<\/a>, for example:<\/p>\n A strong\u00a0brand increases the value of your company, creates an identity and motivation for your employees, and makes it easier for you to acquire new customers. A brand represents how people know you (or your business), and how they perceive your reputation or the reputation of your company. In today\u2019s noisy world, a strong brand is more important than it has ever been.<\/p>\n A great\u00a0brand starts with a strong\u00a0name<\/a>\u00a0and\u00a0logo<\/a>, but there\u2019s more to a brand than just the visual elements. Unfortunately, many small businesses don\u2019t prioritize branding early in their company\u2019s history. This is a mistake. Poor branding impacts your business in many negative ways \u2013 and can even threaten the survival of your business.<\/p><\/blockquote>\n Assuming that you have the basics in place (unique business name<\/a>, strong company logo<\/a>, branding<\/a>) and you understand the various metrics that fuel strong branding<\/a>, how can you maximize your chance to succeed when starting or growing a new business in a crowded market?<\/p>\n A critical part of any new business\u2019s success is understanding the competition and finding new and innovative ways<\/a> to disrupt the market.<\/p>\n You need to know your core differentiator and show how you differentiate in your marketing and sales strategy<\/a>.<\/p>\n Another strategy is to find an area or niche where your competition hasn’t established itself and make that your core focus.<\/p>\n Many of the most prominent companies got their start in a much narrower niche: Facebook was initially a social network for just college students, and Google specialized in search when all of the other big players at the time were building one-stop portal websites.<\/p>\n Small business owners often work under the misconception that innovation belongs to large companies and that you can\u2019t innovate without deep pockets for significant research and development.<\/p>\n This belief limits many small businesses because they miss opportunities to present new and exciting ideas in their markets.<\/p>\n Don\u2019t let this thinking prevent you from exploring and capitalizing on ways to be an innovator in your industry.<\/p>\n Small businesses are ideal for moving on great ideas quickly, giving them a competitive edge over larger corporations. When you work with a more modest team, you can avoid the red tape and departmental processes that slow big businesses down.<\/p>\n Let the bigger companies play catch up with your smaller, nimble business – get your innovations out there first.<\/p>\n Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p> Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p> Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p> One of the biggest mistakes new businesses can make is trying to grow too quickly. It\u2019s better to start simple and keep your value proposition concise and easily understood.<\/p>\n Have a laser focus on what solutions you bring to market. Not only will it make your value clear to new customers – it will help keep your marketing and sales efforts focused<\/a> as well.<\/p>\n A company like Native Deodorant<\/a> has one clear, simple offering: great deodorant made with natural ingredients shipped to your door. That clarity also carries through to their well-written email and marketing copy<\/a>.<\/p>\n It\u2019s much easier to scale up and expand your business\u2019s scope than to scale down. Don\u2019t overreach too soon, and stretch yourself too thin. Instead, make sure you keep your attention on perfecting your core product.<\/p>\n Less is usually more – and you can always add on later.<\/p>\nHere are seven proven strategies to help get you to start and grow a successful business.<\/h2>\n
1. Innovate to win customers<\/h3>\n
Free Business Startup Kit<\/h2>
Get your free startup kit<\/i><\/a><\/div><\/div><\/div>Free Business Startup Kit<\/h2>
Get your free startup kit<\/i><\/a><\/div><\/div><\/div>Free Business Startup Kit<\/h2>
Get your free startup kit<\/i><\/a><\/div><\/div><\/div><\/p>\n2. Keep it simple<\/h3>\n