Business competition has risen in the past years due to rapid changes in customer behaviors. Hence, it is now more difficult for a small business or startup to gather clients and investors since the market is oversaturated. This happens more often in developed cities, where technology and entertainment are at their peak, and newcomers don’t usually overturn older companies whose customer agenda is more extensive.
This is the case of NYC, the global center of finances and technology and an important centerpiece of economic power. Considering these aspects and the actual difficulties that most companies are going through, it’s safe to say that penetrating the market is close to impossible, especially for industries that don’t deal with retail trade.
But that doesn’t mean it’s entirely impossible to get over the acerb competition. Whether you come up with a unique business idea or know how to market your company, there are ways to make your organization shine. Here’s how.
Take advantage of uniqueness
Standing out in the crowd may seem impossible when everyone has the same ideas. On the other hand, if you don’t follow closely what other business owners do, you might miss the opportunity to learn something new. Regardless, as a first-time entrepreneur, it’s best to find the balance between the two and transform your ideas into something special.
It all stands in the way you present your product and idea. Sure, anyone can start a coffee shop, but that doesn’t mean it’ll answer people’s requests in the area that might vary. Some customers might want a wider array of products, while others prefer frequent discounts. At the end of the day, you can get coffee from any other shop, but being tied emotionally to a special place will change its taste.
You can take the example of famous companies, such as Starbucks, in developing your ideas and entertainingly displaying them. For instance, their TikTok page has numerous videos of interactions between baristas and customers, showing how employees sometimes go the extra mile to make clients happy. Of course, if you’re a new user on social media, you can choose tools like TikCeleb to gain more coverage online.
Analyze the customer’s wishes
Before starting a business, it’s important to target your type of customer and learn their wishes, wants and demands. This will help you customize your products and offer better services as you go. You can either put yourself in their place or attend social events to talk to strangers and get their opinions on a matter that interests you.
It’ll help considerably to create your customer persona, which is a tedious process but worth it if you aim to start a business in such a dynamic city. You need to see what type of customers would use your services and products or consume the content you create. It’s vital to analyze current trends and understand how different generations perceive various components of their lifestyles.
For instance, younger generations offer particular importance on clothes and fashion, while older ones prioritize searching future offers and might be more interested in real estate, for instance.
Determine your competitors
The most critical step in handling competition is knowing what you’re dealing with. Depending on the area you chose to start the business, the uniqueness of your idea and your determination, it might be easier to penetrate the market.
A simple view of the zone you’re in will give you an idea of the product’s quality, the prices charged, and the devices used to operate the business. Advertising, press reports and flyers are excellent data sources for the beginning of your research. You can deepen the investigation by analyzing marketing literature and checking the directory entries for each company.
The information you receive is crucial to see what you can learn from the competition. Indeed, they’re excelling in some aspects compared to you, while other things might need development. Finally, they may be operating in a similar way as you, in which case you must balance the pros and cons of opening up close to their location.
Consider the benefits of a business in NYC
If the competition doesn’t scare you, consider the advantages of opening a company in NYC. These aspects might give you a confidence boost, so they’re essential for your development. First, the large and diverse market helps find customers since there’s undoubtedly a place for your business.
Also, remember that you’ve access to many talented professionals, helping you boost the company’s operating system effortlessly. Skilled employees can be found almost everywhere, but they will also require fair payment and benefits for the value they bring to your company.
But maybe one of the best things about starting a business in NYC is the massive network support coming from the government that provided a mobile application for companies to access and contact authorities when needed.
Finally, the cultural and recreational opportunities are numerous in NYC, offering small businesses the chance to link their operations with specific events to increase their clients and boost their brand image. Whether it’s a concert, a music event or something sports-related, companies can always find ways to collaborate with other entrepreneurs and create something new together.
It’s more than the competition
Unfortunately, opening a business in NYC is challenged by more than the competition. The limited space will also be a difficulty since it’s a densely populated city, so prices for the space you rent might be overpriced compared to your expectations. High costs will also be present in salaries and expenses with the business, so it’s best to have a considerable number of financial resources before opening.
So, are you ready to open your dream business in NYC?
Owning a business is every entrepreneur’s dream. While it’s more accessible to open now than decades ago, challenges increase due to financial crises, climate change and social difficulties. Hence, you must be prepared to face the competition, handle the massive costs and find space in the limited jungle of the NYC city.
