S to enter. Every market has specific barriers to entry. Obstacles that must be overcome in order to be competitive. Here's three common barriers, along with some useful tips for helping entrepreneurs overcome them. Competition Establishing that you have competition in your space is surely the first barrier to understand. Then as a budding entrepreneur you can evaluate how that business is faring and what ingredients have been put together to make them succeed.
Are they in a specific location? What staffing levels and expertise do they possess? Is there a unique proposition that makes them sell their goods? Even if you are not going into business you may eat at a restaurant or stay in a hotel. So the next meal out that you have, understand why that restaurant is different to the one next door. It is understood that we all like different foods and cuisines, it may be that that evening it was that which attracted you, however, the price and service levels will attract you back.
Other than those issues the key to that particular restaurant will be your welcome, the ambience and the initial contact with the staff. Is he or she attentive to you and your needs? These types issues go a long way in your decision to return. Make your business the ‘go to’ place
Price You have to always remain competitive. The moment that you stray and consider that you can command top dollar prices, is the moment you lose touch with reality. Always look at your competitors in respect of their pricing structure and offering.
Jack Cohen the founder of Tesco’s always said ‘pile it high and sell it cheap’. This motto can still stand as it is effectively buying market share in a very competitive and savvy marketplace. You can buy anything, anywhere from the internet (apart from personal items such as haircuts etc). Always continue to be price sensitive. ‘You cannot buck the market’ said Margaret Thatcher.
Service levels Without service you will not survive. Clients and customers need to feel wanted, loved and special. Always continue to create that attitude for the most important people in your organisation.
Take a look at the legendary service section in my new book ‘Drive like a Real Entrepreneur’. Use it as a tool to benefit you and your organisation.
Next week I shall be discussing How to Find the Right Investment for Your Business. In the meantime if you have any questions or wish to share your opinion on this post then please do get in touch.