A good way to start is to look at the examples of others who have been in your shoes and managed to overcome incredible odds to eventually dominate in their niche. You don’t have to be exactly like them, and you should certainly forge your own path rather than just blindly following others. The point of examining them is simply to get a feel for what works and let the creative juices flow.
I recently read an article by MJ Gottlieb entitled, “When Forty Bucks Makes You A Millionaire,” which describes how one entrepreneur turned his weakness into a huge strength.
Daymond John was trying to get some attention for his new clothing business called FUBU back in 1992. Unfortunately, he didn’t have enough money to advertise or even make a lot of samples for people to try out. So he turned to celebrity endorsements. He managed to get several famous people to wear his clothes on TV and at big events, which gave his clothes instant credibility and catapulted his company to overnight success.
This strategy was extremely inexpensive: the cost of a few shirts and hats. But it required a great deal of bravery and creativity to make it work.
Money doesn’t have to be the deciding factor in whether or not a small business succeeds. FUBU managed to compete with much larger clothing lines because its founder was smart and tried something different.
Of course, YouTube, Twitter, Facebook, and other sites have opened up entirely new avenues to cheap advertising and other ways to reach customers at a huge discount from traditional advertisements. You can be just as successful by working hard in smart ways as if you had access to enormous resources.
Online marketing, inventory management software, and many additional tools and strategies are available to help your business take off, no matter how small it might be right now. It takes a lot of creativity to beat the giants of your industry, but it’s definitely possible.