In order to truly compete in today’s market, your business needs to stand out—it needs to be unique, offer something new, prove that it is, in some way or another, more than its competitors. Therefore, you need to incorporate unique, new, and “more” elements into your business startup… which may mean thinking outside the box. Here are three ways to get those creative ideas flowing!
Don’t Go the Traditional Route
If you want to be different, you have to think differently. Putting “handicaps” or restraints or some sort of lens on your business plans will force you to take avenues uncharted by other companies! This requires a lot of trial and error; not all of those avenues will be profitable or functional or even realistic, but they will definitely open new doors and perspectives that will be valuable to your overall business plan. Those restraints may also be ways you tailor your products or services to a specific audience. What might you involve in your marketing strategies, employee training, storefronts, or the products and services themselves? It may require some finagling, but you will create a business that works in a new way that will attract customers.
Seek Alternative Financing
Traditional loans may not be the most effective option for your business financing. In fact, the money required to secure the loan may set you back further than is safe for your startup! A traditional bank loan will require 20% of your own money to get approval, according to Franchise Gator. If that sum is more than you can afford, look for other nontraditional ways to finance your business. Personal loans from family and friends or crowdfunding are less rigid or difficult to procure than loans from institutions. The money you raise is entirely yours… the “funders” are aware of the risks but are willing to contribute small amounts towards a cause they find promising!
Invite other minds to contribute to your plans! Variety is always a valuable addition to creating a business plan. McKinsey suggests you should be open to the ideas of collaborators. They may provide a spin on your business that strengthens certain aspects of your business in ways you would not otherwise have been able to access. Furthermore, collaborations are also helpful networking opportunities. Your access to helpful resources is expanded significantly simply by inviting others to involve in and invest in your business idea.
Each of these will foster creative angles for your business plans, setting your company apart from the rest and getting you the leg up that you need to succeed in your market!
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