Local business and its challenges

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In the new era of marketing local business owner still following the traditional method of businesses. In recent year we see the maximum of the local business either has been shut down or associated with the big player with less margin.

Local business meaning

As its name is self-explanatory a business area of business and customers are from the nearby location is Local business. i.e a local grocery shop sell products to nearby people only. A doctor clinic also gives services to nearby peoples.  Geographically a constant area is called local and which business is running in that area is Local Business.

Local Business challenges

Type of Local Business

Shopkeeper – Gift shop, Grocery shops and Electronic, etc.
Professional – Tuition teacher, Doctor, Carpenter, Lawyer, Engineer, and CA.
Hotels and Restaurant – Dhaba (small corner for food), Restaurant, Tea stall, and Guesthouse
Tour and Travel – Taxi Services, Hotel Booking, and Tour planner.
We have just picked a few selective businesses but this article going to help all the small local businesses.

As a blogger as I see local businesses near me. All the above businesses are now impacted by the new age of technology. 50% of the above business now captured by a big player. Which is still exist getting huge competition from online market? In this blog, we are trying to retain your local business.

Business Idea to retain the Local business

Most of the local business owner is old and traditional. They don’t want to change and believe the customer will come where the way to go is. In the last decade, E-commerce business gets grow never before speed. What happed now local business owner just starring these players? Ecommerce companies use technology to capture market quickly. And local Business owner struggling now for survival.

Plan in a better manner to retain your local business.

Tips of the local business owner to retain customers:

Discounts: Now the days went to take 50% of margin in any product. So if you want to retain your local business. Just compare the E-commerce business sometimes you need to work for ‘No Profit No Loss’. Selling something is better than nothing.

Freebies’:

  • Buy one get one free, Buy soap get shampoo – Interconnected products
  • If you buy the product 1000 or more will give you an extra 5% discounts – Temptation for buying more
  • Buy mobile get selfie Stick or mobile cover free – Always get remembered
  • Buy any product above 100 get 10% in next purchase – Next visit confirm
  • Shop for 1000 bring an oxygen plan at your home – Social connect
  • Free photocopy – up to 10 copy – cost will be approx. 5 – But the client comes and visit your shop – Future visit fix.
  • Free Mehndi on the occasion of any festival.

Get connected with local clients/customers:

Try to take the feedback form and get detail like email id and contact no. Send occasionally offers details. If any customer still not coming just share freebee offers to him. Does this time try to understand why he is not coming to your shop?

Note: Don’t’ spoil and frequent send messages and communication.

Replacement and return policy:

Don’t hesitate for replacement or return even you are not getting this facility from the producer. Reveal that you are replacing the product even we don’t have a replacement and return policy provided by the company. Take time if there is a minor issue with the device/product.

The attitude of a local business owner:

  • Keep simile in your face always even you are in loss.
  • If kids coming with the customer don’t forget to offer them chocolate or Toffee.
  • Try to remember regular customers and offer them extra attention because networking is the key to success.
  • Read the face of customers don’t try to bother them if they are in a hurry provide them with a quick and fast response.
  • Share good things with the customers. Don’t try to sell bad products and services this will onetime profit-making.
  • Check the E-Commerce companies and try to match the price if not. Explain why they are selling low cost and we are selling a little high?

How to make a local business -A Profit Making entity:

  1. Analysis of your daily / Weekly / Monthly Profit and Loss.
  2. Ask the distributor for Credit period and Discounts.
  3. Try to procure high margin goods and services.
  4. Look for high volume-based discounts.
  5. Sales based discounts and extend little part of profits to end customers. Who will help you achieve the goal?
  6. Bank accounts take credit limits with less interest.
  7. Take a small part of the amount daily/weekly/monthly for hazards.
  8. Do insurance for your shop/office.
  9. Purchase product and service in the account of Shop / Business. Instead of Personal home.
  10. Put a target to extend the business offline or online.
  11. Join different local groups of Facebook and Whatsapp.
  12. Post your local business get registered on free classified portal like MyADsite.in/new make daily any post for goods and service offers.

Conclusion:

As a blogger, I was always keen to know about the market challenges and strategies. This complete blog is dedicated to Local Businesses. Who is slowing down now after the e-commerce revolution? Not only for products now most of the services being online. In this blog, we tried to retain Local businesses. Hope you will quickly implement these steps in your business to sustain in this competitive market mix.

Share your valuation comments and queries at [email protected]


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