If you have to choose one word to sum up the existing small business climate in Mumbai then, that word would be “transformation”. Every aspiring entrepreneur is running to grab the best Mumbai business opportunities, but the small businesses are going through many struggles and challenges presently.
Below explained are some of the most significant small business trends from which small businesses can reap huge profits. Read on!
Know How Small Businesses in Mumbai Can Profit From the Latest Small Business Trends:
- Build And Manage a Social Media Presence:
Nearly all low investment franchise business in Mumbai have some sort of web presence, whether it comprises a plain website with basic contact information and detailed description of business offerings or a full-scale ecommerce website proffering a massive amount of products and services for sale online. The hottest small business trend prevailing nowadays is to have a strong social media presence, to know what your customers are saying about your small businesses and endorse their products and services. If you haven’t done this before then, start exploring different social media channels to know which channel is the best fit for your business in terms of time and effectiveness. But if you are already making use of the social media then, review your objectives for being there and assess your social media marketing efforts to date. If you are not satisfied with your outcomes so far then, create a strategy to refocus your social media marketing efforts.
- Eco-Friendly Products and Services:
Environmental problems continue to be a growing concern of the bulk of the population. There are a lot of people who are actually concerned about problems like pollution prevention, climate change, global warming and flora and fauna preservation. Keeping those concerns in mind, business owners are investing in greening their offerings and opting for new business opportunities in Mumbai in the hopes of maximizing on consumers’ ecological concerns. It involves both greening the existing products like reducing on the packaging or altering a process to make a product or service more environmentally friendly, and creating new products that state to do little or no ecological damage. Review your offerings from an eco-friendly approach. If yes then, create a marketing campaign which will target its green feature. If your offerings lack environmental benefits then, review them and observe what green offerings you can add.
- Make Customer Service Your USP:
The small businesses are being forced to sidestep into the industries or get run over. For many small businesses in Mumbai, delivering good customer service has been the competitive guard which has allowed them to survive. Small businesses usually cannot compete with big stores when it comes to price, since they just cannot match the purchasing power or the supply chains of the bigger players. But they can compete through providing something unique which big box stores do not or cannot provide, and excellent customer service is an evident target to make the most out their chosen Mumbai business opportunities. Examine how your competitors satisfy their customer needs and understand how you can offer those customers with better customer services than your competitors. Create and execute a strategy to offer excellent customer service to give your small business an edge over all the other players in your industry.
Businesses of all sizes and niches in Mumbai have become even more deviating in the past few years. While the big businesses aim to get bigger and better, merge with several companies or acquiring something, small businesses have become smaller to the extent that most of them now have no storefront at all. All thanks to the diminishing cost and amplifying availability of technology, several small businesses in Mumbai feel that all they require a phone and a vehicle, in order to communicate with their prospective and existing customers and deliver their offerings to them. Considering on what they actually do, these small business owners may require storing their products or tools somewhere, but having a storefront is certainly not a necessity. If you already have a physical storefront then, scrutinize your business and find out whether having a physical storefront is essential for you or not.
Grabbing the best business opportunities in Mumbai and getting your small business engrossed in one or more of these above explained trends will make your business look interesting to customers and improve your final objectives. And maybe following these trends might spark novelty, at your company, which transforms you to set the next big trend.