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Insights for Entrepreneurs

Launching a successful customer goods company

Starting a new business is never easy — but with the unstoppable growth of digitalisation, the task is far easier. Now, new business owners have less need for renting a high street property, and sites such as YouTube and Facebook have provided free advertising that makes the cost of promoting a brand more affordable.

Essentially, start-up customer goods companies need to harness traditional and novel methods of business to progress in their respective industries. But how can this be done?

 

Competing against similar companies

 

Outwitting the competition is central to making your mark in the sector. So, think: what sets you apart from another company that sells similar products or offers services like yours?

 

New companies must offer competitive prices to attract customers and lure them away from competitors. In a recent study, research from StartUp Britain (a national, government-backed campaign) suggests that there are around 80 new businesses launching in the UK every hour, so it’s clear that entrepreneurial competition is fierce. Remember, people have instant access to multiple websites and will compare prices before making a purchase.

 

Finding a gap in the market

 

As we mentioned earlier, successful start-ups must embrace both traditional and new business methods. The idea of supply and demand has steered companies to huge profits from the start of commerce.  If nobody wants it, they won’t buy it; so, do your research to establish what people want or need. If your product has competition, ensure that there is room for you in the industry, and then make your range stand out from the others. If you don’t know what makes your product better than anyone else’s, how will your consumers know? And why would they buy it over products from established brands?

 

Why digitalising your company works

 

Over 2017, nearly 90% of UK consumers have bought at least one item on the internet. Since the dependence on physical stores has eased, start-up customer goods companies on a budget can grow like never before. E-commerce not only saves you money on overhead costs, but it also has the potential to reach a large audience at once.

 

Not convinced that going digital will work for you? Take a look at the likes of eBay and Amazon. Warehousing a huge variety of goods, these have both become one-stop virtual shops for consumer goods, which proves that — with digital opportunities — there is no reason why you can’t get a seat at the big-league table.

 

Digital platforms are handy for many aspects of business, but they’re especially adept at advertising, boosting brand awareness and driving potential customers to look at the products companies are offering. For example, ASOS had over 73 million visits in August 2017, with more than a quarter of its traffic coming from the UK. Other online start-ups such as Missguided, Pretty Little Thing and Boohoo have all also successfully capitalised on the demand for online shopping and boast massive turnovers.

 

Using social media to your advantage

 

Our favourite thing about social media is the price — essentially, you can advertise your entire stock completely free of charge using sites such as Facebook, Twitter and Instagram (also free to set up). Also, networking sites help you build brand awareness and loyalty, while allowing your brand to engage with and get to know its audience for future marketing purposes.

 

Merging the world of digital with the established methods of business, all start-up customer goods companies have the opportunity to succeed on a budget.

 

This article was written by Omega Plastics, a plastic injection moulding specialist serving clients across the UK.