With the growth of the internet as a global information exchange tool, and the creation of social media websites such as Facebook and Twitter, there has been an explosion in the business of Smart Business Economics . Smart Business Economics is a field that examines the economics of companies operating in niches that are not mainstream. Smart Business Economics looks at how a specific company can survive in a particular economic climate, while competing with similar businesses in its market segment. For example, if you are an entrepreneur starting a lawn care service, you might consider the lawn care services niche, as this is one area that is always growing and yet, it is not a highly profitable niche to start a business in.
The competition in this area will be extremely high, yet if you have an innovative, top quality service then you stand a good chance of survival. This lawn care services niche has plenty of competition, yet because of the innovative services you provide, you stand out and remain highly profitable. In the current economic environment, homeowners want value for their dollar; they want the best lawn care, landscaping, and maintenance available.
If you provide a top quality lawn care services, then you will have customers dropping in on a daily or weekly basis, offering significant monetary gifts – enough to keep your business going, right? Of course, many home owners are looking for additional ways to reduce their expenses, cut back on entertainment, and find ways to get more out of their leisure time. These home owners will be highly receptive to offers such as lawn care services.
For this niche, you will want to create value for the home owner, who will be highly impressed with your knowledge, your creativity, your customer service, your willingness to work hard, and your overall “attractiveness”. These home owners have enough issues to deal with without worrying about spending money on someone else’s lawn care services. They are in a powerful position to make decisions as regards their own lawn care needs. This is why they are willing to pay a little extra for high quality lawn care. You can meet this niche and become financially sustainable by providing high quality lawn care services in the economic environment.
Homeowners who value the services that they receive from their lawn and garden care provider will likely recommend you to others. It’s that easy. You create value and the home owners appreciate it. They talk about you, recommend you, and refer your business to others. Word of mouth spreads like wildfire in the business world and that is what is making you a financially sustainable lawn care business.
Now, let’s talk about some more specific examples of what I mean by being a “smart business”. One of my favorite examples is franchising. A smart businessperson looks for franchise opportunities in an economic environment. He doesn’t care which business he launches – he just wants to launch it in an environment that makes him money. The first place to look is in an economically-disciplined sector.
You see, there are lots of home owners who have lawn maintenance problems but aren’t interested in becoming a franchisee. Instead they’d rather work on their own and I think they’d be better off doing it. The franchisee will come to them and help them figure out how to get a profitable system going. They will also help the franchisee market the system so that they can eventually take it and operate it on their own.
In my opinion, home owners who are motivated to help other home owners should be the target market for a franchised business. This will provide them with financial security and a growing sector of customers for their services. Once you’ve gotten them to use your services they will refer you to others, their friends, and ultimately, all of their customers. You’ll never reach the top as an entrepreneur unless you build a large network of clients and customers.