2013-02-07 00:00:00 Starting a Business English https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/Local-300x2501.jpg Why your start-up should think local

Why your start-up should think local

2 min read

Think global and act local – you have probably heard this popular statement several times before, but it has never been more relevant for start-up ventures than it is today! With the start-up sector in India booming, many entrepreneurs, in order to beat their competition, may be tempted to make grand plans for their small businesses. Small businesses could start directing their marketing and sales efforts towards overseas clients, sourcing products or support services from vendors in other cities and more. However, entrepreneurs need to take a step back and understand that thinking locally and acting globally does not mean curbing growth, but paving the path towards steady progress. Start-ups are fast realizing that thinking globally in the long run and acting locally during their nascent stages is the way to go. Here are the multiple advantages of acting local for start-ups. Customers True, when it comes to customers you don’t exactly need to think local – you may receive an overseas order through your website or through other channels. However, to kick-start sales and give direction to your marketing efforts, wooing your local customers is key. In spite of the demand for international brands in India, it is almost paradoxical that citizens still support local brands, stores and services in a big way. Besides, nothing works better for a small business start-up than word of mouth marketing. Serve your local customers well and watch the awareness about your business increase. Vendors Sourcing vendors locally is one of the easiest ways to reduce overheads for your start-ups, as there is less spent on middlemen and logistics. This apart, working with local vendors gives you the chance to strike mutually beneficial partnerships by widening your network. By striking good relationships with local vendors, your products and services would come recommended to a larger group of potential customers that you never even knew existed! Online Plan When it comes to your online plan, though you are technically accessible by a global audience, you still need to target your local audience since they are your primary market. Hence, a one-size fits all plan will fail to work the kind of magic that targeted marketing can. Be it updates on your websites, offers that you reward website visitors with or your social media updates – have a judicious mix of targeted marketing for your local audience, as well as any global audience if it applies to your business. Environment Where the environment is concerned, thinking and acting locally can work wonders for your business and its image. Do not limit yourself to adopting activities that help the ecology, look at your business environment as a whole and see how acting locally can help. Support an NGO in your neighbourhood or initiate activities on your own too. Helping your immediate business environment in turn helps your business.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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