Using a carefully planned and well considered innovative approach to start your business, can give you the competitive edge over your competitors. It also allows you to stand out from the crowd, which is really what any business owner is aiming for.

To be innovative, means that you are creating and introducing a new approach, a new process or procedures into your business, which will increase output and efficiency. Try not to confuse this with an invention, which means to create a totally new idea or process for the first time.

You can be innovative without it costing you a lot of money. Start off by using what you have, but use it in a slightly different way.

  1. Think outside the box, for example consider a launch event for your business. This should give you an opportunity to reach out to high profile business owners to endorse your product or assist in producing a webinar to be viewed at your launch event.
  2. Aim to be more creative with your ideas. If you are selling products, consider personalising what you sell. For example, personalise a box of chocolates with your customer’s name iced on the chocolate. Or print initials on products for customers that request it.
  3. Take tradition and change it. Contemplate how you currently market your products or services, and then digitise it. It may improve the delivery of the services and still add value for money.
  4. You may have chosen Facebook, Twitter and LinkedIn as your preferred social media platform to raise your profile and that of your business. Research all the different types of social media and select one that you are not familiar with and see if other business owners in your industry are using it to their advantage. For example Instagram or Pinterest. It may surprise you how these extra marketing tools have changed how some people now do business.
  5. Increase your brand value by reviewing your current logo. Don’t be afraid to be different and add a sharper, crisper finish that stands out from others within your industry, as it is a way to gain strength within the market.

You're on our blog and updates site, which is hosted by Markel Law Hub, a leading digital hub powered by the award-winning lawyers and business advisors at Markel Law.