David vs. Goliath
As a small business owner or someone who is considering opening a small business, one of the biggest hurdles to overcome is the competition from large corporate juggernauts. It can seem daunting for many when faced against giants like Wal-Mart and Costco, armed with the full power of economies of scale. Fear not though. Many of the largest companies today were themselves once small businesses and many small businesses today are finding innovative ways to compete. Indeed, CNN offers three inspiring stories about small businesses overcoming competition from big business.
Kona Ice vs. Mr. Softee
The challenge: Can you really beat traditional ice cream trucks at their own game?
What he did: Marketing consultant Tony Lamb, 43, was kind of puzzled that his kids went crazy when the local ice cream man appeared in his neighborhood in Florence, Ky. "My kids came running out to a broken-down ice cream truck [it wasn't a real Mr. Softee, by the way] with a derelict driving it," says Lamb. Why not something a little different? Cleaner? So in 2008, teaming up with a silent partner, he began selling franchises for Kona Ice trucks, which feature flavored "gourmet" ices for as much as $4 a cup. And then there's Calypso music to replace the familiar ice cream truck jingle. Now Lamb has 270 trucks on the road and says his business is profitable, with sales of $8 million last year. Take that, Mr. Softee!
Click on the link below to see the other two stories.
Source - CNN Money