Small business owners face constant challenges throughout the United States as large corporations push them out of the marketplace. Even with this in mind, new small businesses spring up literally every day. What drives small business creators and owners to “keep calm and carry on”? The promise that one day if they work hard they too can become comfortably situated – in short, The American Dream. While many people might say The American Dream is long a thing of the past, hope carries on in the hearts and minds of small business owners throughout the United States. This is especially true in Oklahoma where additional challenges are present such as the incredibly hot weather, lower population levels, and many others.
Competing With the Joneses
While competition is the number one driving force behind prices, causing fluctuation in both supply and demand, it is both limited and monstrous in Oklahoma. While there are fewer smaller competitors, one of the very first Walmart stores opened in Oklahoma, by 1968. Considering the likelihood of a larger store like this to possess purchasing power that can decrease buying prices and let them beat competitors shelf prices easily, small businesses have to get even more creative with how they manage their inventory. Some, for example, might combine forces with other small businesses to get deals on certain staples. Other options are to specialize in a less “big-box” products, discover a niche market, or provide a service that can’t be aptly handled by larger companies or online retailers.
A Fantastic Find
While rare, some Oklahomans or “Oakies” who have contemplated forming small businesses have purchased land only to discover sizable mineral or oil deposits when conducting construction surveys. It is not unheard of for these individuals to possibly sell mineral rights in oklahoma and elect to relocate to another nearby area. No matter where a small business owner locates themselves they will always have to compete with larger stores and online retailers to some extent, but cash flow from a mineral rights sale can go a good way to helping start-ups succeed.
The Native Culture
One especially unique thing about Oklahoma is the substantial Native American population. This group of individuals provides a singular opportunity for local small business owners, both Native American and Sooner alike, to introduce products that are outside the scope of big-box competitors in quality and style. From leather or wood working and jewelry to more esoteric and traditional pieces like dream catchers, unique pieces provide an option for a niche market unparalleled to most.
Even though the online marketplace is used substantially by large commercial corporations, small businesses can use it too. This is especially useful in places with lower populations or lack of access to a more eclectic client base. Using the internet to sell items can help small business owners isolate and capitalize on their particular niche. The various challenges and boons that face Oklahoman small business owners make business ownership in that state more rewarding than many.