A big advantage for small businesses over large chains is that they can offer a variety of niche products that are not available at the big box stores. These niche products usually do not originate from the same manufacturer and offer unique benefits to the consumer. This allows a small business to compete with a large corporation. The key to success is being unique and different from the big box stores. In order to do this, it is essential to determine the needs of the market and identify a niche that Wal-Mart can’t fill.
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A big advantage for small businesses is their ability to compete with large corporations. Larger firms can offer many more goods and services than small businesses, so customers don’t have to travel long distances or wait for shipments. However, one disadvantage for small businesses is that Walmart can lower wages in local communities. This decrease in wages directly affects local economies. Research indicates that Walmart pays associates less than comparable local businesses, and that this difference is as high as $3 per hour.
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In contrast, small businesses can offer multiple products, which can benefit them. For instance, Walmart doesn’t have to compete with a smaller retailer for the same items. A small business can focus on providing a unique service to its customers. It can offer more variety and lower prices than Walmart. While the latter may have lower profit margins, it can also be a more innovative and flexible business. A large chain is also much easier to find employees.
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