A large percentage of new businesses fail within the first five years. This failure is usually attributed to incompetency and lack of preparation – in other words, it doesn’t matter if the product of service is brilliant in every respect if the business owner lacks business savvy!
It’s not all bad news, however, because there are businesses that flourish and rake in high profits regardless of the economy. Some of these entrepreneur owners didn’t know what to do either, but they learned. It doesn’t matter what you do in life, if you want success, you do have to put in some effort. It isn’t handed to you on a plate.
You can be successful too, if you avoid these 5 mistakes:
Mistake #1: Failure to have a Marketing Plan with a Marketing System to accomplish the marketing plan. Not having a marketing system that consistently, predictably, and profitably brings in new customers/clients who are eager to purchase what the business has to sell is the ultimate downfall of a small business. If you want to survive, you must have a marketing system. You can’t expect your business to grow if you don’t create an effective marketing system.
Mistake #2: Not knowing who your target market is and offering services and products to any audience who might buy. You must target your market. If you aren’t clear and focused you will not attract the clients you want. Without leads your business is dead. Leads are your potential customers. Some potential customers turn into money spending customers. That is the sequence for making money in any business. If your business doesn’t solve a specific problem for a specific highly targeted audience, you won’t make much money.
Mistake #3: Not using “leverage”. Successful biz owners leverage everything. Don’t spin your wheels creating a document, having conversations, and going to a workshop or anything else that doesn’t allow you to leverage all your resources. Think about how you can leverage your time, money, relationships and learning. Develop a system that helps you accomplish more in less time and make more money from applying the system. Many Entrepreneurs suffer from the “The Lone Ranger Syndrome” and try to handle everything themselves. This sets them up to fail because they eventually run out of time, money, health… and suffer from burnout. No one that is successful does it alone. Consider connecting with other Business owners and join a Mastermind group.
Mistake #4: Getting discouraged and not sticking with your business in full force. When the going gets tough and there are setbacks, getting stuck dwelling on what is lacking and what is going wrong is your downfall. Successful business owners know that persistence and determination are the keys to success. Look at the beliefs, behaviors and patterns in your business that are keeping you stuck and start on a plan, step by step, to make changes. Another way to increase your personal determination is to increase your knowledge. When you have more knowledge you can have the confidence to try out of the box ideas.
Mistake #5: Believing you don’t have to sell. Successful business owners know they are in the business of selling their products and services. They have dealt with any issues they have about selling and sales reluctance. They are clear on what exactly they sell including the features and benefits and how to language what they sell to others. They take selling actions every day and create business and opportunity as their main function. Many people HATE to sell. They feel like they are manipulating others or being pushy. If you’ve got an idea, be proud to sell it. If we have an attitude that people who sell are bad people, we’re not looking at the needs of people. Pretty much everything you have was bought. There is no manipulation, and you’re not forced to buy anything. Likewise, those who are interested in what you offer will be willing buyers. You are meeting a need.
It’s only if you hold a gun to their head, or threaten them or lie to them that you need to be ashamed of making a sale! If you are coming from a place of honesty and integrity and wanting to serve others, you are doing people a real service!
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