Did you know most businesses fail because they were started the wrong ways?
Wrong ways meaning the wrong intentions of a business owner.
The main reasons we all love small local businesses is because we know the business owners personally. It’s the personal connections we have with those business owners that can decide whether we use their business and buy their products.
Many businesses fail because the owners miss out on 5 important tasks with their new business.
5 Wrong Ways To Start Your Business:
Your only mindset is on the money
If you’re only thinking about how much money you can make with your business, you’re in business for the wrong reason.
Yes, it is important to make money with your business. But initially, you should focus on something else.
When you’re first starting out, you need to focus on your audience. Who can you find to connect to your product that will keep coming back again.
Bring people into you first. You aren’t going to make any money in the long run without a customer base.
Here are some ways you can bring customers in:
- Offer amazing quality products at an affordable price
- Offer something free
- Have an “open house” where your customers can meet you and see what you have to offer them.
These are just a few tips that will build your customer base. If you build it they will come. And the money will come in.
2. Customer Service is Blah.
You will go nowhere if you can’t relate and serve your customers. They will go somewhere else.
If people can’t relate to you, they won’t ever trust you. This will keep them from coming back to purchase products from your business.
It’s super important to have quality products for your customers but even more important to treat customers in a civil and comfortable manner.
Being available to them during consistent hours is also immensely important.
3. Not willing to put in the hours
Just because you own a business now doesn’t necessarily mean you can come and go as you please.
This comes down to your customer base once again. You have to be AVAILABLE to your customers.
Be sure to have set hours when you are at your business. If you come and go as you please inconsistently, you will lose customers.
Here’s an example. Growing up, I remember a hair salon right across the street from my family’s business. This salon had tanning, which at the time was a popular treat for a high school girl like me.
At first, the owner of the salon was open after school. But then, my friends and I would go there and the business would be closed.
Soon, she was closed more and more days after school. She wasn’t even open every day. She basically went into her business whenever she felt like it.
Of course, I stopped going to that salon to tan. I couldn’t keep up with her inconsistency in her hours.
As a customer of hers, it would have been so nice to have been notified of the change in business hours.
Needless to say, the salon did not stay in business due to the fact she could not keep consistent hours.
4. Product Sold Is Only Mediocre
How great is your product? Think about why your audience would want it.
Think about the quality of your product and why it is a better product than others in it’s caliber.
If you have a product that breaks easily or is simply not worth the price you are putting on it, you won’t find too many people running to purchase.
It’s not a bad idea to set up a focus group or invite people to try or test your product. Take their comments, questions and constructive criticism seriously.
The may be the changes your project needs to become an exceptional project.
5. Failing to Invest Resources for Growth
As you grow your customer base, you should be aware of your business growth as well.
If you aren’t investing more and better into your business, why would anyone stick with you?
Your customers will outgrow your business pretty quick without new and exciting expansion.
It may be risky to invest in more, but it’s more important to continue to grow with your customers.
You really need a team of people to invest in your vision. No one can do it all and new ideas from other are golden.
Your tribe of investors can give you helpful ideas, motivation and new goals to achieve to keep you excited about growing your business.
Resources can also be people investing in your business.
As you grow your new business, you may want to think about hiring some employees. Again, no one can do everything.
Think about tedious tasks that you can delegate to someone else. Find someone that is good at those tasks and turn them loose.
You would be surprised at how much time you can spend on things you enjoy doing, while someone else is completing tasks you don’t enjoy.
Delegation is hard when your business is your baby.
However, your business will consume you and your life is you do not learn to delegate as your business grows.
There are Wrong Ways for Starting your Dream Business
You have to have a passion for what you are doing. But, you also must have a passion for helping others.
If you put your heart, soul, and time into your product and how it can help others, you will be starting a business the right way.
Focus on your loyal customers and enjoy the fruits of your hard earned labor.
What is YOUR dream job or business?
~ Much Love ~
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