Why Your Business Is Not A Success
Why is it that your business is not successful, whilst other business owners seem to have it easy? Do you feel as though you’re working every spare hour that you have for chickenfeed, whilst Mr Successful down the road seems to be getting all the lucky breaks? Maybe you’re making one of these terrible mistakes.
You Don’t Need to Succeed: You’re working at your business part-time and you still have income from your job.
Possible Solutions: Take your business seriously if you want to be successful. Set yourself goals, and aim towards giving up your day job. Can you save the money up from your part-time profits, or by budgeting? Can you release some equity from your home? Can you get a bank loan, or a grant. If you’re from the USA, you can get a free government grant kit which will help you to get a grant.
You Want to Make A Lot Of Money As Fast As Possible: And no matter how hard you try, it’s just not working, you’re hardly making a bean.
We wants to make a lot of money eventually but our main objective is building a successful business. When I starts to earn a lot, it’s not the money I made that gives me the most satisfaction, but the efforts I put in to get it.
Possible Solutions: Don’t make getting rich your main aim. Concentrate on building a successful business that people have a need for. If your current business doesn’t fall into this category, ditch it, and try something you really enjoy doing.
You’re Not Reinvesting Your Profits: Even though you have a job to pay the bills, you spend the small amounts you earn from your part-time venture.
We saved hard to start her business, and made sure we had enough cash to live on for a year. We reinvests all the profits in our business, so that we can grow it quicker.
Possible Solution: Any profits you make from your part-time venture, no matter how small should go back into growing and marketing your business. Don’t spend a penny of them on anything else.
You’ve Chosen the Wrong Type of Business: You’ve jumped on the make money online bandwagon, or some other oversaturated niche. You saw lots of other people doing it – thousands in fact, so you figured there must be a demand. And you promote every new product going.
We did research and took our time to figure out what people wanted, then we chose what type of business to start. The market is not oversaturated, although we do have some competitors as there is a demand for what we are offering.
Possible Solution: Start again. Make a list of the things you enjoy, take your time to discover what people want (hanging out on forums is a great way to do this), then work out a way that you can give people what they’re looking for.
Your Competitors Are Undercutting You and You Can’t Make A Profit: You jumped on the “me too” bandwagon. You saw businesses that seemed to be doing well, and they were in great demand, so they decided to do the same. It looked easy and because you were new, all you had to do was charge less than your competitors. The trouble was, as soon as you did that, they reduced their prices too.
We doesn’t compete on price. In fact our prices are much higher than many of our competitors. But, we noticed that many were selling a poor quality product, and on average, delivery time took a week. We can charge more because our product is of superior quality and we can deliver overnight.
Possible Solution: Don’t compete on price – even when you’re just starting out. Find a way that you can improve your service and make it more attractive to your customers. Can you be faster, more efficient, offer better quality? What do your customers want? Ask them – send questionnaires, or call them. If you’re offering something better than your competitors offer, then you don’t need to compete on price.
