Why Your Business is Not Successful
Success Quarterly is a tech and business blog that focuses on the intersection of Silicon Valley and Hollywood, including technology, business, mobile, entertainment, media, and related topics.
Starting your business can be tough, but not because you don’t have enough resources to succeed. You probably do! The problem is that most of these resources are in the hands of other people who aren’t helping you much if they're going about it wrong.
Too many entrepreneurs start with the easy thing to do – creating a website and marketing it using social media. It's great to have a site and post things, but that's not what I'm talking about here.
I'll give you some tips and tricks for starting a business that actually work. These strategies will help you launch and run your business without too much hassle or cost. They'll even help you keep your business afloat after launch. Here's what you need to know.
You are not spending enough time with your clients
As mentioned earlier, the most important person in business is you – the entrepreneur! If you are too busy running around trying to meet deadlines, chasing down payment methods, or looking for new clients, then you will fail as an entrepreneur.
You must invest some time into your business. It can be half of your day, it can be one morning a week, but make sure that you don’t waste this time otherwise it will add up and you may lose control over your company.
It is essential that you focus on growing your business by creating more products, services, and opportunities for yourself and others to use them. This will bring in more money which we need to spend on advertising, marketing, and finding new customers.
Running a business takes a lot of effort and energy so don’t drop balls when needed the most, instead prioritize and get out of bed every day to work on your business.
You are not charging your clients enough
If you have ever wanted to succeed in business, then you needed to know why your business is not successful. It’s time to start doing some hard work and it can cost you money, but it will definitely pay off.
The first thing that you need to do is determine what makes a product or service valuable. What price does someone want to pay for it? And how much profit does this product make for its seller?
If those numbers are lower than you expected them to be, it may be time to reevaluate your product or service and what you are offering with it.
You may need to reduce the value of your product or service or offer less of it to get the same amount of profits. Or maybe you need to find another product like it and that can pull in the same number of customers.
There is no one right way to run a business, but if you feel like you could give up more money, try looking into ways to save money on your products or services.
You are not using social media properly
It seems like every business has a digital marketing team that is constantly changing their strategy, position, content, and tactics for Facebook, Instagram, and Twitter.
But what about you? What are your current strategies looking like?
Are you spending time in social media actively engaging with others, creating conversations, responding to comments and messages, and growing your audience?
If yes, great! But if no, that’s okay too. It’s totally normal to start feeling overwhelmed by all of the different platforms and features they have.
It can be tricky trying to decide which ones matter the most and how much energy you should devote to each one. Plus, some people may feel uncomfortable putting themselves out there more than once a day or even twice a week.
That’s why I believe it’s important to focus less on having “lots” of followers or "lots" of engagements but rather whether or not your **actual** fans and **real** engagement matters to YOU as an entrepreneur.
Why? Because IF IT DOESN’T THEN SOMETHING IS MISSING FROM YOUR BUSINESS AND THIS CAN LEAVE A SELLING FLOW IMPEDED.
You are not marketing your business enough
As mentioned before, being visible is one of the most important things to promote your business. But how much time do you spend advertising yourself?
Most entrepreneurs start their businesses with great intentions; they want to make money and improve the community by helping others. However, what many don’t realize is that creating a successful business takes more than just working hard. It also requires investing in some excellent marketing strategies and materials.
By this stage of your business, you have already spent quite a bit of money promoting it, so why aren’t you making any profits? This article will discuss several reasons as to why.
It's human nature to avoid risk, but if you're going to run a business, you'll need to be at least slightly uncomfortable at times. Risk taking brings about innovation, which is an essential ingredient for business success.
Here are seven reasons why you are not marketing your business effectively and what you can do to change that.
You are not choosing the right marketing methods
Choosing your next business strategy or marketing tactic is like deciding what food to eat for lunch – you want to know it is good so that you can keep eating well throughout the day.
You do not have to stick with what works now, but starting off using poor strategies could be the death of your business.
It is very difficult to succeed without doing some things correctly, and being aware of which tactics work is one of them!
In this article, we will talk about three of the most important ways to market your business and why limiting yourself in terms of strategies is a bad idea.
You are not using up all of your resources
There is a myth that has been perpetuated in business for a long time – you need to use up all of your resources before people will buy from you.
This myth comes with a large price tag. It can cost you your life’s savings as well as hurt you emotionally.
It also does not make sense, because it implies there is a limited amount of money out there, and if you do not spend it quickly then it will run out. This cannot be true, we know how much money there is in the world!
So why this myth? Because at one time it was very helpful. Back when everyone had enough money they would try to convince each other about why their company or product was better than the others.
You are not taking risks
As discussed earlier, risk is an integral part of business. If you don’t take risks, you won’t succeed. But with all due respect to those who play it safe, that isn’t a good thing.
Risk comes in many forms – financial, physical, social, etc. Taking too much risk will probably cost you money, but avoiding risk can prevent you from success.
It sounds crazy, I know, but there’s a reason why entrepreneurs are paid such great sums of money while employees are usually only paid so well. A lot of employers make their workers feel comfortable working within safety limits and being sure of themselves and the process makes for efficient workers which is what companies want to have.
But what if your company was going out of its way to help you grow as a person? What if they were trying hard to inspire you and keep you motivated by bringing more risk into your life?
Business owners who aren’t taking enough risks are limiting how successful their businesses can be. They may even be keeping yourself from succeeding at something you love!
There’s no guarantee that every idea will work, but we should try ideas that seem doubtful. We shouldn’t get attached to certain ones unless they clearly work. That would be wasting time and energy on things that don’t pay off.
You have to lose some bets along the way to win the big one.
You are not thinking about starting a business
Starting your own business is definitely an exciting idea, but before you take the next step make sure you have thought through all of the implications. Investigating why your business failed or what didn’t work for your competitor can give you some great insights into how to improve your business model.
It may also help you identify new areas to invest in to gain more sales. For example, if one of the reasons your competitors succeeded was because they invested in advertising then maybe you should do the same?
By investing time in marketing your product/service, you will generate more interest in it which could lead to more customers.
A lot of people start businesses without really planning out the rest of the process so they don’t think about what steps come after opening up their shop. It is important to consider the logistics of running a business as well as the financial side.