Around 50% of small businesses fail in the first four years. Staggering, isn’t it? And while there are tons of roadblocks ahead, here are the most common ones that can turn your business dreams into dust. Best to avoid these while you can.
MINIMAL (OR ZERO) CAPITAL
You might have a very stringent budget – zero even, but that’s where resourcefulness comes in. Yes, it’s possible to start a business with very limited budget, but only if you’re willing to work at it. And, of course, if you possess the right combination of skills, marketing know-how, and determination. You need to wear many hats in order to get the job done. For starters, here’s how to grow your business without money: 15 tactics and tools that don’t cost a cent.
Here are some more tips:
- Make sure to avoid unnecessary expenses.
- Make use of free advertising and marketing.
- Ask your friends and family to spread the word.
- Don’t be afraid to hustle.
- Barter using your services.
TOO MANY IDEAS SYNDROME
Yes, you have a lot of really great business ideas but unless you’re Mark Zuckerberg, you won’t have enough time, money or human resources to execute them all. However, you do have the right skills and know-how to put some of them into action.
Our top tips:
- Write your ideas down.
- Rank and evaluate them according to probability.
- Make use of the 80/20 or Pareto principle (20% of efforts should bring 80% results).
NOT KNOWING HOW OR WHEN TO START
Once you’ve developed your business idea, then it’s time to put some systems into action. First, you need to make sure that you have all the right tools and resources in order to get the job done. Second, you need to develop a system to grab your potential clients’ or customers’ attention. Websites, social media, forums – anywhere you can get some publicity. Finally, develop a system to sell your product/services.
LACK OF CUSTOMERS
When it comes to businesses, one can never have enough of customers. So if you have trouble in acquiring them, you need to work on a couple of things. One is to perfect your sales pitch. You need to “hook” customers with it. Once you do this, you need to get them comfortable enough to do business with you. And while you’re at it, here are 8 ways to grow business credibility when you’re just starting out.
“It can be overwhelming to manage your time, communicate effectively and stay organized while developing your business skills. No one hands you a resource book — you have to be self-disciplined. As an entrepreneur, you love what you do, so taking a break is challenging. But you need to work on your business, not in it. Delegate relentlessly, and inspire people to want to do a job for you.” – Michelle Touchstone, founder of Pixie Dust Naturals
LACK OF TIME
This is one of the most common roadblocks that small business owners face. Yes, you don’t have time to do everything at once but you do have to make time for what you’re good at doing (such as growing your business and thinking of more strategies to keep it soaring) and outsource the other mundane tasks.
In just 30 minutes, we can map out a plan to help you achieve your business goals with one of my unique businesses in a box. Email me at email@example.com or click here to book today! **