This is a sad statistic that 80% of new businesses fail in their first five years. The following points are errors that individually can damage your business. Collect together and you will be another statistic.
Trying to sell something that people don’t want to sound clear but you will be surprised. Choosing a good product for sale must be easy. It might not be original but if you choose something that has been bought by people, maybe give a little twist and then you go out and market it better than the other, you might succeed.
But that’s not that many people do. Very amazing, they created something new, something that currently does not provide the market. Now it’s great as long as there is no good reason why no one else sells it.
Your product might be fantastic. But do people want it? Maybe they should want it. This might be something we must all need. But do people really want it. If they are not problematic.
Dispose of money on an inadequate ad What is the fastest way to start marketing your business. That’s right – ads. If you look through your local paper, you will see a number of local businesses that do non-interesting advertising and immediately forgotten. When you start a business, money is always tight. Each pound spends the need to generate profits.
If your ad doesn’t make a profit, you must immediately stop it. If your ad costs say £ 300, if you don’t produce more than that in the net profit then you have to stop it. Now I know the argument about time taking the time to build awareness. Small businesses should not do brand ads. Each ad must produce a direct response and generate profits.
A website that no one knows about you might have the most beautiful website in the world. You may have spent weeks of making words and choosing beautiful images. You may have spent thousands of pounds with very skilled designers but if no one finds it then unfortunately you have wasted your time and money.
At the same time you make your website, you have to spend time thinking about how you will drive traffic there.
Here are some ways to ensure your website found:
1.Search engine optimization
2. Pay per click ad
3. Email marketing.
4. Traditional Advertising
5. Viral Marketing.
6. Entrance link building
Do not create the back of the product and service most businesses make money by developing long-term relationships with customers. The cost of acquiring new customers is very high. Fortunately the cost of sales to existing customers is much lower. So the secret is to make a “back end” so as soon as you make the first sale, you have something else to sell it. Your customers have made the decision to buy from you once, given the right offer they will be happy to buy from you again.
Create a product order for your customers to buy and watch your sales grow.
Not allowing yourself enough time or money, some businesses become successful overnight. If you take the right step from the start, then you can build your business quickly. But it will still take time.
When you start, you have to decide how long you are thinking of building your business. Realistically you may now double. And of course it’s not just the time you need. You also need money. You have to make sure you have enough cash to take you through this extended period. It’s a shame when a good business fails because the owner underestimates how long and how long it costs to solve and run.