Oftentimes, the dark side of entrepreneurship is not discussed nor are there enough efforts made to mitigate new business failures. In fact, we frequently read that only 78% of small business makes it through their first year, while 32% struggles to complete their second year In business. The statistics are not improving and it seems the figure keeps going up year after year. This would make anyone wonder if new businesses are doomed to fail.
The situation hasn’t only put a lot of new small business owners in debt, but it has also impacted their lifestyle Including their personal lives. A lot are experiencing an intense feeling of failure, discouragement, helplessness, stress, anger, and depression. This has also set aspiring business owners into a shadow of doubt and discouraged them from birthing their great ideas to life.
Are you tired of reading about business failure and eager to know what causes them to fail? I’m also tired of writing about all these failures and would rather show you what can be done to grow yours into the business of your dream.
Top small business challenges and Action
These challenges are like a virus, when it’s not contained early, it might spread and become a pandemic that would quarantine your business forever.
Finding Customers
Many businesses fail to understand that a sizable Ideal customer is better than 100000 that would add no value to your business. Focus on what is really important; spend time understanding your target audience and their needs. Can you describe who your ideal customer is in 5 sentences? A house without a solid foundation will definitely crumble. Imagine all your marketing efforts, sleepless nights creating amazing strategies not yielding profit because you are targeting the wrong customer.
Action — Define your customer persona and create a clear strategy for reaching them.
Increasing Brand Awareness
Taboola.com defined brand awareness as an all-encompassing term for how aware and informed people are about what your brand has to offer. I’ve seen business owners running google and Facebook ads after watching 2 hours ads tutorial on youtube and burning dollars as a way of creating brand awareness — but often get disappointed when their ads are getting clicked by people who aren’t clear about the product/service offering. I need to let you know that brand awareness isn’t just about spending money to reach potential customers, It can be done FREE.
Action — Complete the first step of understanding who your customers are and what platforms they use, then create a clear message they would find relatable. A message that is understandable and addresses their pain points, offering a lasting solution to their internet, external and philosophical problems.
Lead Generation
It’s easier to generate quality leads when your offers are irresistible to your target customers.
Action:
Your message has to be clear and concise. You also have to be ready to offer potential leads a free gift in exchange for their contact information.
Click HERE to learn more about Voot Creative