Small business owners and entrepreneurs of all sorts face many obstacles during their first three years of operation.
In fact, at the end of their first year, about 20% of all small companies collapse and fail.
At the end of their fifth year, 50% have failed, and by the tenth year, it's up to 80%.
You can overcome many of these obstacles with help from the tips given in this blog post.
So what's driving these businesses to their early demise? And, more importantly, what are successful businesses doing to prevent this unfortunate fate?
Below, we'll examine some of the most common struggles entrepreneurs face and what you can do to avoid them.
As an entrepreneur starting, one of the most significant issues you'll face is where to find those good, high-paying clients.
This isn't just a challenge for small businesses.
Marketers at well-known companies such as Microsoft, Mercedes Benz and Nike don't just sit around hoping that leads will come in: they go out and get them.
The largest and most profitable businesses employ experts who work tirelessly to attract prospective leads and potential clients.
Seeking customers and clients begins by deciding who the target customer is. It would be best if you were sure your message is reaching the right people. This is typically done by creating a series of semi-fictional characters, known as your buyer personas, based on your ideal customers.
By deciding what demographic you'd like to target, you will feel what your potential buyers are like, what they do, and where they spend their time online. Creating specific buyer personas will boost your market performance significantly.
When you've determined your buyer personas, you can start developing content and reaching out to your potential buyers in areas where they spend time online and with ads that appeal to them.
Another major issue that most entrepreneurs deal with is getting their name out there into the world.
Customers can't and won't buy from you if they've never heard of you or they simply don't know who you are.
Many of today's well-known brands seem to have appeared out of nowhere.
How did they become so prominent? How did they expand so quickly? Is it possible for your company to grow in the same way?
Three of the best ways to build brand awareness are PR, co-marketing and blogging.
PR is more about focusing your voice and finding your place in the market than it is about paying for a spot in a news blog. It's about building rapport with those most likely to interact with and buy from your brand. Just remember to ensure that your tone of voice, branding elements like logo design remain consistent throughout your PR efforts.
Co-marketing involves partnering with other companies to reach an even broader audience. It's an excellent way to supplement your organic marketing activities by gaining a vast number of new contacts while also building community-mindedness and helping out other entrepreneurs at the same time.
Writing a high-quality blog daily, weekly or monthly can help you create brand recognition. A blog not only aids in driving traffic to your website and converting the traffic into leads, but it also aids in establishing authority in your industry and building trust among your clients.
Sometimes, it's easy to find customers. The tricky part is turning them into return customers that keep coming back to you time and time again.
Customer delight is even better than customer satisfaction.
Delighted customers will return to order from you, write testimonials, commit to case studies and recommend you to others, which is far better than simply promoting yourself and telling consumers to buy from you.
You must exceed standards and have an unrivalled service to gain genuine consumer delight and turn your consumers into brand promoters.
The service you give your client can turn them into raving fans in no time.
Here are a few suggestions to help you get in the right frame of mind to create customer delight:
Recognize why your clients choose you and what they require.
Set clear goals at the outset of the relationship and make sure they're met (and the buyers' interests are met).
Think of new ways to include unexpected extras that go beyond and above the call of duty.
Common Entrepreneurial Struggles
While these are 3 of the most common struggles faced by entrepreneurs daily, the world of entrepreneurship is filled with pitfalls and dangers, risks and hazards.
However, those who can successfully navigate this landscape open themselves up to a world of possibility involving some of the greatest feelings of reward and accomplishment.
Just remember that you're not alone!
Many have tried and failed before you, and many are trudging along this road as well.
Work together, learn from each other, keep pushing, and the whole world can one day be yours!
- Amber Hayes