Are You Making These Mistakes in Your Small Business?
A Home Business Article Contributed by Elizabeth Fox-Wise
95% of All Small Businesses Fail in the First Five Years!
That is not a very encouraging number for small business owners. Although being part of the 5% of small business that succeed is not easy, it is possible. What it takes is a lot of hard work, dedication and common sense, along with some basic marketing and sales and skills and the ability to learn from the mistakes made by both your own small business and others!
The First Most Common Mistake of Small Business
The First mistake is having a poorly designed sales process. The key to success with any small business, whether you are marketing a product or a service is staying focused on how you can sell - sell more - and sell more often!
There are three ways you can increase the money being generated by your small business. Get more new customers, Make more money for each transaction, sell more often to existing customers. Sell - Sell more - and Sell more often!
A well defined sales process will include all three of these. If you are missing any of them, you need to re-think your small business strategy.
The Second Most Common Mistake of Small Business
The Second biggest mistake made by small business is not learning what makes their product or service sell well.
The best things you can do to establish your small business is to Build trust with your customers.
Be sure to keep your product offerings relevant to the nature of your small business. Get an email address for as many visitors as possible - this can be when they make a purchase, sign up for your newsletter, request an information package, enter a contest, request a special report or free gift, sign up for a trial/demo, or whatever makes sense for your particular small business.
And lastly, make the perceived value of what you are offering seem as high as you possibly can - this lets your customers feel good about themselves and your small business because they got a great deal!
The Third Most Common Mistake of Small Business
The third biggest mistake made by small business is Not Treating Their Business Like a Business.
Too many small business owners establish bad habits at the beginning and treat their small business like a hobby. There are many things you can do to help you treat your small business like the business that it is.
First of all establish a work schedule and stick to it. Just like you would with a traditional job. This will keep you more focused and help you to get more accomplished.
Also recognize your limitations and seek outside help when it is needed. If you do not know how to build a website, write copy or do the accounting, find someone who does! Doing this will leave you free to do the other things you can do for your small business instead of leaving your frustrated.
Finally - work hard at your small business. Good old fashioned elbow grease and that old college try will still pay off in the long run and help you be a part of that successful 5% !
