So you finally took the plunge and set out on your own. You are now a local business owner!
Now what? Do you really think that now that you own a business, that customers are just going to call you or walk into your store/office and hand you money?
If you believe this, then you’re delusional. You’ve been watching too many reality television shows.
What you’ll soon going to find out is, how hard it actually is to make a sale. If you’re in the service industry, it’s going to be even harder. You may not have a store front where you are visible to the public so, your traffic may be light.
Have you thought about how you are going to attract new customers/clients? Do you have a marketing plan in place or even have a marketing budget?
Planning your marketing is going to be crucial to your success. You can’t just shoot from the hip if you want to be in business for the next few years or even longer.
According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn.
The number one reason is most businesses run out of cash before they can start pulling in enough revenue to sustain the business.
The owner loses focus on generating enough revenue and this gigantic mistake comes back to haunt them in a big way.
Another reason these businesses fail is because the owner underestimates everything about the start-up phase of the business.
*How much capital it will take to actually get the business off of the ground.
*Underestimate the amount of hours that will be required to sustain the business
*No Real Marketing Plan
*No Real Marketing Budget
*Refuses to ask for help from experts (pride gets in the way)
*Doesn’t know how to sell himself or the product/service
Most entrepreneurs believe that’ if they build it, they will come’…That only happens in Kevin Costner movies
Top 5 Reasons Your Marketing Efforts Aren’t Working;
- You don’t believe in marketing and think your product or service is so good, it will sell itself.
- You don’t have a marketing plan.
- You don’t have a marketing budget.
- You don’t know how to market your business.
- You think marketing is too expensive.
I can tell you from my over 25 years of experience, that none of these reasons are valid. If you don’t have a plan of action or blueprint on how are you’re going to succeed? It can’t be done.
In regards to, you think you have the best product or service in the world…well, that may be true but, if no one knows about it, it will not be sold.
There is old saying in marketing that goes something like this: “No matter how good your product or service you have, there will be times where you can’t even give it away.’
The public is burnt out and jaded on advertising buzzwords like ‘FREE.’ People don’t trust advertising like they once did and there is a great amount of skepticism involved.
Products and services don’t sell themselves. People, systems and marketing efforts do. Get a plan in place or seek out the advice of an expert.
This leads me to the notion that marketing is too expensive. IT CAN BE. But, if you do things right and plan for the investment, it doesn’t have to be.
Good marketing plans are measurable and trackable. If you keep good analytics, you can change your marketing campaigns rather quickly, thus wasting your money and making you money instead!
Good luck on your new adventure of entrepreneurship and marketing your local business!