The Number 1 Reason Why Most New Businesses Fail (Pt 2)

“Success is simple. Do what’s right, the right way, at the right time” Arnold H Glasow

This is a bit of a lengthy post so you might want to go and grab yourself a cuppa. It’s worth it though, so make sure you come back…

Okay, so you thought you’d become an entrepreneur and start your own business. You’ve done loads of research, read lots of different books from lots of different authors and learnt one lesson from all of them – you can start a small business fairly easily and and make a tonne of money from it.

You’d be mad not to then right?

After all, if you can make a living from doing something that is fun and that you love, why wouldn’t you?

So you start to think “I’ve got to come up with an idea that I can monetise”.

That’s pretty logical thinking isn’t it? I mean if you’re going to be a serious business owner and make a living from it, you are going to have to start making money to pay your bills, and buy food and clothes and other really important stuff.

So what do you do?

Well, if you’re anything like me, and thousands of other new business owners, you will do what the other business owners told you to do. You will register your business, get a website and Facebook page, get some business cards and begin to promote your business wherever you can.

You will also try and reach more people by sharing information on

Facebook

Twitter

Instagram

Pinterest

Mix

Vero

You might even email your friends and family to tell them about your new business and invite them to come and have a look at it.

Then you check your sales…

..

..

..

Nothing! Nil! Nought! All that work and not a penny to show for it.

Sometimes it works straight away and you might get a sale or two, but then nothing again for days, weeks or even months.

So then what do you do?

I mean, come on, seriously, no sales for months?

You’ve spent hours and hours creating your products or service offer. You’ve spent hours and hours on social media joining groups, promoting your business, engaging with other business owners. You’ve spent more hours learning techniques to improve your business skills, and yet still you have no sales.

You’re disheartened.

You’re starting to feel that maybe it just isn’t going to work for you

Your bank balance is going down and not up

If you haven’t made any sales at all, maybe you are thinking of quitting right now.

Even if you’ve made a few sales, how will you make more. How will you make enough sales to cover your costs and start to make a living?

You’ve probably already read everything there is to read about starting a business and taken all the free courses you can find…

It’s about now that you will start to feel a little desperate. You will be frantically looking for that ONE thing that you should be doing that will make all the difference.

Basically, you have used all the skills and knowledge that you have to get this far and make one or two sales, but you don’t have the know-how to make any more.

And there it is, your big mistake…

You’ve done what’s right, but not necessarily at the right time, or in the right way.

Take a moment to digest that because it is important and it will make all the difference to the future success of your business.

If you want a successful business, you have to be able to attract customers on a regular, or recurring basis.

If you can’t do that, you will never be able to support yourself as a business owner as your business simply won’t be able to make enough money to sustain you.

So, if all you’re focused on in the beginning is just getting your first few sales and expect that to magically grow into a thriving business, chances are, you are most likely going to fail.

You are simply going through the motion of “doing the right things” and ignoring the rest of the process.

Remember the quote at the beginning of this post? “Success is simple. Do what’s right, the right way, at the right time” Arnold H Glasow

Many new business owners do what they were told to do (what’s right) but not in the right way or at the right time – and this is why they fail.

Successful business owners learn HOW TO run a business

How does this help them?

Successful business owners don’t spend time and energy chasing a few sales from their small network of social media followers or friends and family. Instead they spend time and energy on learning how to build a  business that will attract new leads and customers every day.

The simple fact is: they build a business that they love, and that earns them money 24/7 365 days a year.

Here’s an example of what that could mean for a business owner who is making a success of their business…

Imagine getting an email. You open it and inside is a notification from PayPal that you have received a payment from a brand new customer.

Last week they saw an advert on Facebook and clicked through to your landing page. They were awestruck (coz your products are amazing). They read a bit more about you on the website while they were there, some of which contained offers.

Today they have come across your offer again. This time they click through to find out more about your offer and they feel it’s a good fit for them. As you have already introduced yourself and perhaps offered added value by way of your blog they trust you. They know it will be a good offer. They click the buy now button and give their card details

You get an email to let you know you have just made a sale.

Imagine that 6, 10, 20 times a day. How would that feel?

Now imagine not having to do a thing about it. You know that as soon as that person hit the buy now button they were sent a welcome email letting them know that they are in good hands.

The purchase action will now trigger a fully automated process so that the customer gets their product or service delivered to them fuss free.

The next time they see one of your offers do you think they will purchase?

How does that all work?

Automating your business means that instead of a stressed out business owner, you are a calm and productive one who is enjoying running their fun business.

It means that instead of worrying constantly about where your next customer is coming from, your business is actively seeking out those customers for you, dealing with requests, sending out information and following up with them from time to time too.

A successful business owner learns how to build a business that is system driven.

A Marketing System: This part of the process is all about finding those new customers. You will figure out how you like to communicate with your potential clients, and develop a system to reach them. This system will be different for different businesses but usually involves text, video, podcast or webinars to reach their potential clients and customers.

An Education System: Once your potential customers see you, they need to learn more bout you and, more importantly, how you can help them. This is where your website really comes into its own. You can talk about your product or service, give examples of how it has helped others, talk about the benefits that they can expect and the transformation that will happen for them as a result of using your product or service.

A Conversion System: This is your fully optimised and automated sales funnel. OMG I hear you cry. Don’t worry, it’s just a fancy way of talking about a specific process that you set up to help your customers get to know you, and fall in love with you. Once they feel they know, like and trust you, they are far more likely to hand over their credit card and pay for your product or service. This can consist of phone calls, lead magnets, emails or other methods that are likely to reach your potential customers. The important thing is that you have a system in place that moves customers along, and that it works.

An Onboarding System: This is how you welcome your customers and let them know what happens next. It might include automating contracts, sending out email series, or other things that will interest and excite your new customer. The idea is to make them welcome and to make them feel at ease and know exactly what they need to do next.

A Sales System: Making one sale is great, but to be successful in business,  you will need to make repeat sales. It is much easier to sell something to someone who has already made a purchase from you than it is to sell to a complete stranger. To enable you to do this, you are going to need a proper sales system. This system will lead them from one product to the next in a seamless process. This sales system will set you apart as a successful blogger, and will help you to gain more customers and sales in a much faster time.

As you can see then, it’s not about how quickly you can make your first couple of sales, that’s not what makes a successful business.  Successful business owners learn how to set their systems up so that their business can grow and become self-sustaining.

Then they apply all that knowledge in their business. They take what they have learned and turn it into action.

Does this mean it will take longer to make those first few sales?

Yes, probably.

But do they have a business that attracts customers, makes sales daily, and is sustainable for years?

Absolutely.

This is because they have understood the bigger picture which is simply:

One or two sales is not going to make a successful business.

A consistent stream of new and repeat customers is.

I’ll bet you are saying “that’s all very well, but how do I do all that in my business?

You need to treat learning about business the same way you treated learning about whatever it is you are selling. You are going to need to invest time and energy into your professional business learning so that you can develop the five big and important systems that are going to drive your business forward to success.

If at this point you are thinking “Seriously, you’re telling me that after months of learning how to ????? I now need to go and learn how to run a business. You’re honestly not going to be a little more specific?”

I get it. I would feel a little let down too, especially after devoting time to reading not one but two blog posts hoping to find the answer to why most new businesses fail.

Please don’t worry. I am not going to leave you hanging. I am going to get a whole lot more specific and more helpful – I promise 🙂

But right now, business training DOESN’T matter

Yep, you did read that right. Business training doesn’t matter right now, because there’s something far more important that we need to address first. You’ve got to deal with an unexpectedly concerning issue about yourself.

Make sure you don’t miss the next part of this story. Subscribe to my blog and I’ll drop you a quick email when I publish it.

 

 

Click here to find out... The Number 1 Reason Why Most New Businesses Fail and how you can avoid becoming one of them.

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