According to the research, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. An alarming 80% crash and burn out. Listed below are things you must do to ensure you are stay in business.
1. DO YOUR RESEARCH
Some entrepreneurs will invest so much money without doing research to find out if there is a demand for their product or service. Do not be product or service led in creating your business, be customer led. Even if you have already started a business you can still refocus your mission to what the customer wants. Create focus groups and do market research.
2. FIND YOUR NICHE
Small to medium size business owners who create products for the mass market soon realise that they cannot compete with the big players who already have most of the market share. That is why it is very important to create a niche. Be known for an area of speciality in your industry rather than a jack of all trades
3. FIND YOUR TARGET MARKET
It is very important for an entrepreneur to define and find your target market. You cannot be all things to all consumers. You have to carefully go through a process and decide who you are trying to reach. Once you know your target market then you can put strategies in place to locate them. Some entrepreneurs do not understand how essential it is to find their target market. They waste a lot of budget on mass marketing and get disappointed when they don’t get a return on investment.
4. INVEST IN EXPERTS
Entrepreneurs, who do well, know that they do not need all the skills to have a very successful business. They either invest in a consultant to do things like their marketing, publicity or accounting or they outsource it. Find experts that can assist you in these areas so that you can focus on the core of the business. You need a profitable business model with proven revenue streams.
5. TEST ALL YOUR TACTICS
If you keep doing the same thing over and over again you will get the same result. Test all your tactics to make sure they work. It makes sense to increase on the ones that are working and decrease on the ones that are not. A monthly report should be conducted to examine what is working and what is not. Do not wait for the business to face closure before realising that you should test all your plans.
6. SALES & MARKETING
There are several ways to be creative with marketing and sales. Publicity is one aspect of marketing that is low cost compared to other areas. It is one area we advise that all business owners should invest in. Publicity is a must for every small to medium business owner. You should either do it in house or find an expert publicist that can assist you. Invest in sales training as it is an essential skill to have as a business owner.
About Majestically Rare – Publicity Services
We help develop marketing and publicity strategies that enables small and medium size businesses capture market share from the ‘big players’ by creating brand recognition, enabling businesses to repackage and reposition themselves to attract more clients’ thereby increasing profit. We also act on your behalf as Event & Publicity planners. Contact firstname.lastname@example.org for an initial free consultation +234 806 899 7439
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