It has taken you months to get this far. Sleepless nights and one hundred hour weeks. You’re checking your emails at 2am, and panicking that your website server might be down. There’s no doubt you’ve worked hard and put everything you have into launching your startup. So why are you not making any money? Why isn’t your business performing as expected?
Marketing is so much more than just advertising. A couple of ads online or leaflets through doors isn’t going to create a rush of customers. You need to research your marketplace. You need to understand the customers you are trying to attract. And you need a clear strategy on how to reach them. Knowledge is power. If you haven’t thoroughly researched your customers and marketplace, you may not be targeting your ad campaigns.
Product or Service
Have you checked there is a need or desire for what you’re selling? It may be one of the best ideas in the world, but if nobody needs it, then it will never take off. Is your marketplace already saturated with competitors offering similar products or services? You need to be unique. It is essential your company stands out from the crowd by offering something the others are missing. And it needs to be something their customers want.
Lots of people start up businesses with the intention of making money. But does your business expose your best strengths? Many entrepreneurs are great at setting businesses up, but may know very little about how to create the products they’re selling. What are you good at? And what do you excel at? If you haven’t done so recently, why not check out www.careerguts.com and see what kind of career you are truly suited to. Chances are the business you’re working hard at isn’t where your strengths truly lie if it isn’t working out.
Run Out Of Steam
After working really hard to get your startup launched, you may be suffering from exhaustion. Perhaps you just need a break from things to clear your head. Taking time out to stand back and see the bigger picture can help you identify opportunities you may have missed. This is the toughest time for businesses and is commonly the point where they fail. Step back, have a week off, and see things differently from a fresher perspective.
You’re probably aware just how hard it is to find new customers. But are you taking good care of the ones you have already won? Repeat business is essential for any company, regardless of size. Upsell, cross-sell and sell again to as many customers as you can. Communicate with them and ensure you have great customer relationship management skills.
Not all startups make it. But the entrepreneurs that succeed in life are the ones that brush themselves off and go for something even better. After all, if at first you don’t succeed, try and try again. If you’re struggling to get your startup on the path to success, take a step back to see where you can try things differently.