Welcome back guys.
As everyone knows 95% of business startup fails, due to some or many reasons. As a result people have started preferring jobs more than business. Now it’s not the market situation, which has forced them to shut down their business. It was their own lack of knowledge and strategies, which forced them to shut down their business. Because the rest 5% are running, surviving and earning money in that same market situation, in which the rest 95% where not able to survive. So here are some big mistakes that kills your business growth.
Mistake Number 1
Providing services in free – Now you will say, what? we have to provide service in free as a new company, how we will reach the customers if they will don’t know about our service. Providing service in free is no big deal, but providing service absolutely free where you are not getting any benefits in return, is a very big deal. Work in barter. If i am saying barter that doesn’t mean about exchanging some good or exchanging some service. What i really mean of barter is, why are you not selling your service in front of some promotion? So as i said providing free service is no big deal, but providing absolutely free service is a very deal.
Mistake Number 2
Following the hoards of Sheep – So the problem of 95% which are getting failed, can be easily described in this mistake. Now what the most of new startup are doing is the same thing as the businesses which got shut down. They are following the same footstep as the businesses which got failed. They don’t want to work their brain on finding some new ideas, they just want to follow the same blueprints passed down by the other business.
Mistake Number 3
Your Sales Sucks – You want to do business, great. You want to run successful business, that’s too great. You want to earn money, that’s also great. But you don’t want to sell? That really sucks. So the problem with most of the companies is simple, they want the clients to approach them, but they don’t want to approach someone. As every business needs sell to run itself, but what you are doing will definitely close your business.
Mistake number 4
Big Fat Discount – Providing a discount is okay, no problem in that. But providing a big fat discount ruins yours goodwill in the market. You are not amazon nor ali baba who is launching a summer sale or freedoms sale. You are just a regular business person who is trying to grow his business. And giving a big fat discount will only raise question and doubts about your brand in the people’s mind. So providing a discount is okay, but providing a big fat discount? Think about it.
Mistake Number 5
Investing more in business than marketing – Now the biggest reason why the new startups are facing difficulty in growing their business, is they don’t know the importance of marketing. They are too focused on growing their business, that they neglect the marketing completely. You need customers to let your business move on. So if you are too focused on growing your business & neglecting the importance of marketing completely, then i don’t know how long you will survive.
So this are the basic yet biggest mistakes that the new startups make’s today. So if you want to survive, i think you know now what you should do.
This are some recommendation of books from my side, if you want to learn about business.
How Great Entrepreneur Build Their Business : https://amzn.to/2YNoJPw
The Midas Touch : https://amzn.to/2Z2sjjR
Marketing Management: https://amzn.to/2KG5KfK