Does Your Small Business Face A Crisis? Here’s How To Deal With It
Most people believe that getting into the business world with nothing but passion and capital will definitely be easy. It may be true that putting up an starting your own business may be easy, but staying in business is the difficult part. According to the United States Bureau of Labor Statistics, more than 20 percent of small businesses fail by the end of their first year because of the various challenges they face. Those who manage to survive would make it into their fifth year but 50 percent of them don’t go further than that.
According to experts, most business problems that occur during its first year are actually fixable, there are just times that people don’t have enough business knowledge. Here are some of the most common problems small business face during their first few years.
Looking For Customers
When it comes to businesses, the most important people are the customers. That is because, without them, any business would fail. What people need to understand is that even the biggest companies in the world work hard every single day to be able to reach new customers even if they already have billions of them. There is no such thing as too many customers as long as you are able to fulfill and give proper service to them.
Unfortunately, for new and small businesses it could be pretty difficult to actually find customers. The first thing you must consider as a business owner is to know who your target people are. You cannot just put up a business without knowing who you want to attract. It is very important to know who they are and what they most likely want. One of the most ideal ways to do it is to conduct a survey on your target market, so that you would know what they want and don’t want.
From then on, use it as a basis from to be able to create what you think they would want. Once you have planned out everything, you must spend the time to actually advertise it and make sure your target market know about it. If your target market is teenagers and young adults, the most ideal way to spread the news out is by creating social media pages that they could look into, giving out flyers may not be the best way to reach young people.
Talented and Dedicated Employees
It is very easy to hire people, especially when the unemployment rate is pretty high. This is where most small businesses usually go wrong. A workplace can be a second home for people who actually love their job, they would treat the place with respect as well as the other people they work with.
Hiring employees is like creating a family, and you won’t be able to do that if you are hiring for short-term purposes. Why choose people who are good if you can choose the ones who are great? Keep in mind that your employees will be the face of your business because they most likely deal with your customers. It is your business that will be at stake, so it is your responsibility to find great employees and simply not settle for less.
Not Enough Business Knowledge
Everyone could literally start their own businesses, but not everyone could maintain it and actually make it work. What people need to understand is that want and desire are two different things.
If you want something, you could try so hard to get it, but if you actually desire for something, you would find different ways on how to not just get it but actually make it successful. If you are a waitress without any business background, it doesn’t mean that you already have enough knowledge in the restaurant business.
There are so many things you have to learn before getting into the restaurant business, such as getting a great chef and a great kitchen staff. It is also very important to know a lot of things about food since it is what your customers will have.
Having enough business knowledge doesn’t necessarily mean that you need to go to business school, it just means that you must have enough experience that you would know how to run a business even with your eyes closed. A clueless owner would not be able to give clear leadership and it would lead to having clueless staff and a disaster of a business.
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