Where Do Up To 90% Of New Businesses Go Wrong?

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Contributed post

You’ve probably seen the statistics that up to 90% of businesses fail, and it can be off-putting. In reality, many bring those problems upon themselves by believing very foolish ideas.

Let’s take a look at some of them now.

False: First Impressions Count For Everything

Make no mistake; a great first impression gives you the perfect platform to build upon. However, nobody completed a purchase solely because their initial response was positive. Frankly, the whole user experience needs to satisfy the consumer’s expectations.

This is particularly true online, which is why hiring a web design company could be one of the smartest steps of all. Most people can learn to create an attractive homepage. However, the navigation, visibility, and mobile optimisation are equally vital. Without those features, traffic and conversions will remain low.   

So, while first impressions are important, you need to do far more.   

False: Build It, And They Will Come

With 7.5 billion people on earth, it would be easy to assume that there’s an audience for everything. In truth, there is no denying that even niche products and businesses can achieve great things. But you cannot just expect customers to flock. Most of them need a push in the right direction.

Marketing is a crucial part of any business model, but it’s not just about the branding. Using email marketing flows and timed promotions encourages users to make a decision. Some will resist the urge to complete a purchase. However, many others will find that temptation of great value is far too strong to ignore.

Building it is step one. Without successful promotion, it’ll count for very little.

 

False: It’s Me Versus The World

Once you’ve had your eureka moment, you need to find a way of actively making things happen. However, this is where many people go wrong because they believe that everything needs to be done single-handedly. It doesn’t, and assembling a winning team is the key to growth and success.

Internal recruitment can include outsourcing, as discussed above. Meanwhile, virtual receptionists can provide crucial features without breaking the balance. One of the best things you can do, however, is build a network of local businesses. By trading skills with non-competing companies, your budgets will work far harder.

With greater productivity and efficiency, the odds are suddenly back in your favour.

False: The Road To Success Is Easy

As the title of this blog post should highlight, nobody should expect their business journeys to be plain sailing. All entrepreneurs will face problems and moments filled with stress. Therefore, simply following a pathway that you think will result in easy money is the worst thing you can do.

Working on something you feel passionate about is essential as this will help you through those tough moments. Whether it’s working with animals, finding a way to turn your love of sport into a job, or something else is up to you. Either way, actively enjoying the work will make less profitable moments feel worthwhile. Moreover, the money you earn will feel even sweeter.

You’ll still require luck and a strong work ethic, but this passion will give you the strongest foundations.    

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