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July 20, 2020

Small Business: Expectations vs. Reality

Everyone seems to be starting their own business nowadays. Yet, a huge amount of small businesses is failing. This is why.

Many ambitious people are trying to develop a business. In fact, younger people don’t seek jobs today. They become entrepreneurs.

No one plans to fail. People don’t expect to struggle when they start a business.

I will share that passion is not enough. There are many obstacles to small business success. Let’s discuss them once we understand what a small business owner is.

Who Is A Small Business Owner?

According to the Small Business Administration (SBA), a small business has a maximum of 250 employees or a maximum of 1,500 employees depending on the industry. The business can be a privately owned corporation, partnership, or sole proprietorship that has less revenue than larger businesses.

The definition of a small business will vary depending on what industry you are in.

What is interesting is that small businesses with fewer than  20 employees make up 89.6% of all U.S. business enterprises according to the SBA. And 23 million businesses in the United States actually have no employees at all.

Ok, let’s go to expectations vs. reality!

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Success Vs. Failure

I Will Go It Alone

Many people believe they can be a solo entrepreneur doing everything themselves. Soon they are doing marketing, sales, human resources, social media, accounting, billing… you name it. Thinking you can build a business and will be able to wear all of these hats or be brilliant at so many tasks is a big mistake.

I know, for example, I am the best at helping my client family members with sales and marketing and growing to 7-figures. Also, I am not the best at accounting or billing or other things. Knowing this,  focus all my attention on my clients. If you are dividing your attention you are not focused and your business will struggle. Only do what you are gifted at. Barter or hire out other tasks.

I Will Build It And They Will Come

This is wishful thinking. You must start with the end in mind. You need a strategy. Then tactics that support that strategy.  They will not come just because you believe in the Law of Attraction. You need proven actions. A plan is required. Step by step directions must be laid out.

People Will Want To Buy What I Have

Too often business owners I mentor are so in love with their products or services. They believe others will be just as passionate. It shocks them that people don’t want what they have.

If you have to convince a group of people to buy, you are going to spend a lot of time and money on something the market may have no interest in. Before you offer a product or service, find out what your exact target audience is already looking to buy. What results or outcomes do they want?

You can not afford to guess. You must ask them. Survey them. Find out what they want and why they want it. Listen to your audience before any sales or marketing happens.

Tactics Vs. Strategy

If you believe Facebook ads, blogs, podcasts, email lists or anything else is important – stop right there. None of that matters until you have a clear and well-defined strategy. Marketing without a strategy is like throwing darts on a dartboard and hoping something will hit the mark.

You need to create an overall strategy and then pick one to two proven tactics to use each quarter. Then measure your results. Pick a few more for the next quarter. Rinse and repeat.

Owning My Business Will Give Me Freedom

Ready to hear the truth? Can you handle the truth?

Building a business is hard work. It is risky. You have to devote a lot of time and energy and often money to your business venture. There is a lot of day to day pressure.

Most businesses fail because they can’t keep up with the pressure or their venture fails.

Prepare yourself for a bit of a rocky road and many hours of sweat.

What Do You Do Now?

Armed with this knowledge you might wonder, “what do I do now?”.

My answer, be prepared.

Don’t go it alone.

Get a qualified business strategist to help you right away.

Learn the secrets of the ultra-successful business owners. Apply them.

Get insight from the business consultant/strategist and apply what they share.

For a free test drive of my best-selling tips, tricks and marketing resources, visit: www.theultimatebusinessgrowthsystem.com

 

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