Why Your Business Cannot Reach To 6 Figure Mark?
Why Your Business Cannot Reach To 6 Figure Mark?
Only way to create a successful business is to work on something that you care about but starting a business is not a piece of cake as it requires a lot of determination. According to the report, almost 70 per cent of the business fails during their first year but have you ever thought why does it happen?
Many young entrepreneurs have a false belief that having an idea can solely lead a business to success but there are facts that they ignore subconsciously to build their brand. Below we have listed those important facts that are important to build a business that can earn a 6 figure or more.
1. Serving The “Masses” Approach
As a new business, you want as many customers as you can get. Because you want to earn a profit and this is exactly what should be done as a start-up. But the type of customer that you are attracting is the focal point that most of the businesses often miss.
For most of the businesses, everyone who is buying the products or the services of the company is a customer, not only for once, but he/she is also included in the list of prospective customers as well. And this is where everything goes wrong.
The reason that most of the mentors and business gurus want you to select a niche or target market is that it helps you in pinpointing the interests of the customers and makes the business decisions accordingly. But when you start serving everyone, the problem is that you lose your ability to make specified decisions that could make your business grow.
2. Unequal Distribution Of Energy In Different Business Phases
Usually, it is believed that higher energy is better and is the reason for the motivation and gives the driving force to the business, especially if the business is a new and small setup. But, do you think that maintaining the same level of energy would be possible throughout the lifetime of business? The answer to this question is probably a No.
When you start your business, you are more passionate about it and willing to sacrifice more for it. But as soon as things settle down, you start to set up your routine. Lack of energy and focus is visible.
The sudden fall in the energy level or motivation is going to create a significant impact on your business, and this one is going to be long-lasting. This could be the result of excessive exhaustion level as well, so you’ll have to set your goals and energies right, specifically directed towards the long-run success
3. No Concept Of Team Building
At the beginning of the business, you could be the only one working there; that is understandable. During that time, you would be delivering, managing, making decisions and other activities that your business would demand you. But once you are established and you are likely to grow, then you can’t continue your business with this approach anymore.
Now, you’ll be considering it a stereotypic point, thinking that obviously, you won’t be able to handle everything once decided to expand and serve more customers. So, you’ll be hiring more people.
But the problem that most of the businesses face here is that the owners can’t let go of the concept of the one-man army even when they hire more people. You’ll see them interfering in every domain when they know that they have hired a specialized individual to handle that job.
It is your business, and you have the right of oversight, but you’ll have to believe this as well that a constant interference in someone else’s work domain can enhance the level of dissatisfaction and can reduce the motivation level to complete the task with full motivation.
4. Lack Of Vision
You would be considering that “vision” is a term that is used by large companies to highlight what they want to achieve. Being a small business, you won’t be considering it relevant. This is the mistake that you are making and a reason that your business has not reached the 6 figure income up till now.
Vision is no way limited to large companies only. Being visionary is something part of the leadership qualities and skills. You should not only have an implementable plan for your business in the upcoming years, but this skill allows you to keep your business protected from the unexpected problems that are going to impact your business in the short and long term.
Being visionary means that you can analyze what is going on around you and which factors are going to result in a negative or positive outcome in the future. Based on this judgment, you make changes to your business and avail the opportunity or reduce the threat impact.
5. Experimenting Is Considered A Taboo
Playing safe is a good approach to start your business. But keeping it too safe is not a good idea. When you are in the market, you need to experiment and see how you can take your business to new heights.
Keeping yourself to the limited domain is going to keep you and your business’s scope to remain limited, and this is not the way you can reach 6 figures. You’ll have to add some innovation and try something, probably that has never been tried before.
But if that goes absurd for you, then at least try something that you haven’t done before. Break your shell and come out of it to find what’s new and how can you adopt it for your benefit or at-least attempt to reduce the reasons for business failures.