WhyYour Business Cannot Reach To 6 Figure Mark?
Only way to create asuccessful business is to work on something that you care about but starting abusiness 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 theirfirst year but have you ever thought why does it happen?
Many young entrepreneurshave a false belief that having an idea can solely lead a business to successbut there are facts that they ignore subconsciously to build their brand. Belowwe have listed those important facts that are important to build a businessthat can earn a 6 figure or more.
1. ServingThe "Masses" Approach
As a new business, youwant as many customers as you can get. Because you want to earn a profit andthis is exactly what should be done as a start-up. But the type of customerthat you are attracting is the focal point that most of the businesses oftenmiss.
For most of thebusinesses, everyone who is buying the products or the services of the companyis a customer, not only for once, but he/she is also included in the list ofprospective customers as well. And this is where everything goes wrong.
The reason that most ofthe mentors and business gurus want you to select a niche or target market isthat it helps you in pinpointing the interests of the customers and makes thebusiness decisions accordingly. But when you start serving everyone, theproblem is that you lose your ability to make specified decisions that couldmake your business grow.
2. UnequalDistribution Of Energy In Different Business Phases
Usually, it is believedthat higher energy is better and is the reason for the motivation and gives thedriving force to the business, especially if the business is a new and smallsetup. But, do you think that maintaining the same level of energy would bepossible throughout the lifetime of business? The answer to this question isprobably a No.
When you start yourbusiness, you are more passionate about it and willing to sacrifice more forit. But as soon as things settle down, you start to set up your routine. Lackof energy and focus is visible.
The sudden fall in theenergy level or motivation is going to create a significant impact on yourbusiness, and this one is going to be long-lasting. This could be the result ofexcessive exhaustion level as well, so you'll have to set your goals andenergies right, specifically directed towards the long-run success
3. NoConcept Of Team Building
At the beginning of thebusiness, you could be the only one working there; that is understandable.During that time, you would be delivering, managing, making decisions and otheractivities that your business would demand you. But once you are establishedand you are likely to grow, then you can't continue your business with thisapproach anymore.
Now, you'll beconsidering it a stereotypic point, thinking that obviously, you won't be ableto handle everything once decided to expand and serve more customers. So,you'll be hiring more people.
But the problem thatmost of the businesses face here is that the owners can't let go of the conceptof the one-man army even when they hire more people. You'll see theminterfering in every domain when they know that they have hired a specializedindividual to handle that job.
It is your business, andyou have the right of oversight, but you'll have to believe this as well that aconstant interference in someone else's work domain can enhance the level ofdissatisfaction and can reduce the motivation level to complete the task withfull motivation.
4. Lack OfVision
You would be consideringthat "vision" is a term that is used by large companies to highlight what theywant 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 notreached the 6 figure income up till now.
Vision is no way limitedto large companies only. Being visionary is something part of the leadershipqualities and skills. You should not only have an implementable plan for yourbusiness in the upcoming years, but this skill allows you to keep your businessprotected from the unexpected problems that are going to impact your businessin the short and long term.
Being visionary meansthat you can analyze what is going on around you and which factors are going toresult 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 thethreat impact.
5. ExperimentingIs Considered A Taboo
Playing safe is a goodapproach 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 takeyour business to new heights.
Keeping yourself to thelimited domain is going to keep you and your business's scope to remainlimited, and this is not the way you can reach 6 figures. You'll have to addsome innovation and try something, probably that has never been tried before.
But if that goes absurdfor you, then at least try something that you haven't done before. Break yourshell and come out of it to find what's new and how can you adopt it for yourbenefit or at-least attempt to reduce the reasons for business failures.
