Feeling like your business is failing is no fun.
Yet, having your business fail in the first year is not uncommon.
22.5% of small businesses fail in the first year. (Office of Advocacy)
5 Main Reasons Your New Business Is Failing:
1. You have your certification, your license, a great set of skills and plenty of knowledge.
But, you haven't found your focus.
You haven't claimed your expertise by narrowing the "who" it is that will receive the full abundance of what you offer.
You haven't identified the "what."
The problem/issue/challenge you solve.
So you're doing business without a target market, ideal client or niche audience.Sure, you might be attracting a handful of clients on an inconsistent basis -- but your left feeling like your marketing isn't working.
2. Your marketing time and dollars are being spread over multiple marketing strategies.
Instead of focusing your time, money and energy on one marketing strategy or method at a time, you move from marketing idea to marketing idea.
You're never really learning one marketing piece at a time.
You're not taking the time to optimize each method before moving on to a new one, leaving you without a deep understanding of the method.
3. You have no schedule, routine or systems.
You've convinced yourself that you either a) "I have plenty of time" or b) "I don't really have enough clients to "need" these things."
This is likely because you are not experiencing a "full practice" and therefore your mind-set has not switched to a "full practice" mentality.
What happens is your mind plays a weird trick on you and keeps you stuck somewhere between "I have lots of time" and "I don't have enough time."
In this place, you can easily become complacent and still, having a negative effect on your efforts to find new clients.
4. You struggle to answer the question "What do you do?" Do you answer the question with your title?
Usually, your title is the one on your license or certification.
Answering "what do you do?" with a "title" is common in the workforce but as a business owner, the answer is a chance to share what you really do.
Tell the person what you really create and identify who you work with and for.
It's a marketing opportunity very often missed.
5. You attend network events and meetings in hopes of finding clients instead of working on making connections.
Start looking for those who serve your same client in a different way.
These are the fellow business owners you want to create joint ventures and collaborative marketing efforts with.
While networking can certainly result in new clients it likely will only attract a handful.
Set the right intentions.
Put follow-up strategies in place.
Be conscious of your interactions and build relationships first.
When you build successful relationships with other business owners who service your same client in a complimentary way, you expand your opportunity to meet more potential clients than just the ones attending the networking event with you.