Why do 80% businesses fail before even starting up?

Your ultimate guide in understanding how successful businesses don't fall into a trap.

If you're a business owner who is doing all the work yourself, you are probably burning yourself. If not, you are not doing the job right. With thousands of new businesses starting every week, it is essential to know the tricks of the trade to stand out from mediocrity.

In this guide, I am going to tell you all the mistakes 80% of businesses make that are proven to fail. Read till the end so you evade them and build a sustainable business.

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Not defining goals that uniquely fit your business

Try to remember why you wanted to start this business in the first place (Write it down somewhere so you see it every day). Figure out how you are different from your competitors. Do you have a unique selling proposition - USP? If you aim to sell, you can simply have a strategy to sell. But if you want to create a loyal consumer base, you need a community that resonates with your brand's story. Remind them from time to time of your motivations and why they have to buy from you.

Define your goals that are fit for your niche. You need to remember what works for someone may not work for you and vice versa. If you are a shoemaker, your goals may not resonate with someone who sells Fried Chicken.

You should create two types of goals - long-term and short-term. Your long-term could be your ultimate dream of becoming the leader of your industry. Take inspiration from existing market leaders. Look at their growth and implement them as your short-term goals. Your short-term goals need to be attractive, easy, and attainable.

Remaining a Solopreneur

The biggest mistake made by many entrepreneurs is referring to themselves as "small" business owners. You need to get rid of your "small" mindset today. When you believe you are "small", you are going to remain small. So, start believing that you are a business owner, and don't forget to behave like one.

Do you think a successful business person is someone who works on his own? Do you think he does his market research, strategy planning, website & graphic designing, copywriting, and all other activities of his business all by himself? Absolutely Not. You cannot be a real business owner if you do not have a team that does this for you. Just remember that you cannot be an expert in all of these. So, you need to learn to accept help wherever necessary.

Trust in experts doing the job for you and focus on the things you do best.

Not Investing!

If you have read the concept of ESBI as explained by Robert.T.Kiyosaki in his book Rich Dad Poor Dad, the next step for business owners would be Investing. But, I'm not just here to talk about Investing money and making money work for you.

I'm here to tell you that you will be no close to the Investor quadrant in the first few months of your business. So, when I say invest, I mean investing time and energy in upskilling and learning new things every day. We know that what worked for 10 years may not work now. If you notice the evolution of advertising, you will understand what I mean. From print media to social media, advertising techniques have advanced so much that require us to adapt to constant changes.

It can be overwhelming to learn new skills from scratch but there is good news. Thanks to the Internet, you can access thousands of masterclasses and resources from experts who have dived deep into the subject so you don't have to.

Not Focussing on Customer Service

Another huge mistake that new businesses do is not focussing on customer service. The first step to defining a marketing strategy is finding the target audience that best fits your business. To do that, you need to understand way more than just the demographics. You need to focus on their goals and pain points. When you understand what your customer wants, you will be able to design a marketing strategy that can solve their problem.

Understand your market's buying decisions and aid them. Focus on providing a personalized customer experience. Doing this would ensure a community around your brand who would possibly buy from you again.

Having a social media presence is a marketing must in 2022. Showing up often with new offers and engaging with your audience can create a very positive impact on them.

Not considering possible Risks

Risks are an inevitable part of starting any new venture. While it may be impossible to control external factors, doing ample research and starting with the right resources can limit the threats you would have to face.

This may look unimportant but doing this upfront and having a growth plan can protect you from not falling into financial traps. It can be very tempting to go all-in over the moment you get into the business, but remember to calculate your risk-reward ratio and see if you have the right coverage for your losses.

Not having sustainable revenue streams

Whether you started this business for passion or money, a business ultimately runs on profit. There is nothing wrong with experimenting until you figure out one or more income streams that best fit your business model (of course, keeping the risk in mind). Consider what you like to do and what your business needs while also catering to the needs of your consumers. Whether you create Ads, sell products, do affiliate marketing, or sell courses, feel free to diversify your income streams according to your bandwidth.

Feeling Overwhelmed?

I am here to tell you that you are not alone. Whether you are about to start a business soon or are already knee dip, it's never too late to think about what I just said. While it can be very tempting to dive headfirst into our business with the enthusiasm that made you start it, it can often cloud our judgments. That is why I tell you not to be Solopreneur and instead take help. If you are just starting and confused, you can talk to someone in your family who already owns a business. If you are looking to scale, you could host events or attend other network events to meet other business owners and learn from their insights and mistakes.

It can be overwhelming to start something new. If you are feeling uncomfortable, then you are in the right place, and trust me, it will be worth it.

If you are a business owner who needs help curating a digital marketing plan or writing copy that sells, remember that I am here for you.