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Top 3 Reasons Why Most Businesses Fail Miserably While Others Succeed

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Let’s face it; starting your new business is never easy because you’re investing time, money and resources on a ‘hunch’. In a nutshell, you’re investing in something that may or may not actually work out in the end.

While most people would like to gladly work for themselves so that they can control their own their own time, not everyone has the will nor the patience to follow through with it though. Studies show that in average it actually takes around 5 years for any new business to just break even, basically, you’re more likely to see any profits on your new venture after 5 years have passed which of course sounds like a bloody long time for any budding entrepreneur!

Of course, this is not always the case because a lot of entrepreneurs do reap profits almost immediately after they put up a new business – especially those entrepreneurs that provide service rather than a product. But typically, you are supposed to be looking at 3-5 years before you can start seeing any real profits so you really need patience if you want your business to stick around.

Now if you’re a budding entrepreneur who is interested in starting a new venture, then here are three crucial mistakes most people make that you should be aware of:

1. People don’t do their homework

The biggest reason most losers fail is that they don’t do their homework.

The moment they come up with a good idea they want to get things going immediately without enough research or background work on this idea which of course is a huge mistake! A good idea for a new business is a good start, but it is imperative that you do your homework though.

You should be asking yourself questions such as: Who’s your target market? Why would people buy your stuff? What makes your business unique? How will you market your new business? What sort of capital and resources would you need to get things going? How will you make the business grow?

There is no possible way any new business can succeed without proper research and background work. Keep in mind that Rome wasn’t built in a day; it takes time and perseverance for any business to grow. Just make sure you do your homework properly so that when hiccups start to show, you’re more than ready to tackle it head on!

2. People are afraid to take a risk

It’s quite simple really, no risk – no reward. The higher the risk – the higher the reward!

But in saying that though, keep in mind that you need to take “calculated risks”. Make sure you won’t get stuck at a point where you have zero dollars in your bank account because you were such a dumbass that you have invested everything in the new business. Remember, it may take a while before you start seeing any profits from the new venture, what if it takes years and years before you start seeing any profits? What then?? Are you going to live on virtually nothing until the new business “potentially” starts making any real money??

Don’t be afraid to take any risks, but in saying that, just make sure they are calculated.

3. People don’t network

Your business will never succeed if you’re a loser who doesn’t know how to network and connect with others.

Start mingling with people who are actually successful in their businesses and learn from their experiences. Start going to functions and events and start connecting with potential sponsors and investors within your field. Networking is one of the key components in any new business, the more you network the bigger your database gets and the more people you attract to your business.

It’s simple really; you have to prioritise building relationships rather than making money because if you focus on building relationships first then money will eventually follow.

BelbonitaT

Six Brilliant Ways To Keep Yourself Motivated For Entrepreneurial Success

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If you’re someone who works freelance or has a small business, you would know that there’s a fair bit of work involved in “keeping the dream alive”. There are unique challenges that come with this approach to creating a living.

It’s a lot like building your own empire. Rome wasn’t built in a day and neither is your freelance or small business success. If you are working on your dream there is no off button and no downtime. It takes a lot of dedication, and most importantly, it’s about keeping your motivation levels replenished. If you’re not prepared for the challenges that come with working for yourself then you might as well quit now and go back to a 9 to 5 job punching numbers like a mindless loser.

It’s quite possible that when you initially conceptualised the idea to ‘break out on your own’ with stars in your eyes – you probably had the dumbass idea that working for yourself would mean an easy lifestyle. If this was the case then you might as well pack your bags now and head back to La La Land because this couldn’t be further from the truth.

Working on your own business often becomes a harsh reality when you’re finally on your own looking for the next big payday to help you get by. When everyone is leaving the office to have after-work drinks or chilling on the weekend with family and friends, you are often stuck fielding phone calls, catching up on invoicing and trying to ramp up your marketing efforts to get you through the lean patches.

It’s often the case that you end up far too busy than you can comfortably handle, just to make sure you have enough momentum to keep you going during the quieter periods (they are inevitable). It’s all about sacrifice really.

However, that’s not to say that it’s all not worth the steep incline that you tread. But, the goal is always ‘to stay the course’ – with a dogged determination that is stronger than any of the tough times that you might encounter.

Warning: when you are forging your own path you will find that some unintentional side-effects can arise. When you are subject to the unyielding and time-consuming commercial realities that are unavoidable factors in the pursuit of success, it is somewhat likely that those who are only around for the fun times will drop out of your life. It’s often a practical reality and one of the bitter-sweet indicators that you are, in fact, on the right path.

Set a daily reminder deep within your psyche to stay true to your goals. You may have heard the idiom: surround yourself with those on the same mission as you. This rings true. Also, you might find this quote from Will Smith increasingly pertinent – “If you’re absent during my struggle, don’t expect to be present during my success.” That said, you need to say goodbye to friends who bring you down and annoy the crap out of you!

Another tip for sustaining self-motivation is to look back on the road that you have already traveled and at what you have invested. Sure, this means coin, but never forget the blood, sweat, and tears. Realising how far you have come is the key to moving forward.

Keeping yourself motivated is also about making consistent progress. It doesn’t always matter if this is just a small win each day, or even each week. It’s about moving forward. What if you could generate even just an extra 50 dollars a week profit?

Always think about pushing the envelope just that little bit more – what more can you squeeze out? Could you be doing more on social media to attract leads and conversions? Is there scope in your budget to cut back on expenditure? These are just a couple of the questions that you could ask yourself. Always think about your next move. It’s very easy to get caught up in the daily grind, in the operations of your tasks – to forget about the bigger picture. That’s an easy trap to fall into. Remember that it’s crucial to keep evolving and expanding. And yes, sometimes this might get a little overwhelming. Do you sometimes feel like there are periods where you flounder? What can you do to overcome this phenomenon?

Sit back and refocus. Review your business plan. A lack of structure is enemy number one when it comes to productivity. Also, think about your daily routine. You need to create a schedule and stick to it. Wake up early and set a start time. You will be more motivated to work harder and to finish tasks quicker when you have the luxury of more time set aside to do so. This produces a more manageable (and less stressful) workload.

Sure, being regimented can be a challenge. It’s a brutal fact that when you work for yourself, the only one who will keep you accountable is you. Without a boss to keep tabs on you, and without rigid working hours, you are responsible for managing yourself and your business. You are ultimately responsible for its success or failure.

Be mindful of the challenging aspects of working from home/running your own business. It can be a very isolating experience and there are some things that you do have to compensate for. Sure, it’s great that you can work in your PJs if you want to – but, you don’t necessarily get the benefit of bouncing ideas off people and the support of a team environment.

Sometimes it helps to take your work to a place where people congregate with some purpose– like a café or library. The effect of having people nearby might just trick your brain into a more productive gear. Take a small break when you are feeling stymied. Go for a walk. Fresh air often goes hand in hand with a fresh perspective. Then, begin your task anew.

Keeping the dream alive when it comes to working freelance or in your own business is often about your internal thought process. Also, it’s got quite a bit to do with your heart and soul. More than anything – it’s about refreshing your point of view on a regular basis. Building your ‘business empire’ is a day-by-day task and every single brick in the wall counts. I’ll leave you with one last quote on the topic to consider…“ people often say that motivation doesn’t last. Well, neither does bathing, that’s why we recommend it daily” – Zig Ziglar.

BelbonitaT

4 Crucial Steps For Creating A Profitable Business Website

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What is your business without a website? The short answer is probably f*ck all! Or, it hasn’t even begun to reach its full potential. While it’s true that for some businesses a website isn’t always essential (those that rely on foot traffic like a barber, for example) a website is generally a prerequisite to establishing strong presence – and thereby strong profits – for your business.

So, we are going to assume here that you already have a website. But, have you thought about how your website might be better? Do you believe that your customers are having the most positive experience that they possibly could on your site? Or do you just don’t give a sh*t?? Most people would agree that there’s always room for improvement. And let’s face it, a better website means more conversions i.e. more dollars. So, what are the top ways to improve your website today?

An effective home page

You would have heard it said at some point that you never get a second chance to make a good first impression and this is so true when you consider a website’s homepage. This is clearly the page that your customers see first, otherwise known as a landing page.

When someone is wanting to buy some goods or services and they have a good ‘ol google for said thing, then this is where they are naturally going to wind up. Because this page receives the bulk of your traffic it’s crucial that it facilitates the process of transforming visitors into a base of paying customers – otherwise known as “conversion”.

Call to action (CTA)

You need to direct people to where they can take action on your website. If you’re not doing this right now then you’re a certified dumbass! This is what is referred to as a “call to action” or CTA. It’s most valuable to have an image or line of text on your landing page so that your visitors, leads and customers can take action in the first instance. A CTA can link customers to a purchasing platform (such as PayPal) or a subscription form that allows you to capture their contact details and to set up a customer database.

Or, they could be used to facilitate such marketing tools as downloading an eBook, obtaining a coupon or watching a webinar. They are also very effective at the end of a blog. CTAs can be used throughout your website to increase your conversion rate as much as possible. Some tips for a great CTA? You want the design to be eye-catching and you want to pose a proposition that explicitly tells people what they will get in exchange for clicking on it.

Functionality

A website is only ever as good as the user experience. Contact information needs to be easily accessible so that conversions are achieved and your brand legitimacy is never called into question. Is the site easily navigable?? People will click away in seconds if it’s all too hard to use. Another question you need to ask is can the website be viewed easily on all devices? Smartphone and tablets are driving an increasing amount of traffic to e-commerce sites. You need to make sure you’re not missing out.

Is your site social media integrated? This is all about keeping your audience engaged where they participate most (and that’s usually Facebook, Instagram etc.) so this is a massive marketing tool that you must tap into. Having the right buttons on your website to connect your users with various social media channels also keeps your search rankings high on Google, referring here to Search Engine Optimisation (SEO).

Content

Customers need to know the benefits of buying from you but they don’t want it served up in a dry fashion. You need to provide content on your website (often by way of a blog) that is entertaining and engaging while still being informative.

It’s about giving your audience the information that they actually want to read while neatly slotting in some promotional material for your product or service. It’s a tricky thing but, nonetheless, a very important factor in achieving effecting SEO. Customers also love to feel connected to your brand and providing a “humanised” reference point can go a long way to enhancing loyalty and therefore your profit margins.