Why does it seem like there are endless small business failure examples available to read? In fact, 90% of all online businesses end in failure after the first 120 days! When starting up a brand-new business, the future can look uncertain without the right planning – here are a few reasons why many small businesses fail.
Here are some of the reasons:
Got an impressive website design with no visitors – what’s the point? When you type in your product/service in Google – does your site come up? ConversionGuru stated that 90% of users said they won’t even go past the first page of results. Without an effective marketing strategy beyond your website design, beating competition online who are appearing first in that search, will be virtually impossible.
Planning a business plan around getting new clients is great. But, what about keeping your existing clientele? Don’t take your current clients for granted. Repeat business is just as valuable as new business.
No matter how inventive or unique your business idea is, it will fail without a detailed business forecast plan. What are your goals? What is required to be successful? What are your revenue targets? How will you achieve your aims and objectives? What will you do each month to grow your business? What is your marketing budget? Getting straight into this business plan can be very difficult. Why not start off with a simple 30 minute ‘lean canvas’ to start your transition from an idea into a reality.
On its face, offering lots of products and services may attract a wider target audience. However, by doing this, you may lose quality over quantity and your brand’s specialism will become blurred. As the saying goes, ‘Jack of all trades but master of none’, you can’t target the whole of the market.
How many times have you been online and seen a brand logo that instantly attracts you? You may only know what they provide because you’ve learnt from their frequent advertising. This is how to successfully attract customers through branding. Your branding and logo are what your customers will see first and then base other factors upon this to create their perception. Have a memorable logo that sets you apart from the rest.
You may end up asking yourself “what internet business should I start?”. However, you should note that there is not an industry out there with a 100% survival rate. There is uncertainty within every business idea you might have thought of.
Although failing does not mean you’ll never be successful, you can limit the chance of failure through intensive research into your target audience, to come up with the best marketing channels to find them! Most importantly, having a passion for your intended business is crucial to success.
To find out more on how to create a successful business online – speak to our digital marketing experts today.