You've probably heard the statistic that 95% of small businesses fail in the first five years. That's not a very encouraging number! Although being part of the 5% that succeed is not easy, it's definitely possible. What it takes is a lot of common sense, some marketing and sales skills and the ability to learn from the mistakes of others.
To get you started on the road to success, here are three of the biggest mistakes small businesses make and some tips to help you avoid them:
Mistake #1: Having a Poorly Defined Sales Process
The key to making money with any business is to stay focused on how you can "sell", "sell more" and "sell more often". Unfortunately most businesses don't consider all of the ways they can make money from customers and end up losing potential revenues.
There are three ways you can make money from your site:
1. Get More New Customers ? This is the sales activity that most small businesses spend 90% of their efforts on. Although it's an important element of your sales process, it's only one of three ways you can make money. Don't neglect the other two because you're focused on only attracting new customers.
2. Make More Money From Each Transaction ? Upselling is the process of increasing the value of a customer's order. Offering additional products and services at the point of purchase is an effective way to increase the value of the transaction.
3. Sell More Often To Existing Customers ? Existing customers are the least expensive customers to sell to. Why? Because they've already purchased from you once so they trust you, you already know what they're interested in and you know how to reach them. Use these facts to your advantage by following up with existing customers on a regular basis and offering them more products and services. This process is known as backend sales and is one of the most overlooked revenue sources by small businesses.
A well-defined sales process will include all three of these. If you're missing any of them you need to rethink your strategy from the beginning. Start with your first contact with a customer and walk through step-by-step how you'll take them from never having heard of you to being a lifelong customer.
Mistake #2: Not Learning What Makes a Website Sell
If you've been online longer than five minutes you know that the "build it and they will come" mentality doesn't work. If you want your business to succeed you need to learn how to make a website that sells.
Some of the best things you can do are:
Mistake #3: Not Treating it Like a Business
Too many small business owners fall into bad habits early on and end up treating their business more like a hobby than a business.
Here are a few things you can do to treat your business like a business:
Are you making any of these mistakes in your business? If so now is the time to make some changes!
About The Author
This article is an excerpt from the Special Report by Jennifer Tripp, "The 7 Biggest Mistakes Small Businesses Make ? And How You Can Be Smarter!" To get your copy of the entire report visit http://www.mysmallbizcoach.com/sevenmistakes.htm
http://www.mysmallbizcoach.com/sevenmistakes.htm
post construction cleaning Deerfield ..The story is told of a tiger chasing some goats... Read More
When someone owes your small business money, you certainly feel... Read More
Are you a motivational speaker who consistently gets rave reviews... Read More
Support is critical for your small business survival. You may... Read More
So what exactly is a "Small Business Lone Ranger?" A... Read More
1. There Are No "gimmes" ? They count two-foot putts... Read More
Imagine that you have operated a successful franchise business for... Read More
Tammy, a skilled and gifted horticulturist, called me to discuss... Read More
If you own a mobile service or home based franchise... Read More
Many companies wish to expand and a few wish to... Read More
BioTechs even with the latest news had shed over 1000... Read More
Now that you have invested your time, energy and money... Read More
Nothing can drive a business down faster than customers who... Read More
Commonly folks have asked me what the technical difference is... Read More
How far away is the person you need to meet?We... Read More
Unfortunately for all buyers, each selling organization and their individual... Read More
Would it help you as a real estate investor to... Read More
Did you know that satisfaction is the number one emotion... Read More
Over the years I heard the best way to learn... Read More
Franchising companies often use Business Broker to help attain sales... Read More
Has this ever happened to you... 'John, you have a... Read More
Data. Most people think it is a term relegated to... Read More
Boston itself covers 50 square miles of concrete and traffic,... Read More
A recent survey showed that only 28.7% of small business... Read More
The restaurant industry in the United States employs an estimated... Read More
Airbnb cleaning service Bannockburn ..Think of your business as a living, breathing, organism. It... Read More
As the owner or an employee of a small-to medium-sized... Read More
The difference between rates and wages is not always clear... Read More
If I had $1.00 every time I heard someone say... Read More
When it comes to cost, how much can you afford... Read More
Did you ever have one of those days or weeks... Read More
You're a small business owner with a hot new product... Read More
If you interviewed business owners of failed businesses, a majority... Read More
Writing a business plan is a fundamental step to ensuring... Read More
Auto Detailing: Maintaining A Commercial Carpet ExtractorYou should drain your... Read More
Do you know what your genius work is? It's the... Read More
Most businesses accept checks as form of payment for goods... Read More
The stock market is still on a wild roller coaster... Read More
Most small businesses simply go about their daily business and... Read More
What types of companies do you want to align yourself... Read More
Most doctors never distinguish the difference between customers and patients.... Read More
Your grandfather probably told you to "learn something new everyday".... Read More
Outsourcing is the strategic use of outside resources to perform... Read More
A thing worth doing is worth doing badly. Yes I... Read More
A janitorial cleaning service is one of the best businesses... Read More
CARD SHARK7 Card Tricks That Improve Your Personal Networking PowerThe... Read More
For many small businesses, the "S" corporation is the business... Read More
Too often in business we get trapped into reviewing our... Read More
If you are in a franchise and have a territory... Read More
Approximately 200,000 new businesses are started each year. More people... Read More
Small Business |