I know, I know. You are probably thinking here is where I say, “Gotcha!”
But it isn’t.
Your business will probably fail.
Because, you are most likely lacking in one or more of several qualities. More than that, you are probably just not doing the things you need in order to truly succeed.
Is success possible for you? Generally speaking, yes. Yes, it is possible for you to be successful in your endeavors. However, there are some things you should come to terms with sooner, rather than later.
Get to know the facts
While the facts don’t always tell us what we want to hear, they are good for telling us exactly what is happening regardless of how it makes us feel. This is a good thing.
For example, it’s a fact that 80% of businesses do not make it past their first year.
Out of that 20%, only 10% are still up and running after 5 years.
What’s scarier, is that only approximately 3.3% are still in business after 10 years.
So, between 1 and 10 years of operation, roughly 96.7% of all businesses will fail.
Where do I get my facts, you ask? The Bureau of Labor Statistics. Fairly reliable source.
I know you were probably expecting some kind of magical insight, or at least something a little more profound.
You were probably expecting me to kind of dance around the subject or sugar coat it in some way, but no. I believe in getting right to the point.
I believe that true change cannot happen unless you get right to the crux of the issue.
So, to cut to the chase, you are probable wondering right now, “What can I do to make sure my business is one of the 3.3% and not the 96.7%?”
Well, first you have to understand why so many businesses fail.
Why do so many businesses fail?
The answer here is simple. Money.
They simply do not make enough money to cover the cost of overhead while staying profitable.
The cause of this is also simple. Not enough customers.
Regardless of your industry, or whether you have an awesome product or service or idea, if you cannot get traffic through your door or on your website – and then turn them into paying customers, your business will fail. Point blank.
The plain and simple fact is, many people want to be business owners. They want to be successful. But, they won’t be. They won’t be because they lack the qualities a business owner must embody.
A business owner must be able to think outside the box. They must understand how to be a better customer themselves, in order to become a better business owner. They must be able to handle the stress that comes with owning a business. They must understand what their target audience is actually looking for, how to gain their trust, and how to get them to make a purchase from you.
Thinking outside the box
Thinking outside the box means learning from those that are successful, but then forging your own path.
You cannot make it by becoming your competition. You need to learn how they did it, and then modify the formula to fit your individual needs. Learn the ropes, then tie them into a knot your way.
In other words, be original. Don’t try to mimic your competition. Think about it like this: if there is a business like theirs already, why would someone choose you? Give them a reason by being unique.
This is called, branding. Create your own tone, feel, look, and vibe. Even if you sell a common product, sell your differently. Create a brand-new experience for the customer.
Becoming a better customer
This tip may be a little hard to wrap your head around, but trust me – it’s sound advice.
If you want to sell $50,000 packages, but you are coming from a $300 per week job, chances are, you are going to play hell trying to make these kinds of sales.
Because of money memory. Think of it like muscle memory, but for your money-making mindset.
Until you are dealing in that kind of money, it’s hard to start making that kind of money. In other words, your brain will sabotage your ability to deal with large sums of money until you are dealing with that kind of money.
For example, if you cannot stand salespeople trying to sell you on something, you are not going to be a great salesman. Why? You cannot become the thing you hate. At least not without repercussions.
If you hate it when someone tries to sell you, how do you expect to embody a great salesperson in the reverse situation?
You need to learn how to be receptive towards those who have a product or service, and would like to offer it to you. You need to learn how to except the fact that not everybody is out to get you. That sometimes, more often than you probably realize, companies trying to sell you something have something of great value.
Lastly on this subject, unless you are willing to make big purchases, your brain will find it hard to sell high-dollar packages. Once your brain is conditioned to dealing with high-dollar sales, you will be able to easier sell high-dollar packages.
Dealing with the stress
Let’s face it. Owning a business is stressful. Make no mistake about it. I don’t care what your industry is, you are going to face stress. I don’t care what your product or service is or how awesome it is – you will face stress. Stress by the boat full.
To be a successful business owner, you have to know how to deal with that stress. Because believe me, there is no avoiding it. There is only dealing with it. Processing it. Overcoming it.
If you are unable to deal with tons of stress, your business will probably not make it too far. Remember, 96.7% will fail. It’s a statistical fact.
Understanding your target audience’s needs
Now, another quality of being a successful business owner, is understanding your customers. Yeah, a big one.
I talk to so many business owners every day, you have no idea. I hear so many people say that they know what their audience needs. Some do, yes. But most do not. They think they do. But in reality, they are really missing the sweet spot.
It’s more than saying, “My audience is elderly. I know they do not read blog posts.”
Because, for example, in the medical industry, the elderly has family members who are going to look up anything that has to do with a procedure or test they are going in for. From services to the doctor to, well, just about any information they can get their eyes on.
So, in this instance, the doctor would have been better off starting a blog, because now, his patient’s family members will be going to another website for the information. And as I’ve seen all too many times, they will most likely choose to switch doctors because they like the information the other offers.
Patient lost. Over a simple blog post.
So, you see, you must understand your audience with depth, or hire a company who does. Not only that, but while we’re on the subject, you must provide the information your potential buyers would need on your website. Don’t make them look elsewhere for it.
Not only should your website provide all of the information a potential customer would need, it must be professionally written to ensure it gains their trust. This way, you have a much better chance at getting them to trust you enough to buy from you.
Not to mention the fact, that targeted content is what you need to get them to your website to begin with, but we’ll get to that.
Cutting to the chase
Cutting to the chase, in order to succeed, and granted you embody all of the above-mentioned qualities, you need to drive more paying customers to your website or store.
There it is.
Traffic. The more you get, the greater chances you have of making a sale. Period. If you do not have the traffic, your business will go the way of the western.
How do I get more traffic?
Well, first, you must be aware of the difference between getting traffic, and getting paying traffic.
You can throw some ads on Google and get a ton of business. But unless you do something very specific first, you will get a ton of bouncers, too. And it doesn’t matter if you are offering them something free, which is something that is highly overrated.
It doesn’t matter if you offer 50% off everything! It doesn’t matter if you spent $50,000 on ads! No. It doesn’t matter one bit.
Besides, if you do this one little trick, you won’t have to spend a fortune on ads to begin with.
Here’s the secret…
Boom. *Drops the mic*
It doesn’t matter if you have an awesome product or service or idea. You will not:
- Drive traffic to your website.
- Convert the traffic you get.
If the content on your website, marketing material, product descriptions, and blog posts is not quality, all the money in the world will not help you convert a single customer.
What’s more, if you upload 4 blogs or more every single week, you will see an increase of over 4.5x more organic traffic. That one addition to your current strategy could mean that you never have to pay for ads to begin with.
Plus, once they arrive to your website, they will trust you from the start because you have given them quality content which shows that your company is credible, as well as giving them all the information they need so they did not have to leave your site.
They received everything they needed all in one spot.
They received high converting landing page content, product descriptions that create a sense of urgency, and blog posts for additional information, entertainment, and engagement.
In closing, if you have the right mentality, the ability to cope with the stress, the creativity to think outside the box, and the quality content to ensure traffic and sales, your chances of joining the prestigious 3.3% club just jumped up exponentially.
If you’d like to know more or if you’d like to get started publishing professional quality content to increase the paying traffic to your website, contact us today or sign up for free!