| |
| |
|
Small Business Information |
|
|
|
Are You Making These Mistakes In Your Business?
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
MORE RESOURCES:
Small-Business - Google News |
|
|
|
RELATED ARTICLES
Tracking Revenue For MORE Profits The revenue history is a vital piece of your power page and you need to record that information. Keeping track of client revenues should not be done in a paper format, it should be recorded electronically. Change May Be Your Ace in the Hole Whether it has been thrust upon you by external market forces or it has simply bubbled up from the internal dynamics of your enterprise, change itself always presents opportunity for improvement. And in a knowledge based economy, change may be the only thing we can count on as small business people. How To Write A Business Plan Writing a business plan is a fundamental step to ensuring your business has every chance of succeeding. Common statistics state that 9 out of 10 businesses fail on the first 5 years of operation, and of the remaining 10%, 90% fail in the following 5 years. Mission Statements: More Important Than You Thought If an organization lacks a mission statement, it is worthwhile to at least try to draft one. Even if it does not yield an acceptable final draft, the exercise will be rewarding for the hard work which must go into figuring out the company's direction and putative purpose. Franchisee; Vacation Managing Do you own a franchised business? Over 400,000 franchised businesses currently operate in the United States, which is a true testament of free enterprise. There are many advantages of franchised businesses, which anyone who owns a small business has thought about. Nevada Incorporation: The Advantages of Incorporating in Nevada Incorporation in Nevada has become an attractive option for savvy business entrepreneurs, and for good reason. Nevada corporations enjoy many benefits just not available anywhere else. How To Make Sure Your Customers Still Trust Your Small Business The stock market is still on a wild roller coaster ride. Trust in business is at an all time low. Small Business Checks - Money Saving Options When you go into business for yourself, there are many things to consider. What you don't want to worry about is spending too much money on unnecessary items. Janitorial Cleaning Service: Getting Started A janitorial cleaning service is one of the best businesses for a hardworking, blue collar person to start from scratch. Every business and every building needs to be cleaned once in a while - in some cases, many times each day. 5 GREAT WAYS to Gain New Contacts What are the 5 best ways to gain new contacts?There are many ways to use the media to promote your business. You must ultimately decide what is best for your business. How to Prepare for Your Start-Up Venture! When you awoke this morning, you found yourself buzzing with a fantastic idea for starting a new business and you hadn't a doubt in your mind that you could turn it into a huge success. But now what? All those great ideas floating around in your head and you're excited about making them happen, but at the moment you don't know where to begin. Mobile Car Wash and Cleaning Post Office Jeeps If you own a mobile truck washing, pressure washing or mobile car wash business you may wish to consider washing postal vehicles. They have one of the largest fleets in the world and they are relatively easy to wash. You Are Invited Business card size works well for invitations to special events.What do you visualize when you think about invitations? More than likely you are thinking about a wedding or a party. What To Consider Before Buying A Franchise Here are some useful tips on what to consider before buying a franchise. Before investing in any franchise system, be sure to get a copy of the franchisor's disclosure document. Expanding Franchisee Advice Franchisor expansion policies are not as simple as one might think. On the mind of every businessperson is the idea of expansion. Definition of Security: Small Business Owner Yes, that IS security when nobody can downsize you because you OWN that small business of yours! But preserving that special advantage is a never-ending job. In fact, do you know what needs to be preserved more than anything else?Well, since they hold the future of your business in their hands, I believe that an outside group of people whose behaviors can effect your business' survival more than any other, deserves your rapt attention. 5 Good Reasons a Self-Employed Professional Should Take Vacation So you think you're not justified in taking time away from your business because you're self-employed? Here are five great reasons why you should definitely take a vacation:1. Physical down time You work hard to grow and maintain your business. Chamber Membership will BOOST your Business When is the Chamber ideal for your business?Joining a Chamber of Commerce is likely the best thing any business or individual can do. Chambers provide many benefits to members. When to Say NO! When is it a good thing to say no to a request?Balance in one's life is perhaps the most important goal for busy people. They can take on many more projects that most others. Environmental Pressure Washing in Pennsylvania If you run a mobile car wash, mobile fleet washing company, mobile auto detailing business or a Pressure Washing firm in Pennsylvania there are things you should know. Pennsylvania is serious about cleaning the environment.
|
| home | site map |
| © 2006 |
