Starting a business can be quite easy. If you’ve got an idea and it doesn’t need much capital to get going, you can get started from the comfort of your own home with little more than a laptop and a website. Even if your business is based offline and in the real world, you might be able to start with a pop-up store, selling out of your home, or offering your service with a few flyers and some word of mouth marketing.
But, keeping this business going is often much harder than we expect, and growing it even more so. While most companies struggle in the first few months, and it’s completely normal to spend the first year just focusing on keeping going, with growth to come later. But, in a world where new businesses are starting all of the time, and competition from big business is high; eventually you need to grow if you want to stay open. Here’s a look at some of the most common reasons that small businesses don’t grow.
Running it for Themselves
A lot of businesses fail to grow because they spend time creating products that they want to make, or offering services that they enjoy, without thinking about whether or not other people want them. If you’re going to grow, you need to think about what your customers want, and what the market needs, not just what you want.
Failure to Advertise
You might be offering the best product or service in the world, but word of mouth can only get you so far, especially in the early days when you might not have a loyal fanbase. While you could tackle a vast amount of digital marketing yourself, if you want to reach a wider audience and sustain growth, it’s worth investing in professional marketing services, both on and offline.
A Lack of Analytics
Many businesses struggle because they either don’t take the time to read their analytics reports, or they don’t understand them when they do. Easily accessible reporting tools like Google Analytics can help you to see where your website does well, and where it does. It can help you to see who is looking at it, where they are from, how old they are, what pages they spend most time on and what devices they are using. This can be valuable information.
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No Proper Plan
Starting a business is easier than it has ever been before. But this means that many people make the mistake of just jumping in as soon as they’ve got an idea. Failure to plan appropriately means that many businesses fail, and those that continue often struggle to grow. Take some time to create a detailed business plan before you start, and update it whenever there are changes, and you’ll be much more likely to succeed.
Don’t make the mistake of thinking that a good start means things will always be easy. Your business will only grow if you are willing to put in the effort long-term, not just in the beginning.