What are the top reasons that most businesses do not reach six figures?
Once you enter into teenage, attaining six figures becomes one of your dreams. With high hopes, desires, and courage, you try to do something big & out of the box. For that purpose, starting a business would be a great option. Building a business is a great way to become self-dependent and achieve your dream.
Running and sustaining a business requires real-time & effort, which is not everyone’s cup of tea. For a sustainable business, you need to make a decent profit. Make sure that you do not get overrun by any financial problem. People make many mistakes & restrict them to make six figures revenue in business.
Here are the top 11 mistakes that you have been making in your business which has restricted you to reach six figures:
1. Not investigating the market
When planning for any business, explore the market. If you are passionate enough about your business, you must take out time to do market research thoroughly. You need to know what is trending in the market. Be aware of the demands, needs, and problems of the audience.
We have a solution for this problem. CollabAct provides an opportunity to experience the field you are interested in; by practically being a part of the market.
2. The problem in Business plan
You must always have an appropriate business plan according to the market dynamics, even if you feel it is a theoretical document. A reliable and realistic plan is the foundation of a successful business. Make a plan such that it outlines achievable goals for your business.
Make a plan which consists of problems as well as solutions. The planning should cover the cost and inputs needed to run the business. Once it is ready, implement it to achieve your business goal.
3. Less finance
If you start a business with less money & it fails. Then you are not in a position to take another loan. Better be realistic in the beginning. Make a plan in which you always have a financial backup ready. Start a business with a certain amount of capital.
Do not put in all the money at once in your business because if it fails, you will have nothing. Also, if the business idea works, it takes years to generate the profit revenue.
4.Wrong location or poor marketing strategy
If you set up your business where the network connection is not good, it will fail. These days, marketing and advertising products or services on social media platforms is a new trend that every business person follows.
5. Lack of time for Marketing
Every business person gives a lot of time and effort in establishing themselves & their products that they do not get time for marketing and sales. It could result in business failure. To save you from this, CollabAct comes for help.
CollabAct tries to minimize your burden of marketing and sales by providing you with young and trained talents who will work as an associate with you. It will help you save time, lower pressure, and ultimately achieve your target. These business associates will help with product selling and marketing.
6. Remaining rigid
Once the business is established and a customer base is gained, people become complacent. Remember that the need you are fulfilling is mutual. Keep monitoring the market to know when to make alterations in your business plan as the market is dynamic.
7. Expanding too fast
You must treat business expansion as if you start all over again. When planning for business expansion, make sure that you do market research of that particular area. Make sure to understand the new product, service, and customers.
For that, CollabAct provides your business with passionate Business Influencers who are locals making it easier for your business to thrive as they understand their market.
8. Lack of vision
Lacking a vision will restrict your business from growing, no matter how much effort you put into it.
9. Not maintaining the same energy level
You might be very energetic and motivated at the start of your business career. As time passes and you achieve success, you get distracted from your goal. You experience a fall in energy level and lose focus.
10. Ignoring team building
There might be a possibility that you make all the business decisions on your own at the start of your business career. But when the business expands, it will not be appropriate to continue doing the same. Hire talented candidates for marketing, advertising, and finance handling.
CollabAct can provide you with skilled and knowledgeable people who will work for you as a business associate. CollabAct has itself trained them.
11. Playing it all safe
Once you get established in the market, come out of the shell and take risks and create new opportunities. Playing safe is not going to get you six figures revenue. You must keep on experimenting & exploring new ideas to keep your customers loyal to you.
The bottom line is if you feel you are not good at something, better seek help from professionals rather than pulling it down yourself. Connect with CollabAct if you have any business-related problems or want to learn skills and knowledge for business development.