Not making any sales yet? Hang in there! Becoming profitable can be a long and difficult ride and requires a lot of persistence to get there.
If you are committed to your business and want it to work, the best way to ensure that this happens is to be persistent and to continually test and tweak your marketing strategies.
Knowing the importance of persistence, here are some points to consider on the merits of persistence, as well other considerations to think about when staying the course.
Profitability is closer than you think
How can you know how close your business is to profitability for certain? You might even make your first sale within the next week. If you give up before then, you will never know how close profitability is.
As stated many, many times before, if your market research has shown that customers demand the product you are selling, it is just a matter of testing your advertising and finding the right marketing techniques in order to start selling. Giving up early will never grant you the opportunity to see improved marketing. Continue tweaking and you will start to see increased sales or profitability in no time.
It takes awhile for business ideas and marketing to work
You need to be patient. Generating any sales revenue takes time. Whether it is building up a solid list of leads, establishing some clientele, or just trying different marketing tactics, you aren’t going to be pulling in any serious revenue until you discover some best practices in these areas. Keep testing and tweaking until you get it right. Giving up too soon is only a recipe for failure.
Many businesses fail because owners give up too quickly
How much does it cost to form a business? Establishing a business entity can cost anywhere between $0 if you are a sole proprietorship, to around $200 for incorporation (depending on your state). It can cost more if your profession requires a license.
Seeing as to how cheap it is to form a business, think about how many people pay the minimum setup fees, believing that they will start seeing large cash flows right away, then discover that becoming profitable requires a lot of work. After facing this realization, these business owners give up quite quickly. Think about how many times this happens. This can certainly contribute to that 4/5 businesses failure ratio.
All it takes for these business owners is some persistence. We wouldn’t have such high failure rates for new businesses had more business owners remain committed to their idea for longer. Use this knowledge to your advantage. Don’t become another statistic because of profitability difficulties. Stick it out a little longer and watch your business’ financial situation improve.
Are you persistent about the wrong things?
Being wrong or having an unprofitable idea can hurt anyone’s ego. Maybe you have been involved in an unprofitable business too long because you are unwilling to admit that your idea won’t catch on.
Don’t despair! Most business owners have plenty more failed ideas before they reach one good one. Being a smart businessperson is not just being persistent with ideas, but also knowing when it is time to throw in the towel.
Chances are if it has been over 5 years and you haven’t made many sales, this may indicate it is time to pack up shop.
Are you giving up too quickly on the right things?
Pay-Per-Click advertising, I find, to be pretty complex and requires a lot of trial and error. If you are experimenting with one advertising medium and it isn’t working, don’t assume right away that this strategy doesn’t work for you. It is very possible (like PPC) that this individual avenue requires a lot of trial and error in and of itself.
Don’t be too quick to jump from one medium to the next one in efforts of finding the right marketing mix more quickly. You may find that you are missing a valuable opportunity with one advertising strategy that you gave up on too quickly. Take your time with each marketing avenue and be sure you allowed for some reasonable testing and tweaking before moving on to another technique.