Not Treating It Like a Real Business
This is very common, if you’re full-time at business ownership or building it on the side of your day job. What does it mean to treat it like a real business? My experience as a franchise owner and also as a trainer in the corporate world, helped me understand what it takes to run a business. What most new business owners fail to realize is, they need to have these fundamentals in place: Know your why, have clearly defined goals, use systems & tools; and be coachable. Make these changes and your business will profit very quickly!
Not Marketing Effectively
This is an area business owners struggle with the most. Marketing requires a big part of your time and effort. If you’re trying to do it on a shoe string budget, then you have to be very creative. I suggest you follow leaders that have been successful in your type of business. This acronym is one you want to keep in front of you at all times, A.B.M. – Always Be Marketing! To be effective, create a solid marketing calendar for the year and then break it down into quarterly, weekly and daily activities. Know what works and what doesn’t and continue to keep tweaking it. Social media marketing must be included, however it’s new for many people and can be a real time waster, if you don’t know how to utilize it. I highly recommend training from Social Media gurus, like Lisa Larter from Social Business Academy.
Not Managing Time Well
This is a biggie and time is money! I can’t tell you how many people I train and coach who find this extremely challenging. Not only do things get in the way, but there is often a lack of motivation. To avoid procrastination, you have to carve out the income generating activities into your schedule each day and then stick to it. Schedule your family time and other activities in as well, to avoid getting overwhelmed. Google calendar is my favourite and very user friendly! There should be no excuses, with today’s technology, using your calendar is a lot easier than ever before!
You may be experiencing some of these challenges, so do yourself a favour and contact me. I would love to help you prevent these mistakes, get you on the road to profitability and have fun business building! Click here to send me an email.