Who doesn’t want to grow in business? It’s a big dream of every businessman to grow and get success in business.
But still, 50% of the small businesses ended in the first five years of their life. Why?
There are a couple of reasons for which businesses fail, but, I’m gonna share with you the topmost reasons for which businesses don’t succeed.
If you want to grow in your business, then these tips are gonna help reframe your plans and get massive growth in your business.
You didn’t choose the profitable niche
For a business, growth means more profit. Isn’t it?
If you’re not getting huge profits that doesn’t mean you are not successful in your business. Because some businesses are less profitable and some are more.
So it’s possible that you didn’t research and choose one of the top profitable businesses in your area – may be, online.
So it’s better to compare your business with top profitable businesses so that you could get the idea if you’re in the right niche or not.
The most feasible comparison is local research.
Look around yourself, and see how much maximum someone is getting in your market, and you should expect that as your maximum growth until you achieve it.
You’re not in the right market
It’s not for the online market, but it’s for local business. Because in the online world, you’re always in the right market.
Although, there are some factors that don’t let you succeed in the online world. But in the local market, it’s the topmost factor that doesn’t let business succeed.
Did you ever think about how many maximum customers you can get in your local area? Let me explain with a super easy example.
Your product is shoes, and you got a shop in mobile’s market. What do you expect from how many sales will you get?
Now, take this example for your business and see if you’re in the right market or not. For your product you should think broader, how much traffic does your market have and how much percentage should you get?
Although, people think about the rates too much. But time has changed. People have many other options to look around. And they usually visit each of your competitors.
That’s why they keep the prices in mind unconsciously.
If you’re expensive and someone else is offering the product at lower rates, that means you can’t compete with him. And it becomes a reason for failure.
You’re not problem-solving
To succeed in business, the shortcut is to solve others’ problems. If your product isn’t solving the problems of your customers, all in vain.
For example, let’s take an example of the shoe business once again.
You started a business and you have done a great research on it. There is no such real reason for the failure.
- You don’t have financial issues.
- You hired experts.
- Your marketing is super amazing.
- Your team is too productive for lead generation.
What else can you expect to run a successful business? But still, you’re not growing in your niche.
In that case, your product isn’t fine. Let’s say your shoes are not comfortable or their design is not nice or something else.
In all such cases, you’re not satisfying your customer with your product. People can compromise on the price if your product started satisfying them.