Five New Business Failure Myths: The Truth About Succeeding With Small Businesses

Five New Business Failure Myths

It is common knowledge that many small businesses fail within a year. However, many also succeed. Why do some thrive while others don’t manage to survive? There are several common myths about small business success. Each one of these myths is true for some businesses while being completely false for others.

If a New Small Business Fails Within a Year, the Area Just Isn’t Ready for It.

Sometimes, an area simply can’t support a business. Other times, the business owner quits to soon, doesn’t advertise effectively, or has a bad location. It is wise to really research the economic status of an area before opening a similar business, but taking a close look at why the other business failed is also a smart idea.

A Business Failed Because It Was Located in a Home.

Multimillion dollar computer corporations began as home businesses. Unless the entrepreneur is running a business where appearances are everything, a business run from a professional looking home office is just fine.

The Small Business Owner Who Doesn’t Succeed With a First Business Isn’t Cut Out for Entrepreneurship.

Actually, the opposite is usually true. A person who has a failed business under his or her belt knows from personal experience what the pitfalls of the last business were and can avoid most of them with a new business. However, if the first business failed because he or she just couldn’t remain organized, forgot to invoice customers and spent all day playing Solitaire instead of hunting for new contacts, then a second try at starting a business is probably a very bad idea.

 A Move to a New Location Can Kill a Business.

 It happens quite often. A thriving new business moves to a new location and fails within a year. However, other times the business doubles its revenue. Before moving a new business, think very carefully about customer travel patterns. Instead of driving as little as five minutes out of their way to continue going to the business that has moved, they may opt to find a different business that is located within their current travel pattern.

The Business Failed Because the Owners Weren’t Committed to It.

This can be true, but it also can be completely false. If the owners shut down the store on a whim because it is a nice day, a cold day, the third day of a week with Friday the 13th in it, National Pickle Day, and for any other random reason, it is probably very true. Small business owners know that the second they decide to close for the day, someone will come wandering in the front door. Despite the fact that they have somewhere to go, successful owners usually give the potential customer a warm welcome. This is because they are aware that the potential customer isn’t likely to come back another day after being shooed out like a pesky fly. The same is true for people who walk up to the store, tug on the front door and then see the “Sorry, we’ve gone fishing!” sign in the window. One unscheduled closure is usually forgiven, but two or three cause them to decide to head for a store they know will be open.

Top 4 Ways to Generate Local Attention for Small Businesses

Top 4 Ways to Generate Local Attention for Small Businesses

If you intend to grow your business, the best place to start is locally. Do not overlook the advantages and support you can gain from your local community.

There are many small company owners and individuals who are looking for effective ways to generate local attention for small business with intentions of expanding. With the economy still in a fluctuating condition, it is important to use the right methods to properly advertise and get your brand or company name out where valuable consumers can see. Here are some of the best ways to attract more attention for small business and the benefits it can bring.

4 Tips to Generate Local Attention for Small Business

  1. Start a Company Website

If you have not done so already, the most crucial step to make is to setup a website for your small business. Even if you have little intentions or future plans to sell products or services online, it is important to remember that consumers almost always do their research on the internet. Aside from convenience, online forums or blogs are the most popular way to find or write reviews about certain companies.

 If you do not have an existing website, you will need to start one immediately in order to generate local attention for small business. Although the most traditional way to advertise is through printed material like newspapers or magazine ads, the costs can be drastically high while the exposure is severely limited. Even if you already have an advertisement in place somewhere in print, an online webpage can only benefit your small business.

A website will not only help you market your company’s professional integrity and products you offer but it is also a great place for customer to leave feedback. In addition to positive reviews, potential customers also have an easy way to reach your business with any questions or problems. If you manage to find customers then you will want to provide excellent service to ensure that they come back for more.

  1. Organize Community Events or Programs

Once you have your company’s website up and running, another great way to generate local attention for small business is to get involved with the local community. Consumers almost always prefer companies that give back to the average Joe instead of reaping the profits for themselves. Consider what industry your company belongs to and use your creativity to start a related event.

The benefits of involving the community can be continuously rewarding. Not only is this a great way to gain word-of-mouth advertising but you will also have relevant and meaningful information to add to your website. One of the most important factors when increasing attention for small business is to have something unique and different to offer that other companies don’t. Since most small businesses do not engage or host local events, your brand name will surely stand out and catch the attention of new clients.

  1. Build a Good Reputation

Any tactic or strategy you use to generate local attention for small business can be a complete waste if your small business does not have a good reputation. In most cases, having no reputation at all would be preferred over having a bad image. Though word-of-mouth is often not the best way to advertise, it is an effective way to warn others. A majority of individuals will tell their friends and family if they have a bad enough experience from dealing with your business.

When looking for ways to generate local attention for small business, be sure that you handle all customer complaints and inquiries with urgent care. Ask yourself whether you would choose a small business again if it takes days to receive a response. Following up is a pivotal step when building a good reputation. If you are able to leave a big enough impression for customers to leave reviews, you will want them all to be as flattering as possible.

  1. Find a Marketing Expert for Guidance

A great way to generate local attention for small business is to find guidance from marketing experts who have full insight into how internet advertising works. If you are looking to expand your company and increase profits then it can be beneficial to invest a small amount for valuable tools. If you are looking to generate leads for your small company, consider some marketing tools such as email lists and always make sure that the content on your webpage is relevant and interesting.

Having a professional can also ensure that you receive a customized marketing plan that meets your unique requirements. Even if you are skeptical about hiring an expert, consider doing your own research online for the many different ways to generate local attention for small business.