As a small business owner I have found 5 things that are business killers for start-up businesses.
Business Killer #1: Inspiration and Enthusiasm Run Out
Passion and drive are in abundance when you start a new business. However, as the journey continues inspiration and enthusiasm start to dwindle. Business stops being fun and starts becoming a chore due to all the mechanics of running a business.
Get out of the inspiration rut by trying new things. Creativity works hand in hand with maintaining enthusiasm. Fill up your inspiration tank by routinely taking the time to use your imagination to be innovative. Being innovative leads to adaptability which allows the business to shift, morph and grow as the business comes into fruition.
Business Killer #2: Wrong Expectations
Businesses that dream big also have big goals. Big goals are wonderful; they are what lead the way for many small businesses. It is good to see the overall picture and to not lose sight of it, however, to only see the big picture can lead to disappointment.
Big goals need to be broken down into smaller steps. Smaller steps are realistic goals that turn into quick wins and visible results. The steady stream of small wins will help a business owner maintain positive momentum that is desperately needed in starting up a business.
Business Killer #3: Exhaustion of Resources
Business owners are faced with exhaustion of resources on many different levels; time, people, spaces, inspiration, motivation and funding. Many business owners abandon their hopes and dreams of running a business because of this exhaustion. Pushing to make things happen single-handedly is not a good start to a successful business.
Look for the free ways to invest in business through social media, meet ups, craigslist and local business listings. instead of pushing to make things happen, let the business unfold naturally. Take breaks and step back to allow resources to be replenished.
Business Killer #4: Poor Communication
Communication is a huge asset to a business. Promoting a business is of the utmost importance to growing a business. Communicating to the wrong audience is not effective. It is also ineffective to communicate through the wrong channels.
Get to know the audience. How do they communicate? What channels do they prefer to receive communication through? Be clear and concise about what to communicate. Have a focus and a vision for what the audience wants or needs to know. Create an open dialogue with the audience by providing a call to action. This will engage and encourage the target audience to seek out further information.
Business Killer #5: Loss of Authenticity
Business owners that take too many cues from their comparisons lose their authenticity. Trying to find the same success and mimicking competitors can make a business look boring and dated.
Don’t lose the business’ unique qualities in a rush to gain success. Be sure to include those traits that make the business stand out as selling points. Originality sets businesses apart from one another which will provide an authentic experience to customers.
Remember start-up businesses are rarely overnight successes. If you can stay inspired, set realistic expectations, take breaks, communicate effectively and be authentic you will be able to maintain the momentum and positive energy it takes to not only start a business but to keep it growing.