New Business Not Making Money? Here’s Why
Many of us have dreams of escaping the rat race and running our own ventures, which put us in control and allow us to earn money in a flexible way. And with so many success stories out there of people who have quit their day jobs and gone on to earn heaps of money running a business, you might assume that it’s easy to do the same. If you have a passion and a good idea for a company, that’s all you need… right? Maybe you purchased materials or stock, set up your website and kicked back and waited for the money to come flooding in- and then panicked when it didn’t happen. Don’t give up on your dreams just yet, here are a few things to try.
You need a better website to promote your business
Chances are you set up a free or cheap website yourself before opening the business as a way to save money. While you might have done an ok job, unfortunately, a do it yourself website won’t look as good.
Doing this may save you some money, but it is always going to lack the sleek professionalism that an experienced web designer can give you. Customers are picky and if they think your site looks amateur they’ll assume the rest of your business is run the same way and simply shop elsewhere. A website is an investment, it’s money you’ll need to put into your business early on but is pretty much essential for success.
If you are really strapped for cash and hiring a website design service just isn’t feasible at this point, I would at least recommend starting with a sales funnel system like Clickfunnels.
A sales funnel system can give you a few basic webpages that you can start to use to generate leads and even automate some sales. They often have done for you templates that make your page look professional.
As a starting point, this can be a great option. If you would like to get a free 14-day trial of Clickfunnels, click here.
Your images need to be updated
If you’ve gone down the route of stock images then your site will be lacking that personalization that customers will be looking for. Using images that people have seen over the internet a hundred times makes your site look tacky.
Plus it can put them off and it may have them feeling like your site looks amateur. Invest in good images for your company’s website, or even make your own.
People like working with a business that is run by actual people, not just some faceless company. The more you can humanize your business the better.
If you sell products then the images need to be crisp and clear- ideally shown in context too. For example, if you sell clothes don’t just list pictures of the garment, but include a model wearing them too. That way customers can see what they could look like with it on.
Poor marketing could be a reason your business is not making money
You might have a fantastic business but if you’re not reaching the right people then you’ll never sell enough units to make a profit. Use a marketing company or a Facebook agency since they will have the skills and expertise needed to promote businesses just like yours.
Do you have the right marketing tools you need to build your business? If you are going to go the “do it yourself” route for marketing your business, you need the right tools.
Imagine trying to build a house with just nails and a screwdriver. You’d be in for a rough time. It’s the same thing when you are building your business online.
Without the right tools, you may save a couple of bucks, but the time and extra effort you have to put in are far more expensive than investing in the right marketing tools. A couple of tools you definitely need is a website, sales funnel system, and email autoresponder.
I’d also recommend checking out these two posts for more tips on improving your marketing. 5 Online Marketing Books You Need To Read As A Business Owner. 9 Online Marketing Investments I Wish I Made Sooner.
You need to give it more time for you and your business to grow
If you’ve followed the above steps and still aren’t making as much profit as you’d like, it might be a case of giving it more time. Rome wasn’t built in a day, it can take a while for your business to snowball.
As customers make purchases and are happy they’ll return, often recommending others. As your social sites grow and more engagement is made, more people will take an interest in your business.
In addition to that are you growing yourself as a business owner? Your business will only grow to the point that you do and investing in yourself is a major part of that.
Personal development has been a major key to my success over the years and it’s something every business owner needs to do. If you’d like to check out some of the personal development books I recommend take a look at this post. Top 4 Personal Development Books – Books That Will Change Your Life And Business.
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