by Dante Lee, BlackBusinessCoach.com
You are not running a business, unless you are actually making money. That money doesn’t necessarily have to be all profits, but there should be some type of ongoing cash flow – even if you’re just breaking even. Business means commerce, and commerce means the exchange of money for services and products.
Sadly, many minority-owned businesses just aren’t producing revenue like they should. Some will open their doors for business and close just a year later – having never made a dime. In rare cases, it can be for legit reasons. But most of the time, if your business is not making money – it’s because of one or more of the following five reasons:
1) Your Web Is Poorly Designed
Time and time again, this proves to be a common blunder amongst aspiring and established business owners. Your web site absolutely has to be professionally designed, must be simple with a balanced amount of text and images, and must have easy-to-understand navigation. If not, this alone can kill all of your chances of ever doing business with a customer. If you are not a professional web developer, you need to invest and hire someone who is.
2) You Have No Marketing Plan
You can not expect to have customers, if you have not developed an effective plan of action for your advertising. Shockingly, many people do very little to actually promote their business. This makes no sense because there are many ways to promote a business – online and offline. If you are having trouble with ideas, you should consult a marketing professional or buy a marketing/advertising book at your local book store.
3) You Keep Making Excuses
Just how long are you going to continue to blame the economy for why business is bad? Business owners all over the country are facing the same economic situations as you, but many have figured out how to overcome it. You can do this also, but you need to stop making excuses and start looking for creative solutions. Despite the economy, millions of consumers are still spending money. You need to figure out how to get them to spend it with you.
4) You Have No Work Ethic
You think you work hard, but maybe you spend more time watching reality shows, talk shows, and award shows. Maybe you are easily distracted, and spend more time playing video games or watching sports. Maybe you spend more time going out to eat, at the movies, hanging out with friends, planning vacations, etc. Remember that you only get out what you put in. If you’re spending minimal time to build your business, you will only get minimal results. Learn to develop a “work now, play later” attitude.
5) You Don’t Believe
You want to be successful and you want to enjoy the benefits of owning a profitable business, but deep down you really don’t believe that you can do it. Maybe you are easily discouraged by friends and family, or maybe you can’t seem to stay motivated when the money isn’t coming as fast as you would like it. Remember that success starts and ends with your attitude; your attitude defines everything. Having high self-esteem and confidence, and being able to stay motivated are very critical components to being an entrepreneur.
August 19, 2012 //
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