Your business is stagnant. Maybe even losing money. You don’t know what to do to turn things around. Did you ever get that feeling that you may not have a choice, but to let it go? to let it die, a slow death? You need small business ideas now! Preferable successful small business ideas.
You are not alone. According to Bloomberg, 8 out of 10 entrepreneurs who start a business fail within the first 18 months. A whopping 80% crash and burn. Others make it past the 18 months but stagnate and have a hard time turning it profitable. They worry and worry, without ever finding potential small business ideas that can help them overcome the difficulty and move forward. It’s not like you can find a list of small business ideas just laying around. These businesses are so-called “living dead” businesses.
Exactly what is your existing scenario? Why don’t we take a closer look? Are you facing some – or maybe all – of the following challenges?
- Your business is stagnant
- Maybe even losing money
- You don’t know what to do to turn things around
- Maybe, you are even looking for small home business ideas
At this point why don’t we check out the most likely cause that has prompted the current situation?
SALES HAVE GONE DOWN!
Although your business situation might be a challenging one, there are some possible answers and small business ideas that can help you turn your company around. You may have already considered a few or perhaps every one of these, but let’s take a closer look at them. These are just suggestions. You don’t need to agree or disagree with them at this time. We will discuss each one in more detail down below.
- Small Business Ideas solution #1: Reposition your product or service to make it into a “pain killer” so it attracts more buyers, faster. The problem you may be facing right now is that your product or service is positioned as a “vitamin,” meaning “nice to have but not urgent.” This may cause cash flow problems in your business because there is no “urgency” for people to buy now. It is a long sales cycle.
- Small Business Ideas solution #2: ( Keep in mind, we are just itemizing options here) could be to invest in the right type of marketing which will generate the highest ROI. This way you do not waste money marketing products or services that are not profitable. This is generally a choice that may require you to invest some time understanding how digital marketing works. This is not something you want to “wing it.” The cost of doing digital marketing wrong can set you further back, instead of helping you move forward. Therefore, invest the time to understand the different digital marketing channels before investing your hard earned money on the wrong channel. You may want to look at MARKETPEDIA.NET
- Small Business Ideas solution #3: Reduce your cash-flow outlay (or your cash-flow shortage) by pre-selling your products or services directly to your customers. Granted, to make this work you will have to differentiate yourself from the competition. You would either have to come up with your own products or services or reposition them to solve a challenge your competition was not able to.
- Small Business Ideas solution #4: Bring more online traffic via SEO marketing, and therefore potential buyers into your business. Without a shadow of a doubt, if you do this right – and with the right team – you can end up dominating your entire market. BUT a caveat here, done this wrong and you can end up hurting, rather than helping your business. This is not a solution that you want to “test” on your main business site
Prons and Cons of Each Solution:
We are now going to take a closer look at each solution. The goal is to analyze the benefits and drawbacks of each one. It’s always important to be objective and see the Pros and Cons of each option to determine which would benefit you the most in the fastest possible time.
The very first solution was to reposition your product or service to make it into a “pain killer” so it attracts more buyers.
- Consider some of the positives of this action? By “Pain Killer” we mean something that you “gotta have right now” because you are in pain or are experiencing a problem that needs to be resolved. Positioning your products or services this way will decrease your sales cycle, and therefore increase your cash-flow, because now you have more buyers, rather than lookers.
- What are the cons with these small business ideas solutions? The challenge with positioning your products or services as “pain-killers” is that you have to understand the pain of your market. This takes market research and understanding the life-cycle of the buyer. This is not something you can do just by assuming what your market wants, or if you have a “gut feeling.” You get this one wrong, and everything else you do, later on, will be wrong too.
- Evaluating out the positives and negatives with this choice, which would you prefer? Obviously you want buyers. People who are desperately looking for the solutions you offer will increase the number of buyers coming into your business, and therefore your cash flow as well. If you manage to keep your costs down, while increasing sales, you can build a very profitable business. This means you can increase its value, and sell it at a higher price if you, later on, decide to exit your business.
The second solution was to invest in the right type of marketing which will generate the highest ROI. This way you do not waste money marketing products or services that are not profitable.
- What are the advantages of these small business ideas solutions? Even when there is a lot of competition in a market, you may engineer your product and your offer in such a superior way that you will stand out from the crowd. Even though there may be multiple choices, the quality or your offer can stand out so much as to render all of your competition irrelevant.
- What are the negatives with this solution? It is your business decision how you want to position your product in the marketplace. If you make the wrong decision here, everything else you do moving forward will be fruitless. This is not something you can guess or assume. In order to use this solution, you must have analytical data that will back up all your assumptions. Without the correct market data analysis, this is not an option you want to take.
- Evaluating out the benefits and drawbacks of this solution, which might you prefer? Understanding keyword research, data mining and analytics will give you the highest ROI, and unfair advantage over your competition. Therefore, spend time learning how to read the data you collect from your website visitors. You can start with something as simple as Google Analytics
The next solution to think about was to reduce your cash-flow outlay (or your cash-flow shortage) by pre-selling your products or services.
- What are the positives of this solution? Customer capital. Instead of raising capital from banks, business owners can reach out to customers directly. Business owners can skip the bank loan lines and reach out to customers before the product is actually produced. It’s called a pre-order, but it has a twist. In this case, the pre-order is for a product that doesn’t actually exist yet.
- Consider some of the negative aspects of this action? You must be able to deliver an outstanding product or service, otherwise, your name and reputation will be tarnished, eliminating your options for future pre-sell campaigns. Additionally, you cannot offer consumer products that can be purchased down the street. In other words, you need to differentiate yourself from the competition.
- Balancing out the positives and negatives with this solution, which one might you like? If you are selling commodity products that can be found anywhere, this may not be the right choice for you. Customers will not pre-order a product that can be bought anywhere. To make this strategy work, you have to be willing to reposition your business and find or create products buyers are willing to pay for, even before they are made.
The 4th solution to consider was to bring more online traffic and therefore potential buyers into your business.
- Consider some of the advantages of this option? With the new advent of the Semantic web, business owners are now in a position where if they play their cards right, they can become the authority in their market. The new Semantic search allows businesses to intercept their potential customers’ attention with a new way of marketing. How does this affect your business? Well, Google controls 95% of the global mobile search market and more than 80% of the global desktop search market. Not bringing SEO into your marketing strategy, makes no business sense.
- Consider some of the negatives of this action? Those businesses that do not take the time to understand the new Semantic web or do not make it part of their businesses, will most likely cease to exist in the near future. Unfortunately, most business owners when shifting to marketing on the web, do not understand the complexity of this field and hire the wrong consulting firm, or what is worse, the cheapest. This could be the kiss of death for your business because if done incorrectly, it can actually put you out of business. Just ask JC Penney’s and Overstock. Both companies nearly went into receivership due to the losses suffered in the 3-month period when Google penalized them for doing the wrong SEO.
- Balancing out the positives and negatives with this alternative, which might you prefer? To survive in the new economy, SEO is a must in any business strategy. BUT, understanding how to do SEO right, in order to avoid any de-indexing or getting penalized by the search engines is critical. Therefore whether you decide to do your own SEO or hire an SEO Company to do it for you, it is of utmost importance that you do it right. If you try to hire the cheapest one, you may end up like JC Penney or Overstock, so be careful here.
Small Business Ideas Summary
Ok, so now that we have discussed the alternatives, let’s quickly revise the pluses and minuses of each solution. At this point, it is time to compare the options against each other.
The options were:
- Reposition your product or service to make it into a “pain killer” so it attracts more buyers: The goal for each option is obviously to increase buyers. People who are desperately looking for the solutions you offer. This will, without a doubt, increase your number of customers.
- Invest in the right type of marketing which will generate the highest ROI: Understanding the “commercial intent” of your web visitor will make a huge difference in your business profitability and/or cash flow problems.
- Reduce your cash-flow outlay (or your cash-flow shortage) by pre-selling your products or services: Business owners can skip the bank loan lines and reach out to customers before the product is actually produced. It’s called a pre-order, but it has a twist. In this case, the pre-order is for a product that doesn’t actually exist yet.
- Bring more online traffic, and therefore potential buyers into your business. This way you do not waste money marketing products or services that are not profitable: Understanding basic digital marketing, data mining, analytics and being able to pinpoint keywords that will give you the highest ROI, is probably the most important step in the process.