There are over 342 million registered websites in the world today.
That’s millions of businesses trying to hit profitability and grow their revenue.
As a new business, the deck is stacked against you:
Competition, weary consumers, and lack of funding.
But, it’s not all bad news. There are ways to overcome these challenges and grow your business past the startup phase.
Here are the three main new business mistakes that bankrupt most and how you can avoid them.
1. Not Personalizing Content to Your Target Market
Personalization is of the utmost importance. With more websites and marketing campaigns being run daily than ever before, customers need to feel their pains and voices are heard.
Generic marketing campaigns may work for brands like Coca Cola, but they aren’t going to work for your small business.
Your target market is smaller, more niche, and needs more direct attention.
Everything from your website to your emails to your social media needs to “speak” to your target market.
So, how do you do it?
By instantly addressing pain points on your website. For example, Housecall Pro, a service-business software tool personalizes content for all of their users:
Maids are just one of their target markets, too. They then create new pages to target other segments, like plumbers:
Notice how the copy is written specifically for each target market.
Rather than just saying “Housecall Pro is a software tool for your service business,” they say:
Plumbing field service software.
Start tailoring your content to your target market and you will resonate better with them, driving more sales and brand awareness.
2. Failing to Secure Funding
One of the most common reasons why businesses fail is a lack of funding.
Funding is critical to more than just paying employees.
More funding means more:
- Content marketing
- Better content marketing
- More room to be creative and run bigger campaigns
Securing funding for a small business can feel tough.
Approaching venture capital firms usually isn’t an option in the early stages, unless you already have tremendous brand awareness or connections.
Bank loans can be steep, and take months to get approved.
So, how can you secure funding?
There are a few options:
First off, start building brand awareness. Start contacting journalists and media reps that can help build a story about your business.
Find a compelling angle that separates you in your niche and use that for press.
Secondly, seek alternative funding sources, like merchant financing:
You can often get approved fast, allowing you to quickly scale marketing and sales projects to get your business off the ground.
Securing funding is important. Content, marketing, and high-quality staff don’t come cheap. But they are essential to a thriving business.
3. Skipping Out on Content Marketing
Content marketing is by far the most impactful tool for growing your organic visitors.
Tired of paying for PPC ads? Want a steady flow of traffic interested in your business?
Start creating content around topics that your customers are searching for.
Begin with podcasting. It’s one of the best ways to reach new audiences, as millions listen to podcasts every day.
You can develop a podcast right in GarageBand and upload it to a hosting provider like BuzzSprout. This will ensure your podcast reaches iTunes, Spotify, and the top podcast directories.
In addition to podcasts, start creating ultimate guide content for your niche.
For instance, if you sell travel items, write a post about the top travel gear to buy.
Skipping out on content marketing isn’t an option anymore. Not when billions of people are searching Google and engaging with websites on a daily basis.
Starting a new business is a grind. It’s risky, tough, and downright stressful.
To top it off, your competitors are hoping for you to fail.
Tackle these three new business mistakes ASAP to ensure your business gets off the ground and stay there.