Edmonton Business Coach | Some Entrepreneurship Myths
Today your Edmonton business coach is going share with you some myths about entrepreneurship. There are some things that are just not true when it comes to starting a business. The sooner that we can bust some of these myths for you, the sooner you’ll begin seeing entrepreneurship in a new light.
There some people who would have you believe that ownership is easy, and that owning your own business is going to be all fun and games. There are many times when entrepreneurship is quite fun, and reporting. There are however, many times when entrepreneurship is extremely difficult.
There are times when you have issues with sales and marketing, accounting, and with staffing. When you work with an Edmonton business coach at inspired method, we will walk the entrepreneurial journey with you and show you the proven path to entrepreneurial success.
Did you know that the average Canadian business fails within five years? According to industry Canada 15% of businesses fail by year one, 30% failed by year two and 50% fail by year five. Forbes says that 90% of businesses fail within 10 years. This is something that your Edmonton business coach wants to help you avoid.
It is our goal to help as many businesses stay in business over a five-year period as we possibly can. This is something that we’ve taken on is our mission, and it’s why we get up everyday.
Some people are under the impression that everybody’s their ideal target customer. Unfortunately, this is not the case. There are so many other businesses that are either identical in their products and services, or are competing against you for the same buyers attention.
When you think about beverages for instance, people have the choice of coffee, soda, water, or something else. In each of these categories there are several subcategories where people are competing for the buyers attention.
This is why your business must have a unique selling proposition, and a no-brainer offer that your ideal buyers can’t say no to. There so much value in having somebody right in front of you to sell to. The idea of a no-brainer offer is to get someone into your place of business so that you can impress them with your level of service and amazing products.
There are so many times when we go into a business and the front staff couldn’t be more annoyed that we were there. The amount of money that is spent in branding, advertising, and building a physical location that you would assume they want you there.
Employees don’t understand how important it is to take advantage of every customer that walks through the door. Many people take customers for granted. The problem with this is that if it is done often enough, customers will stop coming in. This is when businesses get into big trouble and have to overcome it by getting rid of staff that don’t hold customers in the highest regard.
Edmonton business coach | shoot the deer when it’s near
Being an Edmonton business coach we know the value of taking advantage of every opportunity as it presents itself. The number one reason for business failure Canada is the inability to attract enough customers.
There are so many businesses that we have seen who spend an enormous amount of money getting people into their doors, only for the staff to fail in delivering quality services.
The number one thing that your employees can do when anyone enters your business is smile at them, acknowledge them, and offer a warm welcome. That alone will mean the difference between success and failure that customer.
This isn’t the only thing that needs to happen, but it is the best place to start. Making people feel welcome in your business is the bare minimum of service that your employees should provide. Take it from an Edmonton business coach, if you think that just delivering what customers expect is good enough, you will be out of business very soon.
One thing that you need to realize that not everybody is your ideal and likely customer. You need to target in and focus on the smallest viable market for your product or service. Once you can nail your product offering and service delivery to that audience, then you can expand into other audiences with new products and expanded services.
Not everybody is going to love everything you do, that’s the beautiful thing about being a business owner. You have some freedom and flexibility with your product and service offering and can adapt quickly to changes in the market.
The bottom line with any small businesses that you must over deliver in every client interaction. It is not enough to just deliver what they asked for, you have to go over and above and go that extra mile for your clients. This is how you start carving out a great reputation in your city.
When you’re working with an Edmonton business coach at inspired method marketing and coaching we will help you develop your product and service offerings so that you can maximize each customer in your database.
You will be taken advantage of by some customers. That is a fact of life that will not go away. Not everybody has your best intentions at heart. Most people are in it for themselves, and what they can get from other people. This is not something that you need to be worried about, just understand that it is going to happen at one point or another.
The majority of your customers are going to be amazing people who are excited to do business with you and will repeatedly do business with you. If they can’t to repeat business, they will more than likely recommend you to their friends and family.
A lot of people don’t understand how valuable review is online. That is today’s word-of-mouth. The more that people embrace this idea that their online reputation mean something, the better their business will be for it.