A common theme I hear among my friends who are business owners is that they rarely get support from their family and friends. My response is always, "I'm not surprised!".
When starting a business, you have a detailed outline on
what you plan to offer, who you plan to engage, and what results you expect to
see. You are thorough and very optimistic. Then months later, you are crushed
when you don't see your dream pan out.
Many of my friends have funded their starts-up from their
savings and are eager to replace their investment but that never happens. One
of the first things I ask is, "who did you market your product to?"
Too often, I hear that the business plan started with family and friends with
hopes that their family and friends would buy the product AND share
it with their associates. After months of trying to engage them, they finally
give up.
According to Bloomberg, 8 out of 10 entrepreneurs who start
businesses fail within the first 18 months. A monstrous 80% crash and burn!
With most business failing in the first year, it important to position your
business to go beyond this point and standout in its. Not having a clear
marketing plan is a major pitfall and having one that starts with family and
friends is just as bad. Your sole plan should never begin with connecting with your small circle. From your perspective, you assume that if you have a
dream, those around you have the same dream. Simply put, that is not so.
-
Several reasons your "inner" circle may not
support your business is:
- They
don't have any interest in the product you are selling.
- They may not have a need for your product or service.
- They
are not aware of your product or service.
- They
have supported past endeavors.
Then again, you may have people who just don't value what
you do, and that is okay! Your goal should be to expand to people you have
never met in new markets. By expanding to new markets you position yourself to
see faster growth and develop returning customers.
Yes, it may be discouraging that your "inner
circle" doesn't share the dream or passion you may have or that they don't
value what you do enough to support you, but this doesn't have to be the end of
your business. The world is filled with millions of people who may have a need
for your product. You just need to find them and engage with them. A core
fundamental of consumer experience is to ensure that customer interactions are
designed and not left to chance. You should meticulously engineer the
experience and engagement through structured actions that represent where you
want to be in the future. Consider engage local businesses, online partners,
and non-traditional marketing. Ensure that your plan is “enjoyable”, “easy” and
“meets the needs” of your customer.
Share your business plan with family and friends but don't build your business on them. When it is all said and done, don't become bitter or envious
when you see those close to you supporting others. Help them support others
and know that in time, your support will come if you do the right thing and work
hard.
Know your brand, know your market, and know your worth!
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- June 21, 2016
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