Estimated reading time: 5 mins
It is estimated that within the first 18 months of opening, approximately 80 percent of businesses fail. If you want to be one of these failed ventures, there are 10 things you can do right now to help watch your home business crash and burn.
Do Not Market Online
The internet is vast and able to reach people all over the world where the internet is available. If you want to kill your business, do not market it online. It is estimated that 80 percent of people who use the internet use it to buy services and products.
Leaving behind this massive demographic will ensure the swift demise of your home business. If you want to turn things around and reach the majority of the world, take advantage of internet-based methods, such as social media marketing, a digital storefront and incorporating SEO and LSI to make it easy for potential customers to find you.
Always Make Decisions Based On Emotions
Emotions almost always lead to illogical decisions that will quickly shutter your business. Logic is what allows you to work through the pros and cons of the decisions that you need to make. When you abandon logic, your hopes and dreams will rapidly fade away.
It’s not easy to push emotion to the side because it’s human nature to allow emotions to lead the way. This is where the saying, “follow your heart” comes from. However, when it comes to home business success, leave your heart out of it if you want to move forward.
Always Put Your Desires First
One of the fastest ways to watch your business crumble is to put your desires above those of your customers. If you abandon the belief that the “customer is always right” they will take their money elsewhere so that your business can fail.
Remember that your customers are the ones ensuring consistent cash flow for your business. If you expect to keep getting their money, you have to give them what they want. Take some surveys and ask for customer feedback to determine what to keep and what to change.
Never Do The Hard Work
You’re the boss. There’s no need to get your hands dirty for your business. Kick back, relax and just wait for the eventual failure.
As the business owner, working hard should be your top priority. You should be willing to get into the trenches with any employees that you have to get the job done. You should be doing more than anyone to ensure that your business stays afloat and thrives. Business owners who do not get their hands dirty often find that success is nearly impossible.
Spend Money Like It Grows on Trees
Just spend money like it is going out of style. This ensures that you blow through your capital quickly so that your business takes a long walk off of a short cliff. The smaller your business, the faster the fall will be.
The foundation of every successful home business is money. Now, you don’t need millions. The amount of capital necessary ultimately depends on your industry, the type of business you are running and the size of your business.
Always evaluate your needs before spending. Do not be shy about saving a buck whenever it is possible as long as it does not short your customers.
Do Not Listen to Your Customers
Your great ideas and strategies are all that matters. If your customers want you to make changes, ignore them. This is your business and you should run it exactly as you want. That is one of the best perks of entrepreneurship after all.
92 percent of consumers listen to what other consumers have to say online. This means that you must listen to what your customers are telling you, especially when it comes to your online presence and marketing techniques. When you satisfy this large demographic, you will attract more potential customers.
Take Your Time To Deliver
Treat your business like a slow-moving and relaxing beach vacation. Kick back and watch the money roll in without improving your efficiency. Your customers will get what they paid for eventually, and since your products or services are so awesome, they will not care about delays.
You can get everything from new shoes to tacos fast with a few taps on your smartphone screen. Because of this, people value efficiency above most other things that businesses offer. When someone places an order, you must get it out as quickly as possible to satisfy the fast-paced and impatient mindset of modern society.
Don’t Worry About Your Target Audience
Just tell everyone to buy your products and services and everything will be fine. Treat potential customers like dollar signs and forget about what they actually want and need. There are billions of people in the world, so losing thousands means nothing in the long run.
This mindset provides a quick trip to complete collapse. Identifying your target audience is in the top five most important things to do before getting your business up and running. They are your bread and butter. You must cater to them to ensure they keep coming back for more.
Treat Your Employees Poorly
There are plenty of fish in the sea when it comes to romantic partners and employees. So, do not worry about their thoughts or opinions. If one quits, go diving and find yourself a new one.
Unfortunately, this is the mindset of too many business owners. It’s also a mindset that often results in complete business failure. Your employees are the bedrock of your business.
Your employees attend to your customers, keep the daily operations going smoothly and can provide valuable input about how your business is actually doing. Treat them like gold and your business will benefit.
Plan For The Future Instead of Today
The future is important, so make sure that all of your focus is on it. If your business is failing right now, do not worry about this. Only think about a year or more from now.
The truth is, the future is important, but there is no future if you don’t fix problems immediately as they arise. This is a common problem. It’s easy to daydream about the potential of your business. In fact, this can be fun and exciting. However, remember that problems will not simply work themselves out if you spend your time daydreaming and thinking about the future.
As you can see there are many things you can do to cause your home business to fail. They key is to heed the warning of what you have read here and put each of these tips into practice.
Also, to make sure you stay on track with your home based business, use websites like VETTEDOPPS to give you all of the information you will need to succeed.