When you start your own business and you see some good growth for the first few months, you’d be forgiven for thinking you’ve made it. Then things start to slow down and no matter how hard you work, things never really take off. So many business owners experience this and even though they’re making enough money to get by, they just can’t make that step up to the next level. It might be because you’re bad at running a business but you probably wouldn’t have got that far if that was the case. It’s more likely that one of these things is stopping your company from taking off.
The Product Is Bad
A good product is at the core of every successful business. It doesn’t matter if you’re the most efficient, hard working boss in the world. If people don’t want or need your product, you aren’t going to get anywhere. It’s hard to admit that something you’ve spent so long perfecting, and you thought was amazing, is just a bit rubbish. But persevering with a product that has no market is bad business sense. It doesn’t mean that you’ll never succeed, it just means that you need to start from scratch and come up with something else.
You’re In The Wrong Place
If you start a tech company in the middle of nowhere in a tiny town that’s only just had broadband installed, you aren’t going to have a very big customer base. Of course, you can rely on online sales a bit but you shouldn’t overestimate just how many sales it’ll get you. When you’re in this situation you’ve got two options. You can either scrap the product and move into a different industry that has a bigger local customer base. Otherwise, you need to move. Pack up your stuff and hire a company like Chess Moving to haul your stuff across the country to somewhere better. It’s a drastic thing to do but if you’re serious about making this business work, you might have to.
While you’re probably going to start out running the company from home, you won’t be able to fund and run the company on your own forever. It’s not uncommon for people to bring in a business partner early on. It’s good when you pick the right person because you’ve got double the funding and double the expertise, but it can soon go wrong. If you haven’t got a good working relationship with your business partner and you’ve got conflicting ideas on the direction you should take, everything will come grinding to a halt. Before you choose a partner and bring them on board, you need to discuss every aspect of the company and give them your predictions and goals for the future. If they are on the same page then great, but if not, consider working with somebody else.
It’s also important that you share the workload equally, you’re taking an equal cut of the profits after all. If you find that you’re doing the lion’s share of the work while they put their feet up, something needs to change. Speak to them but if you don’t see any improvement then it’s time to drop them.
When your business isn’t taking off, it doesn’t mean that you’re doing anything majorly wrong. Sometimes you just need to make one simple change.