The Advanced Guide to Not Quit Your Business
In the world of connectivity and globalization competition gets fierce every day. A few years ago you could have come up with a social network and you would have offered one of very few. Now there are thousands to compete against including some very big-name ones like Alibaba,Facebook,Google,Twitter and many others. There are many business models and methods available to people and organizations looking to spread their businesses, but one thing most of them have in common is a marketing plan.
Marketing does not just involve getting information about a product or service to clients and potential clients. It also involves getting information from those clients about what they want, need, and are willing to purchase. This can be done using surveys, questionnaires, data mining, data analysis, and more. Once you have the information about what people want you can develop or perfect your product or service. Finally use various forms of advertising in order to let people know what your product or service does, and why people need to buy it.
There are many available methods for advertising. One of the most popular, cheapest, and effective means of advertising in the current era is online ads whether it be pay-per-click or pay-per-page-view. It can be beneficial to use one or both, though the exact methods used should be decided based on your business model.
Should You Quit Due to Lack of Profitability?
Many people will give up after only a few weeks or months. Though some businesses are never meant to get off the ground, quitting early because of lack of profitability is a mistake. Many businesses operate in the red for several years before becoming profitable. Two keys to success are persistence and agility. Not only is it important to keep going even when the going gets tough, but it is also important to make changes quickly and effectively when necessary. If you offer a product or service that people want and purchase, but suddenly they stop purchasing it, you must immediately assess as to whether there has been a shift in the market. If there has, adjust your product to meet new market standards, and implement the new plan immediately.
Travel agencies have faced major challenges in the last few years as people begun booking trips online rather than calling the agencies. Companies like Travelocity have adapted by setting up robust travel websites that allow people to book flights, hotels, and rental cars all in one place. Their advertising has worked very effectively to make sure a large percent of the population is aware of Travelocity and therefore more likely to go to their website when booking travel.
If you have a small business or a start up and you are thinking of quitting, don’t. Reassess. Gather information. Consider changing your marketing plan or business model. Do what needs to be done, but do not quit. Success comes for those who work hard,innovate, exercise patience, and think on their feet. Be successful and be the next great business tycoon.
consultation for your small business
I have shared your article with a friend of mine who is in a really bad shape. Great tips. Thanks
That’s great. thanks:-)
Many companies don’t believe in change and rebranding. I read Maria’s article about if rebranding is a good idea or not and this one nailed it. Thank you
Great article, Maria. I am one of your subscribers. The good thing is you never spam with lousy newsletters.
I agree change is a good thing when everything goes soar for you.
My first company went bankrupt, I had to go under welfare, it was a horrible situation. I was almost committed suicide. I thought quitting is for coward people. I applied for many jobs until I got a crappy job at a department store. The wage was enough to pay the bills. Once I saw this ad, so I decided to run an online ecommerce, my friend told me, there are many people who run ecommerce already, but I didn’t pay attention. The first sales poured in, so I created some facebook ads and now I am doing fine. So yeah, Maria Johnsen is right, you shouldn’t quit no matter what. It’s all about rebranding and starting all over again.
Thank you for your testimonial 🙂
Starting to think of quitting is a horrible place to be. But there is hope, I hope more people who are in my situation read Maria’s article.
Thank you 🙂
When I am in my business set back, the business version of myself is a bit uncomfortable. Thank you very much for your great advice, Maria. It was very comforting and inspirational.
Yes, i know what you mean. Sometimes it is not ok to quit. So it all depends on the type of business.