Read This If You’re Feeling Bad About Your Business.
I don’t know about you, but I’m getting tired of these fly-by-night, so-called business or social media experts that brag how they made six figures right out of the gate and you must be a failure if you haven’t done it this quickly.
No One Gives Up a Successful Business to Give Advice
They all have the same story. Even though their business was so successful, they decided to give it up to help other small business owners by selling you their “success” secrets. I hate to tell you this, but no one ever walks away from a successful business. Repeat, no one. These people are really equivalent to snake oil salesmen.
The worst part is they make you feel badly if your business has not taken off immediately. Seriously? Who tells people that you should be successful in your first 6 months, let alone first year of business. Starting a business is a marathon, not a sprint.
There is NO Magic Secret
I have said it many times on my blog – THERE IS NO MAGIC SECRET, no one thing you can do that will turn you into a six-figure business overnight, unless you are selling face masks at the start of the pandemic. That’s the only time I’ve seen it happen.
But those kind of businesses also start fast and end fast.
For example, let’s say that you are selling face masks and charging $30 per. I guarantee you there is nothing that some “magic” success course or ebook is going to tell you that will help that scenario. Why? Because the demand for this type of product has dropped very low, and the price you are charging is way too high – do you see where I’m going here? People don’t buy things just because you put it in front of them.
Get REAL Advice
Real business advice has to start with what you are selling, who are you selling to, what you are charging and your expected profit margins. Once this is solidified, is realistic and has true potential, then you can try all the marketing tricks, but even then, not all are what they seem and might not be right for reaching your customer.
Social Media is NOT Proof Enough
I see tons of online businesses that have hundreds of thousands of followers on Instagram, and yet little sales. And vice versa. I have seen businesses with little to no social media following, and they’re killing it. Don’t get so caught up in the “social proof” because a lot of time, it’s smoke and mirrors.
Sales are NOT Profits
The real truth is that a successful business takes time to build and grow. You have to set realistic goals or you will be very disappointed and give up on the business too soon. Remember, SALES ARE NOT PROFITS.
I know a lot of businesses that spend $90,000 to make $100,000. That’s actually pretty easy to do. Still think that’s a successful business? It’s not. Therefore, you might also want to read my post: Just Because Someone is a Top Seller, Doesn’t Mean They’re Making Money.
Even on Etsy, did you know that the ad budget can go as high as $1,000 a day? So you might see someone and think they are making tons of money, but not if they are spending $1,000 a day on ads.
The Rich Get Richer on Social Media
A lot of these Tiktokers and other so called social media influencers, for the most part, are rich kids. They will pretend they’re not, but they are. As I said, it’s easy to make a lot of money if you spend a lot of money to do it. But I guarantee they are still not making big profits, and big profits is what makes a business successful, not just big revenues.
What bothers me the most is the influence they have on young small business owners. They always try to lure them in by showing their “alleged” sales figures. What legitimate business ever does that? Do you know that some of these businesses will actually buy their own products just to falsely bulk up their sales figures? From a tax perspective, how stupid is that?
They also try to prove to these young business owners how rich they now are, by showing off on social medial all of the expensive things they are buying. That’s another red flag. You don’t get to just spend all of your profits. Most business owners draw a salary and have to keep money in the business to avoid the tax man. Young small business owners listening to these so called experts are going to find themselves in for a big surprise come tax time if they just spend everything they make.
Now, once in a while, a small business might get a bit of press that causes sales to skyrocket in the short term. But this can also hurt your business. Read this post of mine: When Too Many Sales Can Hurt Your Small Business (It Happened To This Seller)
It Takes Time
Remember, most businesses do not make any profit in their first year, according to Forbes. In fact, most new businesses need 18 to 24 months just to reach profitability. And then there’s the reality that 25 percent of new businesses fail in their first year, according to the Small Business Administration.
More than anything, I do not want you to give up on your business, just because it has not been successful overnight. Sometimes it might just be a small thing you need to fix or a more viable niche you need to target.
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About Me
A 20+ year marketing professional, small business consultant, ebook author & blogger, my advice has been featured in the NY Times, Success Magazine, American Express, Big Commerce, Business2Community to name a few – so this is professional advice you can trust!
I have consulted for thousands of small businesses since 2012. It really does help to talk to someone who is objective to get a new, but professional, perspective. I have also written publicity pitches for clients that resulted in them being featured in Real Simple Magazine, Apartment Therapy, House Beautiful, Vanity Fair, Houzz, Martha Stewart, Glamour Magazine, LONNY, DesignMilk, Emmaline Bride,– just to name a few.
©2022 Gail Oliver. All rights reserved. Read This If You’re Feeling Bad About Your Business
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