22 May What are the Business Regrets of Failed Entrepreneurs?
Regret is a difficult thing to carry through your professional life. Let’s learn from some financial regrets of entrepreneurs learn and do better for your business.
Regretting not being able to define a target market
Focus is the keyword here. When aiming for the bullseye, remember where your target is! If you fail to address the needs of your target market, then maybe you shouldn’t be in that business after all. Know what your customer is looking for and provide it for them. Then, with a little bit of hard work, your market will eventually come to you.
Regretting not fully utilizing your network
Great designers know that they can’t do it all. If they had done this by themselves, then perhaps only one dress would come out after a year. One must learn to work with artisans, craftspeople, embroiderers, sewers, and cutters. If you can coordinate with your manufacturers, you will maximize your creativity and productivity with the help and assistance of so many other talents.
Don’t get stuck in becoming a one-person show. Rely on the strength of your acquaintances and friends to get you connected to the resources that can provide valuable support for your business. Reach out through your network and see what magic can be achieved.
Regretting not being able to sell
You can talk until you’re blue in the face about how beneficial your services and products are to the whole world. But, if nobody is buying into your idea and enthusiasm, you’ll probably end up starving.
Sales become the lifeblood of your company. Weekly and monthly sales targets must be met or even exceeded. Your sales force can bring in that much-needed revenue. For those who are widely experienced in sales, you pretty much are selling and closing all of the time. Of course, one shouldn’t hard sell or sell just for the sake of selling.
You just need that passion. You need to convince your potential clients that your product or service is something that can bring more convenience or relief to their problem(s). When they buy and appreciate your product or service, then you manage to live and sell again another day.
Regretting pushing products and services that are grossly undervalued
Critically review your price points. You might be selling your goods rather than making a profit margin from them. You need to determine that you are selling at the right price wisely. Too low and you’ll definitely be selling yourself short. Too high and you have thrown yourself out of the market.
Compare your rates to your competitors. If you can sell at a lower price, that would be ideal. But, if you’re just selling at a cost just to break even, then consider that a loss as well. You didn’t get into business just to work harder than what you did as a corporate shill. Put more value on what you’re doing and, when your customers notice that, they’ll pay for it at the right price. When customers are satisfied, you will continue to stay afloat and maybe even soar to the heavens one day.
Regretting the prioritization of revenue streams rather than the building of more profit centers
You may have several branches hawking your sporting goods, but not all locations are bringing in a profit. Some stores may not be attracting that many customers compared to the others. Cut your losses that may be draining from your bottom line and give all-out support to the stores that are really raking it in.