May 9, 2013, 6:24 am

5 Little Known Factors That Are Killing Your Business

by: MD    Category: Business
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I’ve made so many mistakes in my personal and professional life, that it’s only fair that I share with you guys what you could learn from my mistakes.

We all make mistakes. That’s normal. What sucks is not knowing when you’re doing something wrong. How are you supposed to know that you’re on the wrong path when everyone tells you that you’re the best? This is why I love to receive harsh criticism. Just because someone is honest with you or doesn’t like every single idea of yours, it doesn’t make them a “hater.” We should be thankful for those that don’t sugar-coat.

Instead of calling critics “haters” we need to open our eyes. We can’t always be told that we are the best at everything.

This article is about the mistakes that I made and about how others helped me realize I was messing up. This isn’t about feeling sorry for yourself. It’s about fixing things.

What are 5 little known factors that could be killing your business?

1. Focusing on the wrong people.

What’s your target market? Who are you marketing to? Who do you want to reach?

The biggest issue is that most of us can’t answer this one question. It seems simple enough, but too often do we try to approach “everyone.” That’s unfortunately not a target market. You can’t please everyone. You don’t work for everyone.

You need to stop focusing on the wrong people. I focused on the wrong people for far too long.

How do you know if you’re focusing on the wrong people?

  • There’s no specific target group.
  • They have no money.
  • They’re unresponsive.
  • They don’t care enough.
  • They have no access to resources.
  • They can’t act on anything.
  • The market group doesn’t exist.

It’s time to go after those that matter and want your help.

2. Selling the wrong product.

I’ve done this before. It’s easy to get lost in your own little world.

Are you selling the wrong product? First, how do you know if you’re selling the wrong product?

  • No sales. 
  • Nobody reacts.
  • Nobody cares.

The opposite of love isn’t hate. It’s indifference. No reaction is the worst reaction. I embrace being hate. I enjoy being loved. No reaction sucks.

You need to stop selling the wrong product and offering the wrong services.

3. Looking in the wrong places.

Oh I’ve looked in the wrong places many times. Not just with business, but with life.

What are the wrong places exactly? It’s difficult to tell to be totally realistic. Nobody goes out of there way to look in the wrong place. It just sort of happens by accident. The best way to tell is if you keep on trying something and it doesn’t work.

My best tip here is to experiment with different ideas. You can try guest posting, Kijiji, Twitter, other blogs, and so on. There’s no one-size-fits-all answer. I’m just suggesting that you don’t dump all of your resources into one place. Try everything out.

For my friend’s tattoo business, Facebook works amazing. For me, Facebook is just an excuse to make inappropriate jokes on everyones’ walls. For my one buddy, Kijiji helps him find clients. For me, well we won’t get into that.

4. Wasting time on things that don’t really matter.

There are just so many things that don’t matter at all. Seriously. I’m the king of wasting time on trivial things. Wasting time will only hurt the growth of your business. That means you get to help less people. You make less money. And you don’t make the impact that you were hoping to make.

What are the biggest time sucks?

  1. Arguing with random people online.
  2. Responding to pointless emails.
  3. Research aka reading articles.
  4. Marketing aka reading marketing blogs with the same tired advice.
  5. Facebook. Enough said.
  6. Social media marketing aka chatting about Dexter.
I’m not saying that you strive for 100% efficiency. I’m just helping you watch out for these time sucks.

Please stop wasting time when you can’t afford to!

5. Losing focus.

It’s too easy to lose focus. There are distractions everywhere. The other night I went on YouTube and started watching old UFC fights for no good reason. I lost my focus and fell behind.

Once you lose focus, it might be near impossible to gain it back. Nothing seems to click. You’re in a slump and it feels like you’re going to be stuck forever.

I’m not going to be a hypocrite because I’m the king of losing focus. So um, I say, try your best to keep your eye on the prize!

Have any of these factors been holding you back? They’ve certainly held me back at one point or another.

“For the marketer, the freelancer, and the entrepreneur, the challenge is to reset your comfort level, to be okay with the undone, with the cycle of never ending.” — Seth Godin

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Comments

These are tops factors that affects a business. There are a lot to think about and itâ??s to easy to be distracted so many things. That’s why you need to have a business plan and think everything through thoroughly.

Great points – #5 especially – focus is the key!

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