Why Your Solo Business Isn't Thriving

Collaborative Post

Lack Of Customer Service

Small businesses are often so busy providing services that they forget about their customers. Often, they receive emails at the end of the day from disgruntled patrons but don’t have the time or energy to respond.

The trick here is to start outsourcing customer service to third parties. These days, numerous virtual assistant agencies can handle most calls and complaints on your behalf. If there’s a serious situation, they can escalate the ticket to you, but that’s usually unnecessary.

Failure To Adapt

Another issue you might be running into is a failure to adapt. You could be struggling to contend with changes in the marketplace that are preventing your growth.

One example is using the wrong social media platforms for the business you want to promote. If you’re trying to start a fashion label, it doesn’t make much sense to focus all your energy on X.

If you’re struggling to adapt, the first step is to take a good hard look at what you’re doing right now. Often, you know where you’re going wrong, and why your peers have an advantage over you.

Failing that, you might want to talk to a business consultant or mentor who specialises in your industry. Experienced individuals can often provide insights you overlook.

Inconsistent Quality

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You may also be running into the trap of providing inconsistent quality. Some customers and clients get the five-star treatment, while others don’t.

Being inconsistent is a problem because ex-clients talk to each other. It can create resentment if you bend over backwards for some, but not others.

For this reason, consistency should be a focus. You want systems in place that treat everyone as equally as possible.

Don’t worry if you can’t perfect it – that’s normal. Just focus on implementing feedback strategies and processes so that the results are nearly the same every time.

No Focus

Lack of focus can also be an issue. Not having a clear vision makes it difficult to know what to do next or how specific decisions are going to help you.

If lack of focus is an issue, think carefully about your vision and what you want to achieve. Write down your core goal and see if your activities are supporting it.

If you feel like you can’t focus, ask yourself why. Is something distracting you and taking your attention away from the task at hand?

If you’re really struggling with focus, you might want to consider getting a partner who can hold you accountable. Having someone else there with you can be an excellent way to get extra motivation to keep moving toward your goals.

No Network

Lack of network is another problem a lot of solo business owners run into. You’re so focused on creating a product and appealing to your audience that you forget that partnerships can also be helpful.

Networks are more valuable than you might think. In fact, they are the foundation of most business opportunities.

Therefore, always actively work on your network and figure out how you can improve it. Look for opportunities to attend events or join your industry peers and connections.

It doesn’t have to be anything spectacular to start. You just want to surround yourself with the sort of people who can help you get on the next rung of the ladder.

Spending Too Much Time On Minor Tasks

Spending too much time on minor tasks is another issue people starting businesses run into. Constantly worrying about social media and marketing is often a distraction, taking you away from your core business.

Fortunately, this problem is easy to solve – just get someone else to do it for you. Nowadays, you can buy everything from social media campaigns to link building packages off the shelf, saving you masses of time and allowing you to focus on the things that matter most.

Poor Pricing

Poor pricing is another issue some entrepreneurs run into. While they might think they’re charging the right amount (based on the competition), usually, they’re not.

Pricing too low is an issue because it makes people question your quality. If you are 20% cheaper than your rivals or more, it could set off alarm bells for some clients, even if your service is excellent.

Pricing too high is less risky. But, of course, the standards people expect will also be much greater. You’ll have to prove your worth and bend over backward to please.

Bad Money Management

Solo businesses can also fail to thrive if you have poor money management. Misusing your startup capital can lead your company into trouble rapidly.

Unfortunately, most solopreneurs overspend because of inexperience. They make mistakes every week, preventing them from using their capital wisely and succeeding. Eventually, too much money flows out of the business and they go bust.

The solution to this problem is to get a partner or mentor who understands purchasing decisions in your industry. Having the right individual on your team can save you thousands of dollars and help you avoid making rookie mistakes that harm your long-term survival.

At the same time, you also want to write a budget for your income and expenses. This way, you can see your financial wiggle room and the space you have to play with.

Lack Of Market Research

Lastly, some solo businesses fail because they don’t do enough market research. Entrepreneurs think they know who their target audience is, but deep down, they don't.

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