A couple of years ago I was dating this young lady who came from a wealthy family. Her family was always stressing the fact of what is your purpose? How do you fit in with this family and specifically our daughter? Well, wanting to get in their good graces and win their daughters heart I sought to discover that purpose…quickly. Naturally, right?
In truth I had been seeking my purpose for several years before but like most things in life that carry value, they are not easy to come by. I knew that my purpose had to do with business. But, I didn’t know what aspect of business. So I had started/purchased a couple of different businesses but really experienced zero success.
But, I kept trying.
And honestly, the unique combination of negativity from people in my circle and personal failures made me start to question whether or not I could be a success. My frustration mounted as my questions multiplied and my answers diminished. But, as time progressed God helped me to realize the many mentors that He brought into my life to teach me both what to do and what I should never do. Though I have experienced both joy and humiliation from my mentors I have strived to remain open to the people whom taught me wise nuggets of truth and the ugly characteristics of failure. In an effort to share with you what I have learned from those mentors I posed this question to those on FaceBook and Twitter, “What is your BIGGEST obstacle in business?”
Though I have received an overwhelming response I decided to focus in on the top 5. Here they are:
1. Ian Powell said, “Starting capital”
For most entrepreneurs they think that they need a million dollars to launch a business. They are always going around looking for investors or start up capital believing that if only they had more money then they could get started. Let me bust a bubble: You don’t need it.
At the age of 23, I purchased an arena football team while working as a server. Yes, I went from waiting tables at Cheesecake Factory to becoming the youngest owner of a professional football team. How? I asked the owner who was selling the organization to finance the team for me. I then took out a credit card advance to come up with the down payment then sold some advertising to pay off the credit card and I was in business.
Now you have 2 options when it comes to start up capital.
- Start small. That does not mean unprofessional it means smaller. Instead of opening a full service restaurant, start by selling one of your key desserts or dishes out of your kitchen. Or begin doing catering jobs.
- Owner financing. If you have to start bigger like you would need to do for a Hardware store than find an owner who is willing to sell his business and then make him finance it. BizBuySell.com can help you with that.
Remember that creativity is your biggest asset.
2. Tonya Haught said that her biggest obstacle was to “stop procrastinating and start her own business.
I have heard it said, “The more you wait, the more you feel the weight.” If you are scared to step out the fear does not go away. You will simply have to feel the fear and do it anyways. If you have a problem that is standing in you way know that you will always have problems and issues and they always SEEM insurmountable. If you don’t know how to get started then at least go to the library or search the Internet to find out how others in your industry got started.
And finally and most importantly, if you really want to start then you have to set a definite date of when you are going to start. Saying “one day” doesn’t cut it. Saying June 3 will get your butt in gear.
3. Bob Ney one of my FaceBook friends said, “not being up to speed with technology and how to utilize it.”
There is a fine line between knowing the most recent technology and trying to be “the jack-of-all-trades and the master of none.” I run into entrepreneurs who want to learn how to design and market their own website, while learning the latest Internet marketing strategies. When really if you are a lawyer then you should focus on law and hire someone else to take care of (in this example) your Internet marketing…like my company! 
Staying up to date on what other experts in your industry is doing and using is easy with Google Alerts. Sign up for Google Alerts and type in your business. Google will then send you alerts regarding all the latest updates on your industry that is being mentioned. It’s a great way to stay connected.
4. Melissa Jones responded by saying her greatest obstacle in business was, “getting enough customers.”
Finding people willing to purchase your product is probably the most difficult part of business. Here are my 5 BEST marketing tips:
- Before you advertise make sure that you have a system in place to track your results. If you don’t you are throwing money in the wind.
- Find someone in your industry that is successfully finding customers in a different market and ask them how they are marketing.
- Partner up with a non-profit organization and offer to give them a percentage of whatever they sell.
- Find another business that is selling a non-competing product to your demographic and partner up with them.
- Ask for referrals from your current customers.
These are simple yet HIGHLY effective strategies.
5. @williestylez said that “getting repeat purchases” is his greatest obstacle.
In order to get repeat purchases from the same customer you need to have the right sales funnel. Start them off with a bigger ticket item and then offer them a reoccurring product that will compliment the high-ticket item. If you are a landscaping company then offer to cut your customer’s grass bi-weekly, which will continue your revenue stream. Car dealerships do this with car sales. They sell a car, and then offer you oil changes.
If you are selling something like food then you need to give them an experience that is more than good food. Why do you go back to Starbucks and spend $5 on a cup of coffee? Because for $5 you feel like you are wealthy, trendy and modern. You feel like the popular kid in high school when you walk out with that cup of java.
Provide that experience and you will not want for customers.
What Say You?
Let me know your biggest obstacle in the comment box below. And if you have found this article helpful then help me share this information on Digg and Twitter.
With your success in mind,
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