Edmonton Business Coach | Defining Your Ideal Clients
But the failure rate for small businesses in Canada. Is actually very high. 15% of small businesses will fail in their first year of business. 30% will fail by year two.
And 50% of small businesses in Canada will have failed. By the time five years comes around. And while that seems extremely high and shocking. That number keeps increasing, the length of time a business is around.
Making the failure rate for small businesses at 96%. When looking at a ten year period. There are not many reasons why entrepreneurs fail. In fact, there are only three main reasons.
That cause most of small entrepreneurs. To fail in their business. Not only are these obstacles known. But when a business knows what they are. They are very easy to avoid.
This is actually the driving factor behind Edmonton business coach is coaching business. They want to help as many entrepreneurs as they can. Overcome these common obstacles. Because they truly believe.
That this kind of failure rate of entrepreneurs in Canada. Is unnecessary, and can be avoided. If they help more entrepreneurs succeed. Then the small business community in Canada can be a thriving one.
The first reason why entrepreneurs in Canada fail. Is they cannot find enough customers. This is either due to businesses not marketing or advertising their business at all. Perhaps they think that they can.
Find enough customers due to their great location. Or through word-of-mouth alone. Or perhaps they believe. That they will have ample time to market their business later. After they got the hang of running their own business.
Therefore, many entrepreneurs do not put effort into their marketing strategies. Because of that, they cannot find enough customers. And are forced to close the doors to their business prematurely.
Or says Edmonton business coach perhaps. They did start a marketing strategy. But it was ineffective. Or they simply did not do it long enough. In order to yield results of customers coming to their business.
Marketing can be difficult says Edmonton business coach. But that is why they want to help entrepreneurs. But helping them figure out. Not only what their marketing message is.
And it should be designed around finding their ideal client. Therefore, they must first figure out who their ideal client is. And then figure out what they are going to do to market their business.
And then help the client stick with that marketing strategy. Long enough in order to see the benefits of that strategy. They will also teach entrepreneurs that marketing takes time. Anything that they start will require.
6 to 12 months of time in order to see the results. That is why they should start marketing their business early. And consistently, without giving up or taking a break. To work with inspired method marketing and coaching. People can call to set up a consultation today.
Edmonton Business Coach | Defining Your Ideal Client Effectively
When entrepreneurs open the doors to their business says Edmonton business coach. They often do so, thinking everyone can buy their products. And therefore, everyone will, but that is not the case.
Not only do 50% of all small businesses in Canada fail within five years. But the number one reason why they failed. Which affects 43% failed businesses. Is that they were not able to find enough clients.
To sell products or services in their business to remain viable. This is due to a number of factors. Including not knowing who their ideal client is. They make the mistake of thinking everyone can be their clients.
And so they try to find anyone to buy their product or service. When that is not likely going to be the case. For example, a chiropractor may make the mistake. Of saying everyone with a spine can be their clients.
But that does not mean everyone with a spine will utilize their chiropractic services. Perhaps the chiropractor is extremely good. At providing services to people who are in certain sports.
And then their ideal client would be people who play those sports. Or chiropractor might be very good. At minimizing a specific kind of pain. And people who have those pains. Would be their ideal clients.
They might do adjustments on children. Better than any other chiropractor around. And that is who their ideal client would be. By figuring that out. Usually by figuring out what sets them apart from their competition.
Entrepreneurs can then, figure out what their messaging is. And then, Edmonton business coach can help them. Figure out how to find those clients. And find them, when they are ready to purchase that product or service.
As well, Edmonton business coach will help entrepreneurs. Figure out all of the things that set them apart. So that they can continue doing those things that attract clients. To a high degree of excellence.
One mistake that entrepreneurs should not make. Is think that one of their differentiation factors. Should be price. This is a very poor differentiation factor for many reasons. The least of which, is that customers.
Who focus on price as their most important factor. Are not loyal. And as soon as one business. Can sell something for even a dollar cheaper. That client will go to that business. It also leads to the problem.
Of businesses trying to undercut each other. And provide services for less. Which creates the problem. Of undervaluing the service. So that soon, everyone wants that product or service cheaper than is reasonable.
But the biggest problem with competing on price alone. Is that most people do not make a purchasing decisions. On price alone. Despite what people think. If they did, everyone would be using the most inexpensive cell phone.
Driving the most inexpensive car, and wearing the most inexpensive shoes. But that is not the case. People value things like quality and comfort or style. Above cost, so that is why cost should never be an entrepreneurs differentiation factor.