The life of an entrepreneur may sound like the ultimate "girl boss" dream career, and it is (in my opinion). But it is certainly not an easy career path at the beginning.
I'm not about to discuss the well-known hurdles. We already know about the financial risks, the challenge of getting organized, the feeling overwhelmed, and never knowing what to do. That is what most entrepreneurs know to expect. They know they will face some difficult times where they will question their decision to be an entrepreneur. But at least they have their friends and family to support them.
Right???
The correct answer is the sound of some crickets and utter silence.
When entrepreneurs launch their new business, they expect their warm market (family and friends) to be supportive and immediately make a purchase and spread the word to their neighbors and friends. They also expect their cold market (general public/strangers) to be excited about purchasing your product/service because (in your opinion) it's so great.
The reality is that of ten people within your warm market, only one person will support your new business. Your cold market will be skeptical because they don't know you, and they've never heard of your new business. On the launch day, when you thought you would have several new clients and purchases/enrollments, you will probably only close the day with one sale and one person who said, "I'll think about it."
There could be several reasons why your warm and cold market may not support your new business. Here are some common factors:
1. Lack of awareness: Have you told everyone about your new business? Did you have a pre-launch party? People may not know about your new business or what it offers. Months before the launch, you must build excitement and suspense. You will confuse your friends and family when you suddenly launch a business without notice. How will the public discover your business if you don't consistently inform everyone about your products or services via word of mouth or marketing?
2. Trust issues: Potential clients may hesitate to support your new business due to concerns about its reliability or quality. When I started selling beauty products, no one knew of the brand. No one was ready to pay the price for a product they weren't sure would be good. It took a lot of prior testimonials and my results to make them aware of the quality of the products I was selling. Building trust is an ongoing mission when starting your business.
3. Competition: Well-established competitors in the same market may cause consumers to prefer to stick with familiar options. Many of your target audience and prospective clients are more than likely using a brand or service that they have been loyal to for a long time. Getting them to open up and give your product or service a chance will be no easy task. You must know your top competitors and what makes your brand different.
4. Pricing: If the new business's prices are deemed too expensive, it may deter potential customers. The general public is more aware of their options thanks to the internet and social media. Even though they know that better quality of anything is preferable, people are declining the costs. In today's economy, no one wants to pay more than they need to for a product or service. If you can set your prices, be fair to yourself and your clients. If you have no control over prices, such as when I was working in network marketing, then help your clients understand the value of your product/service. However, friends and family will feel more comfortable telling you they'll think about it or next time than ever actually investing in your business.
5. Spectator Syndrome: This point is for your warm market: friends and family. They know about your business but have no intention of showing their support. The best-case scenario is that your warm market will show their love and support by making a small investment. They won't do this because they care about your business venture. They will do this because they care about you. The reality is that the best-case scenario is rarely ever the case. Your warm market is more than okay with just watching you try and do the work. They want to observe what you do and see whether you are successful in your new business venture, but it doesn't concern them. This point is one of the saddest hurdles to confront as an entrepreneur. I'm not saying that no one will support you because you will have some relatives and besties that will. But there won't be as many people as you would have expected.
As unpleasant as the truth may be, it is best to know the harsh reality now instead of later to avoid disappointment. I wish someone had told me about all the challenges I would face as a junior entrepreneur. There were many things I didn't know about this career path, and there is still a lot to learn. Fortunately, determination is not something that easily fades, if it ever does. When your goals and dreams are more important than your worries and problems, you find a way to continue fighting for what you want. Reanalyze your business, plan it out, make necessary adjustments, and keep growing. Never quit!
Sending you love and high-fives!
Ody
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