Why Isn't My New Business Making Any Money?

When you finally take the plunge to escape the rat race and set up your own business, it’s easy to get ahead of yourself. You have dreams of making lots of money, customers come flooding in and all of your financial worries just melting away. But of course, this isn’t the case most of the time- starting a company is hard work and things probably won’t take off as quickly as you think. Here are some of the reasons why you’re yet to make much (or any) money in your venture.

Be patient

First things first, you might need to just be patient. It can take time to build up a reputation online, for those first customers to start posting reviews and making recommendations. It can take a few weeks for any marketing efforts to show their effects. Try not to panic and give it a little time, as long as you’re sure you’re doing everything else right- you might just need to be patient.

Improve your website

Have you set up a free or cheap website as a way to get your business online but without spending much money? Even if your site looks ok, it’s always going to lack the sleek professionalism that you can only get with an experienced web designer. Customers are picky and have high expectations, it doesn’t matter what kind of business you run. If they think your site looks cheap or amateur, it’s easy for them to assume that rest of your business is run the same way. Your website really is an investment, it’s essential for success and something to consider improving if you’re not making much money.

Better images

Stock images from the internet lack the personalisation that customers will be looking for. You don’t want to look like any other bland business out there, you want to be unique and sand out. This is impossible to achieve when you’re using images that people have seen online hundred times. Invest in good images for your company’s website, this could be things like professional model shots to show clothing or products or photos of your staff on a ‘meet the team’ page for professionalism. Show whatever it is your customer is going to be buying. If you’re a corporate business, photos of your team and office can help give clients that sense of who you are- it makes things feel more personal.

Marketing efforts

If you’re not reaching the right people, it doesn’t matter what your business does or sells- you’ll simply never sell enough to make a profit. Don’t just wait for customers to stumble across you, use a marketing agency or a hire a professional to run things for you since they will have the skills and expertise needed. In many cases, a lack of sales can be fixed by marketing. If you know you’re selling good products or services that people want, it might be a case that you’re just not reaching the people who are likely to buy from you. Marketing can fix that.