Your idea is already being done.
You don’t have the right kind of support.
You won’t make it.
Heard or thought that before? Well, if you’re running your own small business, I would guess you have at some point. I’m telling you now to IGNORE and DEFY that negativity. Let’s go over facts about small business success and reasons you should continue to grind, no matter what.
99.7% of US employers are small businesses. Literally almost every current standing business started small and made it. You can make it too.
66% of small businesses will survive their first 2 years, according SBA.gov. So, imagine hitting year 3; where do you go from there? The answer is year 4, year 5, and so on. Just because you beat the odds of lasting thus far doesn’t guarantee a thing for your future. At Jali, we’ve talked to you all about the importance of having a strategy to everything your business does, so create a strategy for each year of success. Breaking down your strategy into smaller time frames will help you control and track your moves for goal-setting. Create your own playbook!
But what if you are part of the 33% of those who failed? Well, our first piece of advice is to accept and prepare to make change. Identify your business’ shortcomings, analyze the cause, create a solution, and try again. Rebranding happens all the time. If rebranding doesn’t seem appealing to you, consider using your current business model and applying the portion of it that works to your next business plan. When we fail, we have to use what we’ve learned to create a more winning strategy for the next venture. Let’s take the Cubs recent win at the World Series, for example here. The Chicago native baseball team went 108 years between World Series wins. Over a century. Can you imagine the rush of excitement and high energy that enveloped the entire city of Chicago simply because their baseball players kept playing? Like, all they had to do was keep playing! The win from the Cubs inspired our post today for so many reasons. Their win displayed dedication, grit, confidence, effort, consistency, resilience, practice, community, passion, and execution. Their win is inspiring and creates immeasurable positivity for their fans, executive club, and the players. Not giving up on reaching their highest of goals landed them what they’ve wanted all this time. Had they given up after their 3rd year of not winning or their 93rd year they still would have given up, and NOT be our current World Series Baseball Champions. Thinking about how they had the comeback of a lifetime made me think of small business owners who may be suffering or feeling defeated. You can’t let failure discourage you from getting what is meant to be yours. Use it to shape your future success strategies and models.
Ok, let’s say you haven’t failed but you’re past your 2nd year and have hit a plateau. Spruce some things up and look into facts about your marketing. Your business may be checking all the boxes but if you aren’t reaching everyone that you possibly can, you won’t expand. 56% of US small business use a mix of digital and traditional marketing and 80% of those small businesses use social media to market. Take some time to research how to do this, maintain your current budget, and increase revenue. One of our goals at Jali is to service our small business brothers and sisters with content marketing and management. We want to help you succeed not because it helps us, but also because it’s what we love to do! We are a small business with a big heart and we are playing so we can all win! We love seeing new ideas come to life and we support as much as we can. On Small Business Saturday (the Saturday after Thanksgiving in the US) we are hoping to highlight and support as many of you as possible. The favor we ask in return is that you support others as well. Go to their websites, read their blogs, shop their merchandise, learn about their services, and tell others about them. We have to treat the small business world like a village; we each must give love and do the work.
So, if we are going to win big at small business, we have to help each other out. Encourage yourself and other small business leaders to keep pushing. Regardless of the time between small successes, the work you do to maintain and grow will lead to big wins in the long run. Working hard is the best play for every growing success. Learn the stats, compare where you are vs. where you want to be, and get busy! Your small business can win big, too.
*stats can be found at the link listed.