Tips Small Businesses Can Take Away From The Tiny House Movement And 5 Surprising Reasons Most Businesses Fail And How To Avoid Them
Tips Small Businesses Can Take Away From The Tiny House Movement
What on earth could small businesses learn from the tiny house movement if your industry is unrelated? It comes as no surprise that the growth, mission, popularity and purpose of the tiny house movement have grown over the past decade. People are joining this movement for financial freedom, environmental and leisure enjoyment. These owners reduce skyrocketing maintenance costs and living expenses that come from soaring mortgage payments of capacious houses. This movement also frees up more time to spend with family and travel.
Over the past decade, we have seen the increase in restructuring, downsizing and corporate dismantling by many large firms. According to the U.S. Small Business Administration, 99.7 percent of all employer firms are small businesses. While this percentage is an impressive number, there are some great tips many small businesses can take away from the tiny house movement.
a. Compact and mobile
Owners of tiny houses downsize to reduce the overabundance of clutter, high mortgage payments, and freedom to do more things they want to engage in. They have the capability of hitching their home on the back of a vehicle and can save money on hotel costs when traveling. Depending on your type of business, with the ease and digitization of many applications and smart devices, you can mobilize your business and take it anywhere. Even if you relocate, your business can be just as portable. Small businesses may be compact in scale, but can be substantial in their return on investment.
b. Energy and cost-efficient
Tiny house owners save money by lower operating costs, energy usage, and maintenance costs. You will find innovative ways to curb your budget in certain areas that will free up money for other important business investments to grow your business. Small businesses may not use up as much energy and power as larger organizations. You can operate more efficiently as well as effectively.
c. Environmentally conscious and sustainable
Tiny houses may be built using environmentally friendly and repurposed materials. They are built to last but are as unique and aesthetically appealing as the details in a larger home. Small businesses can apply similar eco-friendly elements and recycled supplies to their organization. Make a statement with personalized and customized brand installations on a smaller scale, but with great innovative curb appeal.
d. Technological advantages
Technology is not as big and bulky as it once was. Tiny houses can embody the same level of digitization as larger homes, just on a smaller scale. At one time, big businesses had the upper-hand with harnessing more advanced applications in technology. Nowadays, not only is technology more advanced and constantly evolving, many elements are far more affordable than they've ever been.
e. Innovative
While tiny house living is not a new phenomenon it is increasing in popularity. The idea of living a quality life on a small-scale pushes us to new levels of residential creativity. We are inspired to try something new, creative, and innovative that will make us stellar in our industry. Since many quality products and services are more affordable and reliable, small businesses can make quality purchases and outsource services that will save on equipment and personnel budgets.
Just because a small business may adopt a few ideas from the success of the tiny house movement, some of these applications may not be feasible or appealing to your particular industry. You don't have to sacrifice quality for affordability. Small businesses have the power, however, to promote their business with creative, personalized and exceptional customer experiences, regardless of size and budget.
5 Surprising Reasons Most Businesses Fail And How To Avoid Them
There is no agreement among experts on the percentages of businesses that fail. Recently, Forbes estimated that 80% of companies fail, while Fortune claims it is closer to 90%. According to the Small Business Administration (SBA), about 50% fail within the first year. Of those that survive, the SBA goes on to tell us, only about 66% survive the second year.
Whatever the number indeed is, most small businesses do not survive the first couple of years. Why is the survival rate so low?
In starting many businesses myself and working with small businesses owners as clients, I've come across five surprising reasons why small business owners struggle and fail. In this article, I'll point out these reasons, and by knowing them, you can avoid these pitfalls.
Reason #1 - Don't know what product they are selling.
It is hard to believe that most business owners do not understand what product or service they are selling. They say "People come to me to buy flowers," "I'm offering insurance," or "I sell cupcakes." But the truth is, they are not selling a product or a service, they are selling a feeling or emotion.
Buying habits are based on feeling and emotions and are only justified by the use of logic. Let that sink in. People buy based on feeling and emotions and then defend it with logic.
Let's say you have a flower shop. People can buy flowers from many different sources these days. Supermarkets have flowers as do some convenience stores. Why should they buy from you?
What feelings or emotions can you promote that will set you up for success with your business?
Reason #2 - Don't know who is their ideal customer
Many business owners will say that they don't care who their customers are. Just as long as they have customers, they are happy. They just want to have customers.
The truth is it is essential for you to know who your ideal customers are, and there are many benefits for this. When you work with your perfect customer, you do your best work because you enjoy working with them. You will be more inspired and fulfilled by what you do. You will connect with your customer on a deeper level, and they will more likely recommend you to others.
So, who is your ideal customer?
Reason #3 - Don't know what makes them unique.
I come across many business people who believe that they will be successful just because they open their doors, have a website, or hang a sign up that says they are open for business. They think that the product they have will sell itself. Sometimes this can happen. However, it is an infrequent occurrence.
In this increasingly confusing world, information and products are continually bombarding your customers from all sides, and you need to stand alone to stand out. To do this, you need to be unique from all the other businesses out there doing the same thing you are. By being unique, your customer will recognize you and come looking for you.
What is it that makes you unique in the market?
Reason #4 - Don't know how to promote the business.
When a business does not know what product they are selling, what makes them unique, and who their ideal customer is, they have a difficult time promoting their business. If you are trying to please and attract everyone, your message is too broad to appeal to anyone, and you waste a lot of time and effort with your marketing.
If a business is clear on what and who it is, promotion is simpler and more straightforward. Advertising becomes more targeted, and because of this, its success rate is higher.
In light of this, how can you now promote your business?
Reason #5 - Don't know their end goal.
So what game are you playing? Many of the businesses I come across answer this question by saying they want to be successful. But what does successful mean? The answer is different for everyone. A company that does not know what their end goal of being in business is, they do not have a direction in which to work towards, and because of this they flounder around and never achieves their goals.
Knowing what your end goal is to provide you with a direction in which to work. Is your end goal to eventually sell your business for a profit? Or maybe it is to provide a comfortable life for yourself and your family? But understand if it is the latter, what does comfortable mean to you? What salary do you want to earn? Or is it that you want to spend more time with your family? Knowing the answers to these questions gives you a direction and a goal.
So what is your end goal?
Do you want to transform your business and have all that your heart desires without all the stress and setbacks you're currently experiencing?
To be able to do this, you'll need to get clear on what you want, set goals and achieve them. Go to [http://www.lojope.com] to find tools, articles, and the support you need.
The quickest way to achieve your goals is not to attempt them by yourself. Even if you don't hire me as your coach, hire a coach, all the high achievers do it. If you don't hire a coach, at least work with a trusted friend as the path doesn't have to be long and arduous, especially if you have someone along for the ride.