How to Jump-start Your Dying Business

How to Jump-start Your Dying Business

Statistics show that more than 50 percent of businesses fail during the first 5 years of their operation. The truth is that these businesses don’t go down overnight. If you think critically, there are a few signs that point to the fact that the business is soon failing, but many business owners fail to notice the signs glaring at them.

The first thing that businesspeople do to try and salvage a dying business is to cut down on the expenses, but unknown to them, they only serve to slow down what will eventually happen. Instead of doing that, they need to be trying to pump in some much needed life into the business. Here is what you need to do when you find yourself in this situation.

Change Direction

Changing direction means different things to different businesses. It might mean changing the kind of products you sell or coming up with a totally new idea for marketing.

However, before you take a totally new direction, you need to take time and undertake research. The research should tell you where the problem is and help you make that decision. For instance, you might think that your product could sell better with young buyers only to find that it sells much better with the older people.

Build a New Brand

Rebranding is generally the first thing that you need to consider especially when the business and your products are not well-positioned.

It is unfortunate that many businessmen think that rebranding is all about changing the logo and theme colours. You need to overhaul everything that places you on the market. This involves changing the colours, the layout, product packaging and more.

One way to rebrand is to change the way your website operates. Buyers will most likely notice any changes you make on the website. You might find that a simple problem such as poor navigation can make it hard for you to sell more, and a tweak on the site can bring back the buyers. Find a professional to change the functionality of your website, and the best place to look is at
http://www.webfirethemes.com/.

Drop the General, Opt for the Focused

When you try too many things, you end up stretching your business to thin. Lack of focus means you are doing so much with limited resources and the result is usually minimum profits.

It can also mean that the niche you are targeting is too broad. Targeting everyone on the market is similar to targeting no one. It is advisable that you get specific with your customer. It is true that you can’t be the best at so many things – you need to find your footing in a single niche and focus on it.

Revamp Your Marketing Plan

Traditional businesses take time before they embrace social media. With this platform taking over the marketing horizon, you need to take it up and incorporate it into your business plan.

Additionally, you need to evaluate your marketing plan and understand whether it suits your target customer base. Maybe the research you performed overinflated the size of the market or you poorly executed your market research.

Coming up with a new marketing plan gives you a blank slate to work with. You start on a fresh marketing plan that puts into place new approaches and uses new tools to get your business out of the ditch.

Don’t Play It Safe

When it comes to businesses and crises, the best route that businesspeople choose is to play it safe. However, many businesses have got out of the rut by taking risks. Instead of being conservative, you can try out new stuff that surprisingly might work for you.

Last Option: Sell the Business

If you try everything and you can’t find a solution, it is time to dispose of the business. Selling off the business might give you the capital you need to fund a new business idea that can work much better. Use the money to start a new venture, enjoy new experiences and learn from your past mistakes.

In Closing

After you have done it all, at times businesses fail, and your investment goes down the drain. No need to worry, follow the ideas outlined above to rescue your business.

Self-storage Units for Your Business

Self-storage Units for Your Business

Are you planning to increase your office space by cutting down on storage? This presents no challenge as you can access self-storage units in your area to store the item conveniently and at affordable prices.

Convenient Locations

These storage units are located at various locations, meaning that you will most definitely get one near your office. You can store your files, supplies and any other items that you need to keep away for a specific period of time. You get to choose for how long you want to keep the items, which can range from a few days to months. The good thing is you only pay for the space and period of use without any extra costs.

Warehouse Needs

Opting for a warehouse comes with extra costs, especially the fact that you end up with a lot of unused space. Why not go for a storage unit that offers you just enough space for your needs, eliminating the issue of unused storage space. Using the units as extra warehouse space helps you save on valuable office space and reduces office costs. You can get these units in various sizes depending on your preferences.

Provide for Easier Organization

Having an adequate, compact space allows you to organize your items in a particular way. As compared to a warehouse which can confuse you with item retrieval, having a storage unit gives you the convenience of locating your items faster.

Safety of Your Items

These self-storage units come with a password protected lock-key mechanism, video surveillance, anti-theft alarms and 24/7 security checks. You get the password to the unit so that you can access the unit any time of day or night.

Once you rent the unit, you and you alone has access to the unit. Even the owner of the unit can’t open it.

Wide Range of Options

These units come in different types to suit a wide variety of business needs. The normal units are ideal for storing items that don’t have special requirements such as ventilation and specific temperature needs. You can choose climate-controlled unit if your business deals in antique items that easily get destroyed. Visit www.smartlockstorage.com to learn more about these units and to know the options you have at your disposal.

Cheap Over the Long Term

These storage options are cost-friendly, because you only pay for what you use. If you get your supplies within a duration of one month, you can use them for only that period and pay for the month alone. This is ideal for a business that is just starting out and doesn’t have a permanent warehouse.

Ideal for Startups

One of the biggest challenges a new business faces is lack of enough space. Space is needed in order to store office supplies and stock up for an upcoming sale. In such a situation, you can get extra space by hiring a self-storage unit for your needs. Make sure the unit you rent is big enough to hold your items.

It is also ideal for online businesses which involve storing and shipping of items. This process requires you to store the items then ship them out when you get an order. When starting out, all you need is a space to hold a few items as you expand your business.

Final Thoughts

Make sure you get the right storage unit to suit your needs as a business. Whether you are just starting out or you are an established business, a self-storage unit has something to offer. These units come in a wide variety of sizes ranging from tens of square feet to thousands of square feet, even more. These units are secure and provide enough space to hold your items for the short or long-term.