By: Cynthia Sholebo
According to the social media management tool, Status Brew, lack of proper
marketing is one of the major problems faced by entrepreneurs.
As stated by the Small Business Administration (SBA), in 2019, about
20 percent of business startups fail in the first year. It is extremely important
for business owners to consider the advantages and disadvantages of starting a
business, and to not just start a business because they want to make money. A
successful business requires great customer relationships, a true need, great advertisement, a target audience, promotion, and location.
According to Patricia Schaefer, a zen business article writer, “business failure isn't something you want to think about when you start a business.” She is absolutely correct. When one starts a business, they tend to think about how they would gain more money. However, a business owner also needs to think about how to gain a sufficient amount of customers. 89 percent of companies see customer experience as a key factor in driving customer loyalty and retention according to the ‘infographic by Invespcro’.
Secondly, proper advertisement is extremely important for a business. Without proper advertisement, potential customers won’t know that a small business exists. will not be known. For this to happen, there are several factors that could help such as social media. Social media marketing provides business owners a way to connect with its customers whilst promoting their business. Social media applications such as Instagram and Facebook are two of the most famous platforms used to promote business marketing. After
interviewing a college student who started a small business in 2019, she says that
“Ever since I started my small business, advertising has been hard for me, and it
has cost me my whole business.” This clearly means that before starting a
business as an individual, one needs to learn about proper business
The target audience of a business is essentially as important as all the
other business marketing basics. A target audience is a specific group of people
a business owner is looking forward to having customers. Every type of
business has a specific target audience. It could be students, healthcare workers,
women of color or even business owners. Business owners need to be taught how to handle a business before beginning one.