The 9 Challenges Every Successful Business Overcomes – Challenge #2

Posted: December 1, 2009 in 9 Challenges Every Successful Business Overcomes, Business Tips
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In this series of posts I am focusing on 9 challenges that every business faces.

I will post one of these challenges every week.  These are challenges that I’ve seen as I’ve begun consulting various businesses over this last year.

The more I’ve thought about it the more I’ve come to believe that these are the same challenges that any/every business faces – no matter what product or service they sell.

I also believe that successful businesses in any arena are successful BECAUSE they have overcome each of these 9 challenges.

Each post in this series will give a brief description of one of the 9 challenges that you face as a business owner.

Let’s look at the second challenge every successful business overcomes.

The second challenge that every business must face

2. Your business must be known.

“If you build it, they will come” might have worked for Kevin Costner in the movie “Field Of Dreams”, but it won’t work for you as a business owner!

Just starting or opening up a business does not guarantee that people will come rushing to you to purchase from you.

One of the things that keeps many business owners from succeeding in business is that they THINK people are going to find them.  They THINK that people will know that their business exists.

But the common problem that all businesses face is that so many prospects don’t even know they exist!  If someone doesn’t know your business exists, then you might as well not even have a business.

The more known your business is the more of a chance you have of growing your business and the more chance you have of building a successful business. 

Let me ask you three simple questions:

  1. Who are your ideal prospects?
  2. What percentage of these prospects know that your business is even a option to choose for whatever product or service you sell?
  3. What have you done, or are you doing, to make your business known by these idea prospects?

Think about any successful business – take Coca-Cola for example.
One of the reasons they are successful is because they are known

If you asked a crowd of thirsty people to name the first soft drink that came to their minds, I BET you at least 65% would name “Coke”.  And the other people who didn’t name it first, ALL know that this business exists!  They know it’s an option when they are looking to buy a soda.

Again, how many of your prospects would name your business (or the product or service you sell) if asked that question about the category/niche you’re involved in?

Successful businesses are KNOWN.  If you want your business to have a chance of succeeding whether the recession is over or not, then it must FIRST be known!

In next week’s post, we’ll look at the 3rd challenge. 

Please subscribe by email or RSS feed if you want to be notified when the next post is up!  (*See the top right of this blog to subscribe.)

In the meantime, I’d love to hear your thoughts about this first challenge.

  • What do you think?
  • Do you agree?
  • What has your experience been with this first challenge?

Post your comments, thoughts and even questions – if you have any!

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