The Top Mistakes Product Businesses Are Making

We all know that running your own business is a massive learning journey, and it’s normal to make mistakes along the way. I definitely did when I was running my own hamper business!

My experience of running my own product business, and now as a product based business coach, has shown me some key mistakes that I see business owners make time and time again. Luckily, these mistakes can be easily fixed, and can make a huge impact on a businesses growth.

Read on to discover the top mistakes that I see product business owners make, and how to fix them.

Not Understanding Their Customers 

It is imperative that any product business fully understands who their customers are. Having an in-depth understanding of your customers allows you to not only market effectively, but also refine your products to better meet their needs.

The first step is to define who your target audience is. Have a think about:

• Their demographics- Age, income, sex etc
• Their interests
• Their needs and pain points

Defining your audience will allow you to create marketing strategies that speak directly to them. 

Performing market research is also helpful in further understanding your customers needs.

Not Having A Steady Cash Flow

Without having a steady flow of regular income, it can be nearly impossible to successfully scale your business.

Creating a subscription model is a great way for product businesses to secure regular revenue. You could start a subscription where customers get sent out one or two new products per month for a discounted price.

Entering the Wholesale Market is another way to grow your revenue and secure recurring cash. The Wholesale Market allows you to secure high volume, regular sales, which can boost your cash flow greatly. 

In my new program, The Wholesale Accelerator, I teach you everything you need to know to be able to enter the Wholesale Market, and scale your business with ease. For more information, click here.

Not Outsourcing

Running your business solo greatly limits the volume of orders you can fulfil. Outsourcing allows you to meet a much higher volume of orders, meaning you will be able to enter the wholesale market and not have to worry about if you can meet the order volumes.

Outsourcing also frees up time so you can focus more on revenue generating activities, such as building customer relationships.

Have a think about what tasks you would like to outsource. It could be admin, marketing, fulfilling orders, or all of the above! 

Have you made these mistakes? If so, I hope this blog has given you some guidance on how to move past these and start leveling up in your business!