Business failure is a serious problem in the United States where according to the U.S. Bureau of Labor one business fails every minute. Within the business coaching industry and real estate industry, these small business owners appear to share similar failure rates. After working with small business owners including real estate agents and observing other business coaches, I believe these are the 7 top reasons that they fail.
#1 Failure Reason: No Strategic Business Plan
Very few small businesses have a strategic plan. Real estate agents are independent contractors and many enter the profession for a few extra bucks. Even many of the serious realtors lack a comprehensive strategic plan or even a strategic action plan. Coaches are no different. I have talked to various coaches who offer strategic planning as a service, yet do not have their own strategic plan.
#2 Failure Reason: No Effective Marketing Skills
Build it and they will come is not a good business attitude. Exceptional marketing skills are needed to be that red jacket in a sea of gray suits.
#3 Failure Reason: No Sales Process
Selling is selling no matter what product or service you sell. A sales process allows for you to determine where you are losing sales and then improve those skills’ areas.
#4 Failure Reason: No Unique Selling Proposition
Since many real estate agents and business coaches have no strategic plan and no effective marketing skills, this usually translates into no unique selling proposition. The question to be answered is: What makes you different?
#5 Failure Reason: No to Few Strategic Partners
With the tremendous opportunity in the marketplace, establishing strategic partnerships is logical. Yet, this is not an embraced strategy by many business coaches or realtors.
#6 Failure Reason: No Measurements
From networking activities to actual sales, these small businesses consistently fail to measure their activities. If you cannot measure it, you cannot manage it.
#7 Failure Reason: Fear of the Competition
When the resources of time, energy and dollars are focused on the competition, the end result is that the business coach or real estate agent loses. Beginning with the strategic plan, the competition should not be feared but rather studied and leveraged to your competitive advantage.
If you are a business coach or a real estate agent and do not wish to join the other business failures, then take the time to:
1. Review your strategic plan
2. Create a strategic action plan
3. Hone your marketing sales
4. Adopt a proven sales process
5. Create your unique selling proposition
6. Assess your selling skills
7. Look for strategic partners to establish long-term relationships
8. Establish measurements to determine progress
9. Create a competitive advantage
You may truly be surprised by the results in your efforts to get to where you want to go.
Do You Know the Top 7 Reasons Why Business Coaches Real Estate Agents Share Similar Failure Rates - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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