Many couple entrepreneurs fail in business because they ignore their business and don’t pay attention to the key elements of it. For them, no news is good news. Maybe you have gotten into more debt then you planned or have collectors calling your office and you don’t want to deal with it because it scares you, and then suddenly, no new is good news, but secretly you are lying to your spouse and avoiding your business until you fail.This is the “Ignorance is bliss” business plan. It’s harmful to the marriage and the business and many couples who start a home based business make this mistake. This happens because most of these couples have never run a business before and don’t know what they are doing. They get scared and want to hide vs. face the business and its problems.These couples often have a spouse who is working and that money is used as their personal income; so the spouse who is supposed to be running a business while their spouse works the job, doesn’t really put their full selves in the business. They instead avoid, ignore or hide. The fear of tackling sales calls or cold calling paralyzes them and they hide in this fear because the other spouse brings home income.The spouse who is supposed to be running the business feels safe, because their partner is maintaining the household and they therefore then have no real worries and can believe the myth that no news is good news. Sure there are times in life where stress and pressures are overwhelming. This is when you have to monitor yourself the most because people tend to take mental vacations, or grab a cold drink and kick back and get on Facebook or some other avoidance technique or distraction kicks in. They do this vs. confronting their fear about the business and what they are scared to learn or do. But is that really would be the best solution for your problem?This is so important to understand because once you hide from your business, you begin to hide from your spouse too, simply so you don’t have to answer questions about the business you are ignoring. You shut down the lines of communication with your spouse and have the ignorance is bliss conversations with them. This is where things begin to fall apart in your marriage and your home based business. Eventually fighting breaks out and many times you would rather fight with your spouse then face your fears.If you believe in this myth, you will forever fail at whatever business you start because you have not broken the cycle or pattern of behavior that has kept you from stepping up your leadership and game. This is the time to find support. You must talk with your spouse and find some help that is going to work with your fears so you can push past them and succeed. Just find some help whether from someone in the business with you or a coach, but you must push past this, if you want to achieve success together.
You may be concerned about starting a new business in the current economic climate, but it is often easier to start a business during an economic downturn because your potential competitors are afraid to start their own businesses, and existing business owners commonly cut back on expenditures such as advertising, limiting the number of new customers and clients they can attract. Consumers don’t completely stop spending during recessions; most simply seek better deals and the companies providing those better deals are stronger once the recession ends. When the economy improves and spending increases again, consumer loyalty to those companies frequently remain.Many successful businesses were started during economic downturns in U.S. history. For example:FedEx Corporation began operations on April 17, 1973 as Federal Express, and today manages daily shipments worldwide.GE (General Electric Company) was established in the mid-1870s by Thomas Edison. In the middle of the Panic of 1873, Edison created one of the best-known inventions of all time, the incandescent light bulb.HP (Hewlett-Packard) was inauspiciously born in a Palo Alto, CA, garage at the end of the Great Depression, and now operates in nearly every country in the world.Hyatt Corporation opened its first hotel’s doors at the Los Angeles International Airport on September 27, 1957 during the recession of 1958. The chain rose to worldwide fame in the following decades and now operates more than 365 hotels in 25 countries.Microsoft Corporation wasn’t always the company it is today. In 1975, when it was started by Bill Gates and Paul Allen, Microsoft was just a little company in Albuquerque, NM. Currently, the company is estimated to earn more than $60 billion in revenue per year.CNN might be a news giant now, but in recession-plagued 1980, it was a little-known station called The Cable News Network founded by Ted Turner. It revolutionized how people received information when it premiered as the first 24-hour all-news channel. Today, 1.5 billion people around the globe watch CNN.MTV Networks brought something new and different to the music scene when it debuted in the economic slump of 1981 and is now a global brand with dozens of television shows.Burger King Corporation is another recession startup. The company began in 1954 in Miami, FL. During another recession in 1957, the company introduced its successful signature burger: the Whopper. The company currently operates more than 11,000 locations in over 60 countries.The IHOP Corporation chain opened its doors July 1958 in Toluca, CA. The fast growing company, which began franchising just three years later, today has more than 1,300 locations across the U.S.Recessions, however, aren’t only advantageous to startups. Existing companies can also make incredible gains in years when the economy is down. Some of the most recent success stories include Google and PayPal. From 2000 to 2001 each of these companies thrived, leading PayPal to go public in 2002 and Google in 2004.
1. Focus on your qualities.No matter what industry your business operates in, there’s always going to be a lot of competition. The marketplace is constantly changing, forcing businesses to re-evaluate their marketing strategies. In order to stick out from the crowd, you’ve got to set yourself apart from the others.Why are you better than your competitors? Why should consumers use your service or product versus another? If you’ve already figured out what your business’ competitive advantage is, that’s great. If not, the time is now!Once you’ve figured out why you’re so special, focus on highlighting that benefit.2. Do your research.Try IBIS World (http://www.IBISworld.com), a website that can be accessed by anyone. They offer free in-depth researched reports for all industries (covering over 700 different market segments). IBISWorld research offers the very latest content on every U.S. industry to help you make better decisions, faster. These reports are full of statistics about market share, competitors, and an outlook into the future of your industry, all in a format that is easy to understand.Research the industry you are doing business in. By knowing what the climate of your business in and the forecasts of your industry, you will be able to plan for the future in a better way. Knowing your industry in and out is beneficial in too many ways to count.3. Who are your competitors? Are they ahead of you? and Why?This might be an obvious question, but are you keeping tabs on your competitors? Yes, this is a lot of work, but in order to beat your competitors you must know who they are, and if they are ahead of you, Why? If you see competition emerging in your market and surpassing you, be sure that you understand why. Look at why their customers are choosing them over you, and adjust the quality of your products & services, customer service, convenience factor, or marketing techniques accordingly.4. Understand that most incentive programs do not equal brand loyalty.Most business operations, whether it be a sandwich shop or an electrical company offer some sort of incentive or promotion to encourage a repeat purchase. Business News Daily Online says, “Incentive programs are great, but don’t rely on them to produce a customer who remains loyal to your brand right off the bat.” Instead, ensure that their following purchases are of high quality and delivered with great customer service, this, will increase your likelihood of them becoming a frequent customer.