What to Do if Your New Business Has No Customers
Inspiration strikes and you decide to launch your business. After all, if you build it, [they] will come, right? So, you set up shop. And then…nothing. Nada. Zilch. In fact, is that the sound of crickets?
Here’s that dreaded question no entrepreneur wants to think about, let alone ask: What if nobody goes to your business when you launch? What if your new business has no customers? Gasp! Did I just say that out loud?
I’ll let you in on a little secret. Anticlimactic business openings happen (more often than you think). So if you build it and they don’t come, don’t panic. Handle it like the great entrepreneurs who came before you have been doing for years.
What to do if nobody buys from you after launching
A slow start is pretty common among startups (hey, there’s a reason it can take businesses up to four years to reach profitability).
Have a no start? It may be due to your:
- Market research
- Marketing efforts
- Pricing strategy
- Location
Not sure where to begin? Here are some tips on what you can do if nobody buys from your business after launching.
1. Dig into your market analysis
If you don’t know what market research is, therein lies a major red flag. Market research is the process of analyzing your industry, customers, and competitors. In short, it’s a key part of starting a successful business that’s built on research.
If you did do market research, you may want to revisit it to make sure your information is accurate and thorough.
Whether you’re doing your market analysis for the first time or revisiting it, dig in to find answers to the following questions:
- Who are your target customers? (Age, gender, location, etc.)
- What are their shopping and buying habits?
- How much are they willing to pay?
- Who are your competitors?
- How do you stand out from your competitors?
To make sure your market research is based on facts and not conjecture, gather data from top-notch resources, such as the Bureau of Labor Statistics, the Census Bureau, and state and local commerce websites. You may also consider interviewing potential customers or conducting focus groups.
2. Investigate your marketing efforts
One common reason for your new business to have no customers on opening day and beyond is because, frankly, no one knows you exist. And that, my friends, is the fault of some bad small business marketing.
TV and radio commercials, sponsored content on social, Google Ads, mail flyers, emails—it’s all marketing in action. Whether a business is just getting off the ground or wants to let people know about its latest product or discount, it comes down to marketing.
And I’m not just talking about a couple social posts for your 100 followers. I’m talking about good marketing that reaches its intended audience (ahem, one reason you need some solid market research).
So if things are a little slower than you’d like when starting a business, get out your magnifying glass. Why? Because it’s time to see if your marketing is the culprit.
Here are a few questions to ask during your marketing investigation:
- Am I conveying the value of my product or service?
- Can people find me? Do I have an online presence (e.g., social media, business website, etc.)?
- Am I marketing to the right people?
- How do I measure my marketing efforts? Engagements? Promo codes?
- What’s my marketing ROI (return on investment)?
More articles from AllBusiness.com:
- What Market Analysis Information Should Your Business Plan Include?
- Market Research for Opening a New Location
- When Is the Right Time to Open a Second Store?
- 4 Important Business Skills I Learned From Service Technicians (And Not Business School)
- The Worst Startup Advice You’ll Hear When Starting Your New Business
3. Reassess your prices
If your new business has no customers, are your prices too high? Too low? One way to tell is to know your target audience and how much they’re willing to pay like the back of your hand. See? Told you that market analysis is important.
If consumers just aren’t biting, it may be time to reassess your pricing strategy. You don’t want to price low if you want to be seen as a luxury brand. And you don’t want to price too high if you sell generic products.
If you’re ready to change things up, you might:
- Adjust your entire pricing strategy
- Change up your branding
- Offer discounts or a whole-store sale
Before making a major pricing strategy overhaul, do some research, gather feedback from potential customers, and check that you still will have a healthy profit margin after implementing the changes.
4. Consider your location
Another reason people may not be coming to your business has to do with location. I’m going to take the liberty of using the word “location” to encompass more than just your brick-and-mortar and also refer to online businesses (a.k.a., your URL and findability in search engines).
When it comes to location, ask yourself these types of questions:
- Is your brick-and-mortar easily accessible (e.g., parking)?
- If you have a brick-and-mortar, should you move online to get in front of more of your target audience, too?
- If you’re online, can people find you (i.e., do you show up in the search engines)?
- Would it make more sense for your business to be entirely online?
One last big tip if your new business has no customers: Hang in there
You may not like what I’m about to say. But sometimes, all it takes to bring customers to your business is a little patience. You’re building something out of nothing. That’s going to take some time to get up to speed, so go easy on yourself.
When I started my very first startup (don’t ask me how long ago that was—OK, over 30 years ago), it took time to get off the ground. After all, you need to build a few things with your target audience first.
So, hang in there until you can build the following:
- Brand awareness
- Brand recognition
- Trust
- Loyalty
Sure, things may be slow at first. But the saying still rings true: if you build it, they will come...it just may take a little longer than you anticipated.
RELATED: Launching a Startup? 7 Keys to Making It Past the First Year
