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Running a home business comes with a range of benefits, but it also comes with its challenges. You are always trying to compete with the larger, more established brands, and you have to do it all without the budget and big team to bounce ideas off. Another significant issue is your reputation. It can take years to build and just seconds to ruin, putting your company in serious peril, but what are the primary dangers of a damaged brand?
You Will Find It Difficult to Attract Customers
You already know that trust is one of the most essential factors that contribute to your company’s success. But, breaking promises, failing to provide an excellent service or product, or making a marketing misstep will break this trust.
If people do not believe in your brand, you will not be able to attract new customers. You might still have a base of loyal customers, but this is not enough, and they are likely to stray should they believe any association with your brand is bad for them, also.
You Will Find It Difficult to Attract Employees
You might be running a one-person show at the minute, but you may come to the point where you need to hire an extra set of hands. If your brand is already damaged, you will struggle to find employees that can help take your business to the next level.
Not only will you struggle to find employees, but you also may not even get enough candidates or interest in the role. Any self-respecting young professional could consider your company a poison chalice, meaning you may have to settle for someone not suited to the role, which could lead to other problems like coping with difficult employees or clashing with them regularly.
Your Reputation Will Be Challenging to Change
Your reputation is another problem that you will encounter. News travels quickly, and it can be impossible to adjust public opinion, even if rumors or news are not even accurate. Consumers will believe the first thigh they hear, and they may not change their mind (or care to learn more) if more information comes out, so you should find ways to repair your reputation.
Business owners can respond to reviews to clarify any misinformation, and you can even learn how to remove Yelp reviews if you believe it does not represent your business fairly. Efforts to repair your reputation could also include PR statements and policy changes to demonstrate how much you want to improve.
You Can Give Your Industry a Bad Name
Your industry can also suffer from a damaged brand, especially if customers fail to differentiate between brands. As shopping habits change, people want to work with brands that are diverse and sustainable, so if your business does not embrace these changes, it can cast a negative shadow over the entire industry.
Over time, this will drive customers away, putting strain on the entire industry and perhaps forcing you into making crucial changes.
Damaged Goods
Every company, whether great or small, will experience some damage throughout its existence. If you act quickly, you can repair it before it is too late, but failing to fix any problems means your business will encounter a myriad of issues.