Starting a new business can be very worrying. With so many plans to put in place and numerous decisions to make you have to be careful not to make the wrong choices as this can really work against your success.
While there are no surefire plans available to make your small business startup a success, you can avoid the mistakes other new business owners have made, which affected their businesses negatively.
Let’s look at the 10 most common mistakes you should avoid when you are starting your small business.
1. Avoiding the Planning Phase
Planning takes time, but if you want to be free from the stress of a failing new statup business, you have to plan effectively. Your planning should include business idea, research and prospective target market, without these you will be left completely in the dark. There are three key plans you need to include before lauch out: business, financial and marketing plans.
2. Failure to Set Goals
Goals keep you focused and help you know where you are in terms of your daily operations. Simply put, your goals give you direction. Your goals help you recognize where you want to go and help you to pinpoint the particular steps needed to get you there.
3. Undervaluing Your Products/Services
Fear of failure and lack self-confidence in your ability can result in undervaluing of your products or services. Doing this is not good because it undercuts the true value of your business and makes way for possible frustration and bitterness. Moreover, it will take you a very long time to recover if you put too low a price on your goods. The best way forward is doing a thorough exploring of the market so you can identify the right entry price for whatever you are selling.
4. Sidestepping New Technology
Technology creates new opportunities for new business owners; it makes your work easier and help you run your business more efficiently. New technology can be scary too, and may take some time to learn or understand, but failing to use new technology can hurt your business both in the short-term and in the long-term.
5. Being Scared of Marketing
Marketing is a good way to get people to notice your business. Marketing can take many approaches including word of mouth recommendation, traditional advertising or internet marketing. Since marketing strategies vary, you have to find the one that is perfect for your business if you want your business to grow. If you don’t market your goods/services, you won’t be noticed.
6. Being Unaware of Your Ideal Customer
One important key to a successful marketing campaign is the ability to understand an ideal customer. A market research will help you identify the persons you are targeting, where they are and the way they will respond to your marketing actions.
7. Excessive Spending
Many persons may believe that you need a large investment to start a business, but is not so. You don’t need to spend money purchasing the best technology, the best software or the best equipment. There are other viable low cost options. All you need is the willingness to make the necessary research. The best way to limit overspending is to make a business budget and follow through.
8. Inadequate spending
While the possibility exists that some small business owners will overspend, others will do the exact opposite. Being cautious about overspending is good but you must realize that for your small business to succeed, you will need capital. You have to strike a balance because underspending will only hinder the growth and success of your business.
9. Doing It All by Yourself
While a Jack- of- All -Trades mentality may look like the right approach to a small business owner, this however can limit your success. Delegating some of the workload will give you the time to focus on those activities that need your required expertise. Building an efficient and reliable work team will position your business for long-term success.
10. Not capable of making a Commitment
Character traits such as determination, dedication and commitment are key to getting your new start up business off the ground. As a small business owner, you have to be prepared to face the challenges directly, make the necessary sacrifices, and fill in the time needed, if you want your small business to be successful.
Making mistakes is a common everyday experience. The most important thing about the mistakes we make is accepting them. Accepting your mistakes makes you aware of the importance of working on them consistently. This will help you make the right choices to push your business forward. Being resilient is the only way to bounce back from your mistakes and attain the level of success that you desire.
