So, you have decided to walk down the path of entrepreneurship. It is not an easy way but make no mistake that it will be fulfilling. There have been many before you who have started their businesses and achieved great success and many who have failed. To make sure you are counted with the former rather than the latter, here are five mistakes you should know about and avoid making at all costs.
- Not having a proper business plan – A business plan is more than just a written document. It is a pathway towards success and will give you a direction. Your business plan will help pave a structured path that you can follow. Yes, you know what you want to do with your business, but convincing investors or getting a loan is a whole different ballgame. With a well-created business plan, you will not only know what kind of future you are looking at for your business, but can also help investors see the same.
- Not doing market research – Do you know who your biggest competitors are? What are the things they are offering and how can you make improvements on them? These are just some of the questions that you should have answers to before starting your business. You also need to research your target customers including their likes and dislikes, which company they spend most of their money on and what is their pain point that you can help to address. Use surveys to gather as much information as you can about the market you are targeting.
- Not investing in marketing – There are no set rules when it comes to marketing. And you shouldn’t be following any even if there is. Because marketing is a very fluid business strategy that should change according to trends, products, target customers and so on. Don’t be scared to venture into the realm of various marketing options available, from social media marketing to search engine optimisation. After all, spending on marketing is not really an expense rather an investment. Proper and strategic marketing can help you create a buzz about your business and generate good leads.
- Not hiring when necessary – Indeed, as a small business owner, you need to maximise your profits by minimising your expenditure. But hiring people who are essential to the success of the business is not an unnecessary expense. Instead it is an investment that is crucial. You can start with hiring small time freelancers for things such as social media managing or creating your website and then maybe move on to recruiting a permanent helping hand when you are ready. But by delegating small tasks you can save valuable time which you can utilise to grow your business instead.
- Not utilising technology – In the present world, you just cannot survive by avoiding technology. Invest in a good website, search engine optimise it, put up your business on Google My Business, enlist on local directories like www.smallbusinessnearme.com.au. These are just some of the things that are a must for every small business. By not doing these you will be missing out on a large potential customer base. Not investing in proper technology, like having a website, is like having a store without a signboard.
Mistakes are part and parcel of life. Businesses have made mistakes before you and you will make your fair share as well, but it is important to learn and grow. The above are the most common mistakes that newer small businesses tend to make, and it is just as important to learn from others mistakes as it is your own in these circumstances. Happy learning!