5 mistakes small business owners make

1 Skipping the planning phase Planning may be tedious, but without a solid plan for your business that includes business idea research and market potential, you will be operating in the dark. The most important plans to consider include a business plan, a financial plan and a marketing plan. 2 Undervaluing your products and services. […]

1 Skipping the planning phase

Planning may be tedious, but without a solid plan for your business that includes business idea research and market potential, you will be operating in the dark. The most important plans to consider include a business plan, a financial plan and a marketing plan.

2 Undervaluing your products and services.

Many times, lack of confidence in our ability and fear of failure cause us to under-price our products and services. This is a dangerous path to take because it undermines the unique value you bring to the table and opens up the possibility of resentment and frustration. 

 3 Being afraid of Marketing

Marketing can take many forms from word of mouth referrals, to traditional advertising, to internet marketing. The mistake is assuming you don’t need to market and that business will come to you.

4 Not knowing who your ideal customer is

One vital part of any successful marketing campaign is understanding who your ideal customer is. It’s not enough to create a marketing budget and try a little bit of everything. You need to do market research to identify who you are trying to reach, where you can find them and how they will react to your marketing activities.

 5 Doing it all alone

A small business owner may be willing to learn how to be a jack of all trades, but it doesn’t have to be that way. Effective delegation can be one of the best ways for new small business owners to build their businesses, free up their time for business activities that require their unique expertise, and build a team positioned for future success.

 www.thebalance.com