Seven 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) Not setting goals Goals can […]

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) Not setting goals

Goals can give you direction when you first start your business, then keep you on track during the day-to-day operations. By making sure your goals are SMART goals, you can identify where you want to go and outline specific steps that you will take to get there.

3) Undervaluing your products and services.

Many times, lack of confidence in our ability and fear of failure causes 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. Recovering from undervaluing your goods is a long road, so you should explore the market thoroughly as you start your business to identify the best price entry point for what you’re selling.

4) Being afraid of Marketing

Marketing can take many forms from word of mouth referrals, to traditional advertising, to internet marketing. There aren’t any set rules when it comes to marketing; the best type of marketing for you depends on your business and your target audience. The mistake is assuming you don’t need to market and that business will come to you.

5) 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.

6) 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.

7) Not making commitment

Starting a business requires a number of success-oriented character traits such as drive, dedication and a serious sense of commitment. Small business owners need to be willing to make sacrifices, put in the time necessary, and face challenges head-on if they want their businesses to be successful.

 

www.thebalance.com