It is normal to make mistakes, especially when you’re an entrepreneur. No one has perfected the art of success because everyone has their own journey, with their own ups and downs and a unique story to tell. However, there are certain mistakes that can cost you everything, and these are the basics that you should know like the back of your hand.
Here are 6 of the most common business mistakes you should avoid when starting your company.
1) Not Planning
Yes planning can be boring. But without a solid business plan, you are trying to hit a moving target while shooting in the opposite direction. Without an adequate business plan, market research, and financial planning, your shot won’t land! Financial planning is important if you don’t want your money leaking out in an uncontrolled manner.
2) Not Setting Up Goals
Goals provide you with a direction. It’s the one thing you can look to for direction. Your business goals should be able to keep you on track as distractions try their best to derail your thought process. Your goals should be achievable with a clear outline of specific steps that can guide you there.
3) Lack of Confidence
The first person who must be passionate in your product and service is you. The passion you have in your products and service will inspire confidence in others. On the other hand, your fear of failure can have a negative impact on your business, even if your product or service is the next best thing on the market.
Remember the number one rule of business: your role as an entrepreneur is dealing with human emotions and winning their confidence, then the market is yours for the taking.
4) Avoiding Technology
The bigwigs of the industry have an enormous market share, and competing is difficult. But the downside of being a big player is that it isn’t easy to transition towards new technology without upsetting and disrupting existing infrastructure in place. As a smaller business, you can be more agile and easily make a move to new technology and finally create a level playing field for yourself.
5) Not Marketing on All Frontiers
You need to have a multi-pronged strategy to tackle the market from several frontiers, and this includes word of mouth advertisement, internet marketing, social media advertisement, and traditional advertisement. Taking advantage of all the marketing tools requires you to crawl out of your comfort zone and reach out to your audience.
6) Not Knowing Who Your Target Audience Is
Does your target market consist of millennial’s, middle-aged adults, or baby boomers?
Don’t fire in all directions or try to target every niche and audience at once. Choose one category and start from there. Once you have established a respectable foothold in the niche, use your newfound knowledge to expand into other frontiers. But first, you have to identify the ideal audience for your products and services. This is only possible with adequate market research.
Relying on contact forms, email, social media, live chat and answering your telephone is essential but you need to respond quickly to have a chance of winning the deal. Live chat and telephone answering require immediate response, and this is where outsourcing those will help win new business.