Thinking of starting a business? Or is your business new? Or perhaps you have started.
Avoid these common mistakes or review your approach to your business and be on the good track!
#1 Trying to do a lot too soon
Many startup owners try to do too much too soon, and it is usually because they are just excited to start something new, but this can result in burnout, poor decision-making, and financial instability. Setting realistic goals and building a strong business foundation is important before trying to expand or scale too quickly.
#2 Failure to develop a solid business plan
What you want to do should be crystal clear and written down because not doing this may make you struggle with decision-making, financial management, and achieving your goals. The simple logic is for you to embark on a journey without a Google map, even if you’ve seen the pictures of the place before, you might not be able to get there and you’ll be hovering about, that’s mostly how it is if you don’t have a business plan.
Learn about business plan in 2023 here
#3 Lack of market research
When you are starting a business, it is good to know what you are up against and who your audiences are. Conducting thorough market research will help you to understand your competition, target audience, industry trends, and what product or service will appeal to your customers and be in demand.
#4 Not seeking feedback
What makes you stay ahead of your competition and get along with your customers and keep getting loyal ones is feedback. Don’t just assume you are doing a good service or giving the customers the best product. Do not be afraid to ask for feedback, it helps you get better and helps you give your customers what they really want else, you will be out of business in no time. Customers are the center of your business and customer satisfaction is a priority to keep your business running.
[optin-monster slug=”njab47zqx015zrh9abml”]
#5 Not being adaptable
Trends change and market change, and not being willing to adapt when necessary can cause struggle and financial stress for the company and it could be detrimental to the business in the long run. Making the right change at the right time can help increase your sales as well. A typical example of what change is is selling or buying your shares when the market is right, it gives you a worthy profit from your investment.
#6 Underestimating the competition
The mistake of assuming your product is unique without finding out what makes your service or product different from your competition is costly because, they are ahead in terms of visibility and not knowing what you can emphasize, (which will help you break into the competitive space)might get you run off from the industry and on the long run, you will feel discouraged and stop doing the business.
#7 Ignoring legal and regulatory requirements
As a startup, you need to know the legal and regulatory requirements that guide your type of business to avoid future legal and financial issues. Examples of legal requirements are taxes, licenses, permits, and intellectual property rights. Paying a fee for ignorance could cause you to struggle in business because that might disrupt your cash flow and incur debt on you.
#8 Overestimating the initial sales or market size
At the beginning of a business, setting your mind on massive sales at the initial stage could bring discouragement because it takes time and a well-laid plan to build a business(bitter truth though). Also if you didn’t find out about your market size, but assume that the market is big for your product or service, you might be disappointed to find out that at the beginning of your business or even after running it for a while you won’t still make enough sales if eventually, the market is small. So here is the point, sales come with a strategic plan, from launching to the end of the projected goal you have in mind. That is why you need a business analyst to help you save time and cost, as well as help you come up with a tailored plan that will help you grow your business.
The good news is we can consult for you for FREE, learn more here!
#9 Hiring the wrong people
Ok, I saved this for the last because many people do fall for this when they want to start a business, do not think that all you just need to start your business successfully is to register your business and get someone somewhere to design your website for you, and boom! you are ready to go. Nope! That is not 100% right, WHY? You need a whole lot of things that need to be in place before you start, website and business registration are the least of your worries.
Oh, you might say I thought you do web design services, or don’t you just want to make websites and make money? Yes, we do! but I do advise people accordingly because I am not in business to rip people off. Also, for a website to really bring you a turnover, you will need to put a lot of things in place, which is what many people don’t know, and if you are not ready for it, I don’t advise people to start with that yet.
We don’t just do web or digital services, we talk with you to see what you really need and recommend what to do based on your plan. We are here to help your business genuinely and If you want to work with us on your business, speak to us today for FREE.
Contact us now!
Enjoy what you are reading? Join our ‘Business Innovators Forum’ and connect with like-minded business owners. Share tips, get advice, grow your network and get 20% off on all our services!