October 22nd, 2020
If you are starting a small business, your chances of success will increase dramatically if you can avoid the 25 mistakes listed below.
1) Being Unrealistic: Your goals should be ambitious, but reachable. Otherwise, you will miss out on success.
2) Failing to Delegate: You should run your small business and leave the accounting and marketing to the experts. Do not try to run everything yourself.
3) Ignoring the Competition: No matter your field, there is at least one competitor just as ambitious as you. Keep them in your sights and learn from them.
4) Lack of Drive: If you are not serious about achieving your goals, no one else will be either.
5) Lack of Honesty: Customers and employees see through fake people. Be honest and forthright even when you make mistakes.
6) Lack of Patience: Overnight successes are few and far between. Plan on your success taking time, perhaps more time than you think. But be patient and that will help considerably.
7) No Business Plan: It is said that if you fail to plan, you plan to fail. Not having a business plan means you do not know where you are going. So, you will stand little chance of reaching success.
8) No Marketing Plan: You must know your customers as much as you know your small business. If you have no idea how to market your products or services, you will have very few customers.
9) No Personal Liability Insurance: One mistake, one accident and you could go bankrupt without personal liability insurance.
10) No Written Partnership Agreement: When you do not put it in writing, you are asking for trouble. Have a written agreement with all business partners.
11) Not Being Clear: What is your company about? What are you trying to do? And how employees can contribute? They need to know.
12) Not Embracing Technology: Failing to find what works leads to poor productivity. Embrace technology when it provides advantages.
13) Not Protecting Intellectual Property: Patent protects or copyright what you produce, including your business name and logo. Otherwise, someone else will take it and leave you behind.
14) Poor Leadership: You are in charge, act like it. Otherwise, the decisions about your small business will get away from you.
15) Spending Too Much Money: One of the most common mistakes is not keeping expenses under control. Spend only what you must and keep all you can. That will help your business to stay afloat.
16) Tiny Profit Margin: Pricing your goods or services too low means not enough profit to pay the bills. Price what you offer accordingly, so you can stay in business.
17) Too Immersed in Business: Failing to take breaks and getaway leads to diminishing returns in your business efforts. Take frequent breaks and become refreshed.
18) Wrong Business Type: Choosing the right type of small business entity is vital to your success. The wrong type can lead to a myriad of complications that prevents growth.
Other Types of Mistakes
19) Building the wrong team
20) No online presence
21) Holding back on getting proper financing
22) Not investing enough in marketing
23) Waiting too long to hire employees
24) Selecting a poor business model
25) Not finding the right opportunities.
Avoiding all 25 mistakes is not going to be easy. But you will increase your chances considerably if you can avoid the common mistakes that are made.
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