07 Mar Mistakes Small Business Start Ups Make
Every year lots of people come my way who are excited about starting up a small business. Their enthusiasm is contagious and I’m thrilled that they have chosen to create the life they want through entrepreneurship. Perhaps you’re one of them.
I also know a that a percentage of them will never launch or become profitable. This will happen because they lack basic knowledge about how to start up a business and how to avoid the very real pitfalls. I’ve guided so many clients through the start up process and it’s filled with landmines that can easily be avoided. The ones who succeed get the help they need because they know they have a lot to learn.
You can be one of the savvy, start ups that succeed by avoiding these mistakes.
No business plan
A business plan doesn’t have to be the size of a book unless you’re going for a bank loan. Successful business owners all have a plan. You must take the time to think about and reseach important decisions such as:
- what your niche will be,
- how you’ll make money,
- who your target clients will be,
- how you’ll find them,
- how much you’ll charge,
- how you’ll make a profit
Starting a little home based business? You still need a plan. Most people do it the opposite way. They decide what they want to sell and try to find clients who want it. Instead find out what services people are looking for within the scope of what you can offer.
No Start Up Money
I’ve said this before (see past posts). You’ve got to have some money available to start your business legitimately. There are lots of internet marketers who will have you believe you can make millions with no start up costs and no really hard work. We all would love to believe that, but it’s just not true. What is true is that you can start up with a modest amount and the hard work can be a lot of fun.
Bad Marketing Materials and Wimpy Website.
Study the marketing materials of successful competitors. Shop around for vendors. Learn the basics about branding your company and how important it is. You can waste hundreds on sub-standard logo or website and then struggle trying to replace them, or you can get it right the first time.
You need to be particularly careful when choosing a web designer. Prices vary widely and few will help you build a website specifically designed to generate a steady flow of leads and traffic, unless you learn what questions to ask to get what you need, like:
- Do you search engine optimize my website?
- Can you do, or help me do crucial keyword research?
- Do you help me write good sales copy and customer focused content?
- Do you submit my site to lots of search engines?
- Will you design my site in a Content Management System so I can make easy changes?
- Will you install a blog on my site?
- Will you set me up with an autoresponder so I can capture visitor’s contact information and put them on my mailing list?
These are just a few of the questions you need to ask.
Trying to do everything yourself.
You’re good at what you do. But if you’re a start up you’re still trying to learn the Entrepreneur’s Skill Set and Mind Set. Get some help from experts or other successful, seasoned business owners and whatever you invest will pay off a hundred fold in saved time, money, and struggle.
I have never met a successful Entrepreneur who didn’t outsource or hire. The smartest ones assess their weaknesses and the tasks they don’t like to do and outsource or get expert help with those. This is key. Even if you can’t do this immediately, put it into your business plan as a priority goal.
Poor time managment
It’s hard to be in charge of your own schedule with no one to answer to but yourself. Find someone you respect to hold you accountable for achieving certain goals in the beginning. Or set up a personal reward system if you stick to priorities and make progress toward your goals each week. Learning to focus your time on priority, client or profit generating activities is crucial.
Get ahead of the curve by avoiding these costly, mistakes and you’ll have more fun, less stress and get off the launch pad much faster.
Want to learn how to start up a small business on a small budget? You are invited to attend my next tele-class on March 21st.
Sign up at http://revuptactics.com