Mistakes Small Business Make: Mistakes in business are something very normal. When it comes to starting a business and managing it, it can take a toll on anyone even when you may feel well prepared, and that could lead to mistakes if not handled well.
When starting a business, mistakes should be part of the general things that small business owners should prepare for because a mind that is ready to accept that mistakes are natural would definitely be ready to learn from them and fix them as soon as they do.
3 common mistakes small business make.
Nevertheless, there are mistakes that can be avoided by learning from other businesses and very common mistakes. With knowledge of these, common mistakes can be prevented when starting and managing a small business.
Let’s talk about three common mistakes that make many small startup businesses and how they could be prevented.
Lack of market research.
It’s extremely alarming the rate at which a percentage of small business owners dive into a new business without doing their research on the market they are delving into. Depending on friends and family to give you an insight into what that business entails should be secondary. Market research is more complex and isn’t something that should be rushed due to excitement.
Before starting a new business venture, you as an owner need to take responsibility to do market research yourself. In this age and time, researching a market has become easy because of the advent of the internet and social media. So taking the time to look through your industry and write down your findings, make comparisons with different sellers and analyze your findings. The next blog post will be extensively on marketing. So you’ll have a better insight.
No Business Plan
Naturally after making a market research, making a business plan comes next. Using the analytics from the market research. The initial idea a business owner gets about his/her business is usually just the spark and motivation into getting that business started. Making a business plan though is what assures the kickoff and stability of that business.
A lot of business owners feel they have made a business plan, just right of getting the idea and it is what leads to numerous mistakes in the business that eventually leads to the failure of the business. The secret to making a business plan is to use the research findings of the market research.
Failing to invest in marketing
Absolutely no product or service just sells itself. Every business, old or new needs marketing of some kind. The mistakes new businesses make is that they mostly do not invest enough in marketing. While drafting out a business plan, the financial aspect included, making room for marketing should be a top priority, marketing could take 2% to 20% of the financial revenue, of course this all depends on the industry of the business.
There are easy steps like social networking, SEOs that should also not be disregarded, as easy as they are, they help ramp up any business. Social Media marketing, such as Instagram and Facebook ads are great platforms to carry out marketing and these platforms allow you get creative.