Starting and running a small business is not an easy task. You have to do research beforehand, know your target audience, gather enough finances, get the right legal documents, and market your goods or services to the right people.
Additionally, as an entrepreneur, you need to have a perfect plan to guide you in executing your business idea.
It is advisable to do a proper market analysis before starting a business. This process will enable you to evaluate the viability of your business idea.
Many entrepreneurs make mistakes when starting and running small businesses.
Equip yourself with adequate knowledge to help you handle the challenges that cross your path. Here are four common mistakes to particularly look out for.
Failure to Set Goals
Planning and setting goals are necessary steps that every entrepreneur should consider. However, many businesspersons who own small businesses ignore the planning phase. Additionally, they do not set clear goals for their companies. It is advisable to set smart goals to give you directions when starting or running your small business. You should also have a marketing plan, business plan, and financial plan. These plans will determine the success of your small business or startup.
When it comes to starting or running a small business, you have to utilize the latest technology to remain relevant due to the high competition. Avoiding technology is a common mistake that entrepreneurs make. If you fail to adapt to the available technological advancements, your operations will be slow and inefficient. Yes, advertising by mail is a key component to your marketing strategy. But just think of what the risk is if you don’t have the right address or the letter ends up in the hands of the wrong person?This is where the use of the right technology can play a part in the success of your campaign. You should learn and understand the modern methods used by other businesspersons to perform marketing and run the operations of their businesses. Adapting to the new technology will bring more opportunities to your small business or startup.
Failure to Patent Your Inventions
Creativity is a vital thing that can lead to the success of your startup. However, failure to safeguard your inventions will give opportunists a chance to steal your idea and use it to make money. A comprehensive intellectual property strategy should include acquiring durable patents in the US that afford commercial advantage and withstand third-party challenges. As a businessperson, you need to do research to help you learn and understand the reasons why it’s important for startups to patent their product or technology.
Ignoring Your Customers’ Needs
If you run a small business, your customers are the most important people. No matter how your clients say about your brand, you should not abuse or disrespect them. Part of looking out for your customer’s needs is ensuring their safety and security when interacting with your business. Whether it’s safeguarding their online information or addressing safety concerns on your property, you have a responsibility to minimize negligence and protect your customers.
Additionally, you should not ignore your customer’s needs. You need to create a good relationship with them to help you understand their needs better. Trust is integral to any authentic customer relationship. If building relations of trust isn’t a foundational aspect of your business, then your company may be in need of some leadership training or other method of correction. Don’t delay this correction; a lack of trust on the part of your customers can be deadly to new businesses.
Once they ask questions concerning your goods or services, you have to answer them intelligently or risk losing their trust. Whatever you do, don’t fake it. While it might seem like a good idea to fake being able to understand their needs, such as the needs of the deaf community, people will find out. It’s easy to spot a fake so just don’t do it.
As a final note, some small businesses and startups avoid marketing for fear of doing it wrong or wasting their money. This is a big mistake that can lead to the downfall of your enterprise. You should use all the available mediums to market your goods or services to your target audience, which improves brand awareness.
What I Recommend: Set aside two times a week. One to review your business goals for the week, and another day to do a virtual and mental check in with yourself to stay on track for those goals
There’s no one way to be an entrepreneur, but there *is* one way to effectively market yourself and your services so that your ideal clients are attracted to you. Get in touch with Kimberly today to turn your website into a lead-generating machine!
Hi, I’m Kimberly and I’m all about helping
passionate entrepreneurs, consultants, & small biz owners love their websites again & get more clients by igniting their digital marketing.
Let’s talk! Schedule a complimentary 30 minute Discovery Session with me here (directly on my calendar) to make your website into a remarkable online marketing hub for your business.