People often ask me about things to be kept
in mind or precautions to be taken if they are starting with a new venture. Starting
a business is a multi-step process that can feel overwhelming when you're on
your own, but I will make it easy to stay organized and on track while you
start your business. It was a lazy Saturday afternoon and I was surfing the
Internet when I landed on this page which had 10 most common mistakes listed to
look out for if you are creating a new business. Here I am warning you guys about
each one of those mistakes.
Don’t forget to take the Start a Business
in 30 Days at the end of the article.
1.
NOT THINKING THROUGH YOUR BUSINESS NAME
Your business’s name says a lot. It’s the
first thing people encounter about your brand. If it’s too silly or cutesy,
people won’t take you seriously. If it’s too hard to say or spell, you cause
issues with branding. If it’s too milquetoast (think AAA Towing), it’s easy to
forget. Spend the necessary time to not only come up with a few memorable names
for your business, but also to search to see if others in your industry are
using the same name. Ideally, you want to appear at the top of search results
for your business name, not 10 pages later.
2.
NOT HAVING A WEBSITE
In
this day and age, you simply can’t afford not to have a website. And yet half of small businesses don’t have one.
Websites are no longer cost-prohibitive, and many you can create on your own
with templated site builders or simple content management systems. As for maintenance? A little ongoing effort can go a long way
in terms of keeping your dedicated website looking fresh and remaining relevant
in search results.
3.
NOT HAVING A BUSINESS PLAN
You might think that your little ole
business isn’t big enough to necessitate a business plan, but you’d be wrong.
Even if it’s a two-page document outlining what your business is about and your
goals for the company, it’s something you can look to over time to ensure that
you’re staying on track.
4.
STAYING A SOLE PROPRIETORSHIP
By default, when you start your business,
you operate as a sole proprietorship. But with this business structure, your
personal assets aren’t protected. That means that if someone were to sue your
company, you personally would be liable. You don’t want that, so look at
creating an LLC or corporation.
5.
NOT MARKETING
Sure, you scored a few customers early on,
but that doesn’t mean you don’t need marketing. The trick with marketing is:
you’ve got to do it when you don’t need it. You might be flush with
business now, but in a few months, that could change. It’s what you do now that
will ensure that you keep a steady stream of customers coming all year long.
6.
NOT NETWORKING
This is especially true for people who work from home. It’s all too easy to stay in the
office and focus on the business, but the truth is, you need to get out and
meet other people. Not only can it help you find new customers, but it can also
connect you with powerful players in your industry who can serve as mentors or
help you in other ways.
7.
TRYING TO DO IT ALL
At the start of your business, you’ll need
to take on everything yourself, but many entrepreneurs make this a habit. After
a year or two, they’re ready to have a nervous breakdown because they can’t.
handle. so. much. stress. You’re better off delegating the stuff you’re less
good at to others. Hire freelancers or outsource work to a firm. If you’ve got
enough work and budget, hire your first full-time employee.
8.
PUTTING ALL YOUR MARKETING EGGS IN ONE BASKET
Another mistake many new entrepreneurs make
is using only one channel to market their business. But it takes a well-rounded marketing strategy, including content
marketing, public relations, email, and maybe advertising to get the best
results.
9.
STAYING STAGNANT
Are you of the line of thinking that “if it
isn’t broke, don’t fix it?” If so, you’re missing out on serious opportunity
for growth. If you continue to innovate, improve and expand your product line,
and find new ways to be relevant to your audience, you’ll always remain
competitive.
10.
ASSUMING YOU HAVE NOTHING TO LEARN
Sure, you have plenty of knowledge about
your industry, but there’s always more room to grow. When you stop learning,
you stop developing, and that’s deadly for your business. Stay sharp about your
industry and business in general by reading blog content, books and magazines,
and by attending webinars, seminars and workshops.
I you are all set to start your business
but just need some guidance, take this Start a Business in 30 Days: http://articles.bplans.com/start-a-business-in-30-days/.
Do let me know if this post was helpful in
the comment section below. Love…BSR.
