If you’ve always wanted to start your own business, there are definitely a lot of benefits that come with doing so. Aside from the fact that it offers you the power and independence to run a company on your own time and terms, you can use your talents and creativity in order to earn a profit that will go directly into your pocket (rather than someone else’s).
However, being that close to 50 percent of all companies close their doors within five years of opening, it’s important that you make wise choices as you’re getting your company off of the ground. In order to do just that, it’s a good idea to know about some of the common mistakes that you should avoid when starting your own business.
Not having a solid business plan. There are a lot of people who have great ideas. That’s not the same thing as having a good plan, though. A plan is something that shows you all of the things that you should focus on in order to make your company a success. This would include an executive summary, a marketing agenda, a business model, a component that addresses your potential competition and also the kind of staff that you desire to put together. These are just some of the things that your plan should include. For a list of other things that should go into a business plan, visit Free Business Thinking and put “things every business plan should contain” in the search field.
Not establishing a budget. A big part of the reason why a lot of companies fail is not because they didn’t have a great product or service. It’s because either they didn’t start out with a budget or they didn’t stick to it. You need to be very clear about how much money you have to put into your company. Make sure to sit down with a financial advisor so that you can set realistic expectations for your business.
Not carving out a niche. No matter what kind of concept you have, there’s a pretty good chance that there are (at least) dozens of other people who are already doing something pretty similar to it. So, take out some time to research the competition. Then figure out how you can customize your idea in a way that will make it truly unique. Carving out a niche is important when starting your own business.
Not developing a website and social media platforms. Say that your desire is to have a relatively small business for the first five years. When it comes to small business startups, you have to market it just as you would a larger company. This would include developing a top-notch website and creating accounts on social media platforms like Facebook, Twitter, Instagram, Pinterest and YouTube. For tips on how to market through social media, visit Social Media Examiner and put “social media marketing tips from the pros” in the search field.
Not offering impeccable customer service. When it comes to starting a business, there’s one more important thing to remember. Don’t forget to offer great customer service. When you and your staff are professional, friendly and able to keep your word, it establishes customer loyalty. And the better your reputation becomes, more people will want to do business with you. Impeccable customer service is imperative to the success of any business – especially when you’re just starting out.