When you are starting a business, thoughts like ifs and buts are so common for every risk-taker or not a risk-taker man. Every entrepreneur wants to start with a business where they could avoid as many mistakes as they can, minimize the loss and enjoy the profits
After reaching out to many small business owners, growth strategists, financial advisors, legal experts, and business consultants 8 biggest mistakes are compiled that starters make so you can avoid the following common pitfalls 8 out of 10 entrepreneurs face.
I encourage you to embrace your passion in the new business but also keep offhand behavior under control to avoid the mistakes that could lead you to fail in your very new beginning.
DON’T BE AFRAID TO LOSE
Many businesses end up before they even start because they were afraid to trust their abilities, they are afraid of failure, they are afraid of losing. In business, you need to be prepared for a 1% profit the rest you can just imagine. However, you have to work on that 1% profit which is the hope, the strength and courage to move forward and work on towards success. If you lose all the hope because of the fear of losing you might never get on the road to success.
Your progress may automatically decrease to the least number possible and you will end up on your 9 to 5 day job which hardly is enough to make your kitchen income. To be a real businessman, you have to put your fears behind and come up with a risk-taking mindset. That helps you to take bigger decisions in life that prospers your lifestyle and also your business.
EXPECTING TOO MUCH TOO EARLY
Don’t be a fast tracker. Everything takes time, especially to achieve good you need to be a little more patient. If you see, you do not get the fruit as you plant a seed. It takes time, care, the sunlight, air and water, and above all your hard work. Just like that, when you have started a business, investing your time, energy and money, you should be waiting for at least 6 months to get the profit you have longed for. It’s not a quick money work, in the start you will be hardly maintaining the stability, covering your expenses, the investments, and if the business is to sell products, your newly earned money would be spent in buying the inventory for the next month. Many entrepreneurs expect too much at the early stage not realizing patience and hard work is the key to success.
MAKING WRONG DECISIONS
Life gives you a lot of chances to judge your vision. Still, after all those chances you have failed to know yourself or keep on making mistakes, do not lose yourself. Everything’s got a solution and so it did. You should consult a professional who makes decisions for you. Who sees your plans through a different better sight and takes decisions which are based on his personal experiences? Because no one can make good settlements unless he has gone through and looked into the path themselves.
It’s no bad consulting a professional business ideologist. They can save a lot of your time, energy and you will be rescued from making wrong decisions. The consultant could be your experienced uncle, your teacher or your father who has spent a year in making business. Also, you can be a successful business owner today instead of 5 years later after losing lots of money and trying to be your ruler.
IGNORING CUSTOMER FEEDBACKS
No one can guide you better than your customer feedback. But we often ignore them and title them as inappropriate comments made out of jealousy and hatred. But that’s the actual thing that is describing your business and the way to get improved. After all, to whom your business is visible to except your customers if their judgement is useless to you then you can never compete with your competitors and end up losing in the market.
If your customers are not happy with you then there is no meaning to your business. It is important to give your best to the customers. Their good feedback increases the traffic at your site and creates more sales. If the feedback is negative, then it is for you to improve your business. The comment can be on your product quality, customer services or anything that is requiring improvements.
UNDERESTIMATING THE COMPETITOR’S
The biggest mistake entrepreneurs do is they underestimate their competitors, while their competitors have gone through furthest than the expectations. The key is to keep an eye on your competitors, check out their working strategies, and if they have boosted recently, see what they did, and apply the same to you, if preferable and of course after consulting.
You must copy your competitors every step they take towards achievement. In the beginning, period, do as your opponent does and later you can work on your strategies.
YOU CANNOT BE THE WHOLE WORKING TEAM YOURSELF
You shouldn’t be the all working guy alone. Sharing your workload keeps you burden-free. You get new ideas, and more involvement helps you improve your styles. Let’s suppose, you invested the money, you settled your business site, you took the decision and you again held all the responsibilities. You cannot be the one-man army. Even if all your plans got to succeed, it would take double or even triple the time to reach the road of success.
Adding more people to your team will add up chances to get success earlier, even if you need to compromise on a lot of things like cutting your higher salary to a lower number, investing in a bigger setup, and need more equipment to work. However, this is your long term investment and you will get benefited soon.
CREATE A MARKETING PLAN
Creating a marketing plan is the most important thing before you do anything else to start your business. Just like you need the ingredients and the complete method needed before you start cooking, same as that you need to create a marketing plan before you make a start to your business? The marketing plan would include the required budget for the investment, buying products and other materials, the expenses, the bleeding process, the strategies you need to play to boost your sales and reach out to as much audience as you can. If you’ve an e-commerce business or you’ve a website for your business create a SEO plan (Search Engine Optimization) for best ranking your online business on the search engine to you get more customers.
Without a marketing plan, you might feel like roaming around a new city without the road guide. You may get lost and unfortunately, end up on the wrong side.
DON’T MAKE OVER-COMMITMENTS
After you have looked into the above guides closely, and your business is running smoothly and making great profits. Just then you meet several good projects and decide to accept them all, even though you know it seems impossible to you to make them all in time. Out of greediness and efficiency, you still accept all those proposals that are the beginning of your ending. You didn’t meet the deadlines and the client returned unhappy with you, he will surely leave negative feedback on your profile and that would make a bad impact on your other customers that were deciding to come to you for their work. Now the situation has changed. They saw your late deliveries and probably you lost a lot of engagement from newcomers. Do not ever over commit with your customers. It is better to say no than to give them false hope and wasting their money and time as well as your energy and time. They may wait for the turn to get their work done because of your pro efficient work, but if they face late delivery, you will not only lose your current customer but your upcoming traffic would also be distracted.
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