Statistics show that only about 50% of new businesses survive the first five years of operation. Avoiding these ten common mistakes can help your business be in the 50% that succeed.
- Not Planning
Planning is an essential first step for startup owners. Your plan should give you a clear understanding of your funding, your product or service, and your potential customers.
- Not Establishing Goals
Setting goals tells you where you want to be as well as when and how you’ll get there. They will also assist in measuring your progress and updating your plans as needed.
- Not Setting The Right Price
Research your market and analyze the value of your product or service. Then you can determine a fair price.
- Not Incorporating Technology
Avoiding new technology can harm your chances of success. You can use technology to improve the efficiency, growth, and profitability of your business.
- Not Marketing
Create a marketing plan based on what you’re selling and who your customers are. Although there is a place for traditional advertising for startup owners, you will probably need to engage in online marketing.
- Not Identifying Your Customers
Use marketing research to identify your target customers and how to reach them. It’s crucial to know who wants your product or service so you can focus on selling to them.
- Not Budgeting Your Spending
It’s easy to overspend and deplete your financial resources before you make your first sale. Create a budget and research all your options before any large expenditures.
- Not Spending Enough
Although your funds may be limited, you still have to invest in your business. Inadequate financing impairs your ability to make your business a success.
- Not Asking For Help
Startup owners often believe they have to do everything themselves. You increase your chances of success if you learn to delegate and if you seek trustworthy advisors.
- Not Committing Your All
Building a successful business requires sacrifices. You must commit to giving everything within you to your business. Learn from your mistakes and avoid letting fear of failure stop you.