Five Common Mistakes Made By New Business Owners (And How You Can Avoid Them)

Starting a business is a dream for many, and one that will become a reality for a lucky few. It’s no easy task and without a foolproof plan for your startup to follow, costly mistakes can be made before success is achieved. The first few months of a new business are vital – first impressions are everything and when you’re entering the market as a new competitor, you’ll want to stand out for all the right reasons. Unfortunately, not every startup is able to find success and there are several common mistakes that many new business owners make. We’re offering new businesses the opportunity to become a part of the Opportunity Marketing franchise, and we can impart the knowledge and experience fledgling business owners need to avoid these common early mistakes…

Running before you can walk

Forward planning can be time consuming and somewhat tedious, but it is also extremely necessary if you want your business to sustain itself in a competitive sector. It is often tempting to just dive right in and get going, but without a solid, carefully considered business plan in place, you’re likely to be operating in the dark. Before you introduce your company to the world, you need to take the time to consider the direction in which you want to take your business – setting yourself achievable goals, finding the right staff for your new positions and ensuring you have the support you need to succeed.

Undervaluing yourself

Many would-be entrepreneurs fail to launch their own businesses because they fear failure, but those who do take the leap must be sure of their convictions and convinced of their own worth. It is extremely important that you do not undermine your business’ products and services at this early stage, as no potential customer will believe in your venture if you aren’t entirely convinced yourself. Examine the market and scout your competitors in order to price and market your services in the most competitive manner.

Failing to recognise your target audience

If you don’t know who your ideal customer is, you’ll find it very difficult to promote your company. When selling your products or services or trying to promote your brand, you must have a good idea of whom you’re trying to attract. You’ll need to do extensive market research to determine who it is you’re trying to reach before you can plan your marketing activities around them, ensuring that your campaigns appeal to the most eager, lucrative audience.

Overspending

It can take years of saving or a series of crippling loans to get a company off of the ground, so it is extremely important that you spend your money wisely in these early stages before your business can turn a profit. Some new business owners feel that they must spend a lot to achieve a lot, but this is not always the case. There are plenty of inexpensive ways to market your business – as long as you are willing to put the graft in – and sticking to a budget will help ensure you don’t spend too much in one area.

Going it alone

Just because it is your business and you’re eager to be your own man/woman, doesn’t mean that you shouldn’t make the most of the help available to you. Even the most successful entrepreneurs need a team of dedicated employees to help them reach their goals, and as a start-up business you’re likely to need all the help you can get to ensure your business takes off. If it’s marketing you’re struggling with or are particularly worried about, why not seek the help of a team with a wealth of marketing experience to help make sure you’re brand is reaching the right audience?

Starting your own business is never easy, so why make things harder for yourself when we can give you a helping hand? Get in touch today and find out how being a part of the Opportunity Marketing Franchise could give your new business the leg-up it needs.