Small Business: Common Mistakes

Taking the leap to start your own small business can be a scary one but once situated you’re on the path to creating your own destiny, riches and tales of great accomplishments. Unfortunately, the rate of small business failure has been ever high as many people coming from an employee role to entrepreneur are one which they do not fully understand.

Many small business mistakes are often the most overlooked and simplest to handle. However, even a single small business mistake is enough to leave you with a memory of your existing business. To avoid these common small business mistakes, read through this article and identify if your own business has taken a similar turn so you can later correct its course.

Mistake #1: Choosing the wrong marketplace

One of the most fatal mistakes a small business owner can make is choosing the wrong marketplace. If a marketplace does not demand a product or is one which often buys the products and services you plan to offer you’re setting yourself for a downfall.

To avoid choosing the wrong marketplace, spend time to research what members of this market genuinely need. Find what other businesses aren’t offering and bring that forward; then you will be able to carve out your own niche in the market.

Mistake #2: Not evolving

Small business owners always have the best intent to enter a market to create value with their customers while pulling in a profit. Unfortunately after a few years the small business dies out because they no longer have any unique property or have failed to go along with market trends.

Take time out of each quarter to assess where the market is going and where your own small business can follow suite or even excel over others while they fall behind.

Mistake #3: Failing to diversify marketing efforts

Many small business owners find a marketing platform and ride their entire set of chips on a single bet. When the marketing platform dips in use or outright fails; the business fails.

Diversifying your sources of customers is vitally important for businesses to survive and is a common mistake made by many small business owners. Instead of being stuck in a tricky game of marketing, reach out to many different marketing platforms to make up for others that dip or spike.

Mistake #4: Not hiring A-players

You don’t have to be bad to be good. Likewise, good is only average; great is where your business should be in order to stand out from the rest. Your business will only be as good as your employees which make it all important to hire only the best.

Your employees should be synonymous with the customer experience; crafting each experience which creates a lasting impression upon each customer to drive them back for future orders.

Mistake #5: Failing to follow up

Small business owners have it hammered in their minds that they constantly need to drive new customers through the door. The common mistake of business is pursuing a never ending supply of customers whilst forgetting about the ones they’ve already obtained.

The first sale of each business has to incorporate the customer acquisition cost; every sale afterward increases the overall profits. Avoid the mistake of only chasing new customers by constantly returning to those which you’ve already have in the fold, market to them and have them buy over and over.

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