28 Nov 10 Common Mistakes Business Owners Make
Congratulations! You’ve started a business and are pursuing your passion!
Are you ready to create an exciting life of limitless possibilities as an entrepreneur?
Maybe you’re turning a hobby into a side hustle, or you’ve just wrapped up your business degree or certification.
However you’ve gotten here, you’re ready to go!
Where do you start?
How do you get your message out there?
How do you market yourself and your products and services?
How do you find people who need your product or service?
Are you charging what your worth to profit?
Running a business is a messy, scary, lonely, rewarding, beautiful and exciting opportunity. But not everyone has the guts to try. So congratulate yourself!
Statistics don’t lie. More than 50% of small business fail within the first four years. Only 3% of those make it to the fifth year.
The leading causes of business failures are:
* Lack of proper planning
* Weak Brand – no value proposition
* No Lead or Sales Funnels
* Lack of Communication Plan
* No Marketing Strategy
* Lack of capital
* Inability to learn from failure
* No focus
* Low profits
* Not having a clear vision for growth
Here’s what you can do to avoid these business mistakes.
1. Create a business plan. You can Google “free business plan templates” or purchase a template that works best for you.
2. Start getting clear on why you want to run a business. Grab a piece of paper and start listing all of the reasons you want to start a business.
Include answering these questions:
a) What’s your personal motivation behind running a business?
b) What’s your personal gain from running a business?
c) Whose life will you change as a result of running your business? (think clients and family)
d) What does your dream business look like? Solopernuer? Do you want to have employees? Do you want to create a scalable and massive operation?
e) Who is your ideal customer? Get very specific.
f) How will you make money?
3. Create a website that converts. The vast majority of people start with a search online. They want to make sure you are credible and have a legitimate business. Does your website clearly define who you are? What do you do? And how you can help solve your potential client’s problems? How are you grabbing your visitors’ attention? Are they excited to find out more? Are you capturing them as a lead and nurturing them as a future client?
4. Get a solid and consistent marketing plan in place.
Marketing can include anything from social media to paid advertising, content marketing and establishing relationships with influencers, to name a few.
5. Create a profit plan. Get very clear about your services and products.
Which one makes the most profit? Is it scalable? Which one isn’t selling?
6. Make sure your bookkeeping is appropriately handled, so you have a clear picture of your expenses and income from the get-go.
7. Establish a lead generation and sales funnels. How will you acquire new leads? How will you follow-up? How will you nurture leads?
Try new things, learn from mistakes, hire a business coach, and take an online business course, such as The Ultimate Business Breakthrough.
Everything adds up.
Yes, it is true that most businesses fail. It is also true that many entrepreneurs achieve massive success and financial freedom.
There is no such thing as miracles in business. It takes a strong vision, consistent work, massive amounts of dedication, a solid plan, an outlined strategy and the willingness to make mistakes to succeed.
Don’t give up. We need you. Don’t let your fears hold you back. You’re doing a disservice if you’re not getting your products and services to people you can help.
You can achieve your dreams and create the life you want. All you have to do is start and have a plan.