Common Mistakes of starting a New Business
You have decided to go into business for yourself. That is great. If you look at the some of the richest people in the world, very few, VERY few, work for someone else. I can not quite figure out why anyone would want to work for someone else, but I guess someone has to, huh. I mean, when you run the show, you have control. Yes, more hours, more work possibly, but more income, provided you have a business that makes a profit.
When you start a business, you should be excited. You should be motivated. Starting a new business will REQUIRE that of you. It will take energy to get off the ground, maintain, grow, and become profitable. So you are motivated. That is a start. And let's assume you have some money to get off the ground. It could be about $100.00 to start your fledgling Auto Detail business, around $5k to start a Paintless Dent Repair business, or over 2 million to start a McDonald's franchise. Whatever your goal, you have got start up funds, and your motivated.
Now, how the about planning. You will need a good marketing plan, and business plan. This is not too exciting, but this is very necessary to provide a strong framework for a successful business. If you fail at planning, it's a pretty good notion that you will also fail with your business. Planning for successful business is essential.
Second common mistake for a new business is time, or, lack thereof. Many a future successful business person will underestimate the TIME it takes to build and manage a business. Do your homework overestimate the time it will require, and hopefully your energy and motivation will follow.
Third common mistake experienced by new entrepreneurs is lack of sales skills. This does not mean you need to be a used car salesperson, but, you or someone with you will need to be able to sell your goods and services, and will need to be good at it for the start. Many new businesses forget this crucial step, and it is super important. The last common mistake that is a surefire way to bury a new business is underestimation of the competition, and failure to create a unique identity, or commonly known as a unique selling position. This is the way that a new business will penetrate into the market, and survive. If you copy the competition, and fail to offer the market a new idea, product or service, you risk being lost in the fray. Be unique, and be successful.
These are not the only ways to fail in a new business, but some of the most common ways. Go about your business with all cylinders firing, and you will ensure your success. Good luck in your success!!!
When you start a business, you should be excited. You should be motivated. Starting a new business will REQUIRE that of you. It will take energy to get off the ground, maintain, grow, and become profitable. So you are motivated. That is a start. And let's assume you have some money to get off the ground. It could be about $100.00 to start your fledgling Auto Detail business, around $5k to start a Paintless Dent Repair business, or over 2 million to start a McDonald's franchise. Whatever your goal, you have got start up funds, and your motivated.
Now, how the about planning. You will need a good marketing plan, and business plan. This is not too exciting, but this is very necessary to provide a strong framework for a successful business. If you fail at planning, it's a pretty good notion that you will also fail with your business. Planning for successful business is essential.
Second common mistake for a new business is time, or, lack thereof. Many a future successful business person will underestimate the TIME it takes to build and manage a business. Do your homework overestimate the time it will require, and hopefully your energy and motivation will follow.
Third common mistake experienced by new entrepreneurs is lack of sales skills. This does not mean you need to be a used car salesperson, but, you or someone with you will need to be able to sell your goods and services, and will need to be good at it for the start. Many new businesses forget this crucial step, and it is super important. The last common mistake that is a surefire way to bury a new business is underestimation of the competition, and failure to create a unique identity, or commonly known as a unique selling position. This is the way that a new business will penetrate into the market, and survive. If you copy the competition, and fail to offer the market a new idea, product or service, you risk being lost in the fray. Be unique, and be successful.
These are not the only ways to fail in a new business, but some of the most common ways. Go about your business with all cylinders firing, and you will ensure your success. Good luck in your success!!!
Source...