Top 23 Mistakes Small Business Owners Make (and How to Correct Them)

Are any of these mistakes affecting your business success? Whether you are a freelancer or consultant, an online marketer or a brick-and-morter store owner, this common mistakes can hurt your business. If you want to start a business, keeping these issues in mind can increase the chances of profitability and longevity.

business problems photo

1. Working without a detailed business plan

Solution7 Steps to a Perfectly Written Business Plan

2. Not setting business goals or objectives

SolutionThe Ultimate Guide to Small Business Goal Setting

3. Avoiding market research

SolutionHow Marketing Research Can Benefit A Small Business

4. Not knowing who your ideal customer is

Solution5 Steps to Identify Your Ideal Customer

5. Doing everything yourself  

SolutionCan Small Business Owners Really Do It All?

6. Ignoring your competition

SolutionHow to Deal With Competition in Business

7. Not building an email list

SolutionWhy an Email List is So Important to You

8. Hiring the wrong people for your team

SolutionHow to Hire the Right Person

9. Not keeping accurate and detailed financial records bookkeeping

Solution5 Reasons Why Attentive Bookkeeping Is Crucial for Small Business Success

10. Not following up with clients and prospects

Solution6 Reasons Why Business Owners Should Focus on Follow-Ups

11. Underpricing or undervaluing your products ors services

Solution6 Different Pricing Strategies: Which Is Right for Your Business?

12. Not making customer service a top priority

Solution10 Reasons Why Good Customer Service Is Your Most Important Metric

13. Failing to utilize various marketing methods

Solution16 Awesome Marketing Strategies For Small Businesses

14. Doing business without a contract or written agreement

SolutionTen Reasons Why You Need a Contract

15. Not networking with other small business owners 

SolutionThe Benefits of Networking with Other Local Small Business Owners

16. Being a poor leader 

Solution14 Signs Of Negative Leadership (And How You Can Fix It)

17. Not reinvesting in your business

Solution10 Ways You Should Invest Your Company’s First Profits

18. Avoiding the use of new technology

SolutionHow Embracing Technology Can Help Your Small Business Thrive

19. Overspending and not sticking to a business budget

Solution6 Tips for Sticking to Your Small Business Budget

20. Not saving money for emergencies or slow times

SolutionHow to Create an Emergency Fund for Your Small Business

21. Setting unrealistic financial goals

SolutionThree Reasons Unrealistic Goals Create a Culture of Failure  22.

22. Forgetting to focus on sales

SolutionSmall Business Strategies To Increase Sales

23. Having a casual commitment to succeeding in your business

SolutionCharacteristics of Successful Entrepreneurs: Commitment

Now that you know what mistakes you are making, you can work towards fixing them. By discovering and eliminating these errors, you are in a better position to grow a profitable business.

If you think owning a business is right for you, check out Why You Should Start a Home Business.

And share some mistakes you feel you have made in starting your business.

 

Tell Us What You Think