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.
1. Working without a detailed business plan
Solution – 7 Steps to a Perfectly Written Business Plan
2. Not setting business goals or objectives
3. Avoiding market research
4. Not knowing who your ideal customer is
Solution – 5 Steps to Identify Your Ideal Customer
5. Doing everything yourself
Solution – Can Small Business Owners Really Do It All?
6. Ignoring your competition
Solution – How to Deal With Competition in Business
7. Not building an email list
Solution – Why an Email List is So Important to You
8. Hiring the wrong people for your team
Solution – How to Hire the Right Person
9. Not keeping accurate and detailed financial records bookkeeping
10. Not following up with clients and prospects
11. Underpricing or undervaluing your products ors services
12. Not making customer service a top priority
13. Failing to utilize various marketing methods
14. Doing business without a contract or written agreement
Solution – Ten Reasons Why You Need a Contract
15. Not networking with other small business owners
16. Being a poor leader
17. Not reinvesting in your business
18. Avoiding the use of new technology
19. Overspending and not sticking to a business budget
Solution – 6 Tips for Sticking to Your Small Business Budget –
20. Not saving money for emergencies or slow times
21. Setting unrealistic financial goals
Solution – Three Reasons Unrealistic Goals Create a Culture of Failure 22.
22. Forgetting to focus on sales
Solution – Small Business Strategies To Increase Sales
23. Having a casual commitment to succeeding in your business
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.