Face it, starting a business is hard. There’s so much to consider, so much to do, so much to balance. It is easy to get overwhelmed and make mistakes. But if you know what mistakes to watch out for, they can be easier to avoid. Here are just a few mistakes to avoid when starting a small business.
Mistake 1: Not having a plan
To run a business you need to know what you are doing and where you are going. Don’t just play it by ear. Even if your plan changes frequently it will still be a beneficial tool for making sure you’re always moving forward and helping your business grow.
Mistake 2: Not understanding the finances
Finances are tricky even with experience. There are an immense amount of factors to keep track of and there will always be more startup costs and other expenses that you expect. Maybe that first tradeshow doesn’t work out and you end up in the hole for the cost of all your marketing materials you ordered for it. Maybe the costs of hosting your website are more than you budgeted for. Maybe the costs of your materials go up. Maybe. Maybe. Maybe. If you anticipate and budget for unexpected expenses as much as possible right from the start you will greatly improve your businesses’ chances of success. And, if even after budgeting you have an unexpected expense you can’t cover, find a trusted business loan provider like TruHarbor to help you out.
Mistake 3: Expecting your customers to come to you
They won’t. In a world full of entrepreneurs and marketers you have to make yourself stand out and bring the customers to you. Good marketing, good social media, good referrals, these are all ways to make this happen. Start by figuring out who you want your clientele to be, then research how to best get your information out to them. No matter how amazing your product is, no one will buy it if they can’t find it.
Mistake 4: Not being adaptable
Sometimes things just don’t work out. Maybe that brilliant Twitter campaign fell flat, or the mailers you thought were a sure thing didn’t generate a single lead. Don’t stubbornly plow ahead and just try the same thing again when it was proven not to work. Sit back and figure out why it didn’t work, then figure out what you can do differently next time to get better results.
Starting and maintaining a small business is hard, so don’t make the mistake of going it alone. Let TruHarbor help you make sure you have the money you need to get started so you can focus on everything else.