Last Updated on November 6, 2018 by Jessica Adams
So, you’ve decided it’s time to dive head-first into launching your business? This is an exciting time, as you’re starting a brand new chapter of your life. You’re only beginning to consider all the different mistakes to avoid throughout the life of your business.
When thinking about all the mistakes you could make, it’s important that you consider mistakes that others have made during this process, before you. Here we’re going to look at five simple mistakes to avoid when launching a business.
4 Simple Mistakes To Avoid
When Launching Your Business
Not Creating a Business Plan
This is one of the biggest mistakes made by so many business owners, especially Solopreneurs and Bloggers. A lot of people avoid making a business plan because either they don’t know how to create one or they do, and it’s time-consuming. Most of these people just feel like it’s not necessary for one person.
However, you’ll never know if your idea has a leg to stand on unless you make a plan to execute it properly. A solid business plan includes your intended branding, content, and marketing strategies.
You will also need it to secure funding, such as bank loans, as it will give your new business an influx of cash. This will be helpful when you’re planning your products & services and again when nailing down your monetization strategies.
Not only can you test the feasibility of your business idea with a plan, but it’s a vital component for attracting investors and ensuring that your overall business planning is effective and manageable.
Failing To Hire an Accountant
Do you really have the time to handle all of your accounting commitments by yourself? When you’re first starting out, it’s imperative that you focus on the core of your business and putting your most marketable skills to good use.
Having healthy accounts is also just as important, which is why it is vital to have a professional overseeing everything. An accountant can also make sure that you are making the most of any small business or entrepreneurial tax breaks.
This is especially helpful around “returns” time, being able to put as much back into your business with that. It’s also crucial that you be running your business as cost efficiently as possible.
Overlooking Online Marketing
Many new business owners feel that online marketing is something they should concern themselves once they have been in operation for a while. Others feel that if they have a brick & mortar shop, having an online presence is of no use to them. However, this is not the case.
You should be investing in online marketing from the beginning. As the Jos Opdeweegh businessman website explains, the first two weeks is pivotal for any new business, so make sure that you’re out there for the everyone on the world wide web, to see.
Your online marketing investment should also include everything from Pinterest & SEO, a mobile responsive website, social media marketing/ad campaigns. Having a dominant online presence is imperative if your business is to be a success.
Ignoring Market Research
So many people set up a business without doing any market research, then wonder why their product or service hasn’t been a hit. Market research is an organized effort to gather information about target markets or customers. It’s one of the most important components of your business strategy.
Primary research is the pursuit of firsthand information on your market and its customers. You can use online surveys, focus groups, in-person and phone interviews, etc, to get the specifics on the issues your buyers face. This is also a good moment to learn about brand awareness behind your company.
So, is it possible to “meet” your audience or customer before they buy something from you? Yes and no. They may not be the exact person who will buy your products or services but they’re as close as you’ll get, and all from creating a “Buyer Persona.”
Edited by Jessica Rose Adams
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