It is very common to come across statements mentioning the failure of 9 out of 10 business start-ups within in the first 2 years of their launch. Undoubtedly, the startup phase comes with varying challenges. When challenges present themselves, entrepreneurs end up making some common mistakes. However, with a little better strategic business planning, such errors can be rectified or avoided altogether. Here are 3 very common mistakes that should be avoided:
1. Starting Without a Business Plan
Before venturing into your own business, it is essential that you ask yourself whether you are serious about achieving success or not. If the answer is yes, then you should begin with a properly written plan that is simple and easy to understand. When you write down your plan, you will be able to focus on ways of ensuring that your business does well. Answer important questions regarding the ‘type of customers your business will attract’, ‘spreading the word about your business’ and of course ‘why would people buy from you and how much are you going to charge for your services or products’. Try to keep realistic figures and if everything is done in a planned way, then your business will definitely see growth.
2. Not Doing Enough Marketing
Marketing is a never ending process, whether you are promoting your products/services or yourself. You will often notice small-businesses spending more time in marketing the owner rather than the product. Building relationships help make a positive impact in the market and among potential customers. It leads to winning their trust and they will remember you.
3. Not Having A Unique Selling Point
The most important question is: Why should potential customers reach out to you for your service or product? Why should they choose you and not some other person? What is so special about your product or service?
You need to have good and sufficient answers to these and many more related questions before you venture any further into your business. When you start your business without asking yourself these questions, then you begin to make mistakes. If you dream of owning a successful business, then you must have answers to these questions. For more information on strategic business planning, please contact us.