Starting a business is really challenging. It is again another challenge for an entrepreneur to grow and expand the business. Some entrepreneurs are used to all the struggles and circumstances of running a business. For those who are still newcomers in the business industry, it is really difficult. There are a lot of things that they need to learn along the way to be strong and skilled. With this, mistakes are inevitable. Here are the five common mistakes most new entrepreneurs do:
Starting your own business is really exciting. You can already visualize great income and plenty of customers, to the point that you forget to research and planning. This is a common mistake among new entrepreneurs. They rush to starting the business immediately without even knowing what to expect in the following days. Business plan, financial plan, and marketing plan are important during the startup phase.
No realistic goals
Part of planning is setting goals for yourself as an entrepreneur and your business. New entrepreneurs have set goals. However, these goals are usually not achievable and realistic. Usually, they aim to earn double in the first month of their business. However, they did not realize that it takes months to actually conclude that your business is earning.
Not investing on technology
Small business owners are afraid of investing in technology. New technology may be intimidating, however, it provides new opportunities for the business. It also increases business productivity and efficiency which helps you generate more revenue and reduce costs.
In connection with technology, new entrepreneurs too are estimating the power of technology to elevate marketing efforts. The most practical way to promote a business is through digital marketing strategies. Social media marketing is the first choice. It allows you to reach target audience instantly, especially now that people are into social networks. Without marketing, your business will not be established in the market.
Income > customers
It is true that income is very important for a business. But entrepreneurs should never forget that their income relies on the number of customers who consume their products and services. It is very important for a business to always find time to give “extra” to their customers. Customer service should always be available where customers can air their concerns, queries, and feedbacks. Business should also conduct promos and offer great deals and freebies as gratitude for their customers’ loyalty.