Avoiding Common New Start Up Business Pitfalls
Not everything works for everyone, every time, so understanding how to avoid certain New Start Up Business pitfalls can keep you from relying too heavily on methods used by other companies that may not work for you. Know your own business needs to avoid certain pitfalls that so many other organizations fall into.
First, understand that how and where you advertise makes a difference in how effective it will be for your business. One of the most common work at new business pitfalls is to assume that any advertising will work for your business. However, you need to target your advertising to bring in the right consumers. Define your market, and create advertising to target that market.
Another one of the common new business pitfalls is to believe if you start a business people will flock to it. Starting and maintaining a business takes a lot of work. You will need to advertise and network to build your business. Making personal contact with potential clients will bring in significantly more business than advertising alone.
Customer service is key to building and maintaining your business. So you want to make sure you treat your clients well. However, another one of the most common business pitfalls is believing that you need to hold onto every business relationship, no matter what. Make sure you weigh out some of your problematic clients with what they are costing you and your business. It is not all about the bottom line, either. If you have a client that is keeping you up at night, you may want to consider breaking off the relationship.
Of the common new business pitfalls, believing that if something works, it works for everyone or in every situation will cause your business to have slow to little growth. Yes, you may have done it that way since you started your business, but the method may need to change for your growing business. It is always good to keep an open mind.
You can try, but as your business grows you won’t be able to do it all anymore. Starting your business from your home may have been a way to get away from the rat race, another of the common business pitfalls is to try to do it all alone. If something is not your strength or you no longer have the time to complete common tasks, you need to see if it is within your budget to get someone to help you out.
Be honest! Example: When your business profile on a website says that you are a sole trader with no staff, don’t then say “so give us a call where one of our friendly staff will help you” or if you are a small little 2* B&B don’t copy and paste wording from the website of a 5* Luxury Hotel…you may think this is a joke but these are examples i’ve found just today alone…lots of businesses like to try to sound like they are bigger and better than they are (We’ve all heard the saying Fake it till you make it) But customers appreciate your honesty, they want to know who you really are what they are really spending their money on!
Remember, you want your business to be successful. Avoiding these common pitfalls to help you maintain flexibility to create a successful business environment.