STARTING A SMALL BUSINESS
10 MISTAKES YOU CAN AVOID
A highly successful motivational speaker was asked once, what is the difference between talking to millionaires and talking to small startup business owners. “Simple” he said. “The startup business owners try to tell me why it won’t work while the millionaires just go do it.” At online-discovery.com.au I hope that even though you might just be starting a small business you will think like a millionaire. I offer the tools to make you successful and just as importantly warn you of the pitfalls you can avoid.
10 mistakes you can avoid when beginning a home business or any small business should start with over investing in technology. Spending thousands of dollars in areas like this has nothing to do with your success and can be avoided altogether.
At number nine we find trying to do everything yourself. You may feel that as a new business with a limited budget you must do it all but outsourcing is not only inexpensive today, it’s one secret to success you must know. Sure there are things you can do yourself but consider how much your time is worth and where is the most efficient use of that time. Use professional training and outsourcing to shorted your learning curve and focus on your core business.
Number eight on our list is not having a game plan. You must know how to get there and if you don’t get help. Think about what your business will look like when its finished, what is the turnover, how many products are you selling, to whom, how many staff do you have – with anything you do start with the end in mind. Automate as much as possible, create processes that someone else can take on down the track, invest in things that are scalable. I would recommend this great book which a friend gave to me called the E-Myth by Michael E. Gerber. It will change the way you think about your business.
Seventh on our list is not knowing your product or market before you get started and keep monitoring to spot new opportunities or changing trends. With a little internet training, its so easy today that you can quickly learn about any product or service and can become somewhat of an expert in a very limited time. Internet tools help you keep abreast of market changes.
Our sixth mistake to avoid is creating a poor website. Keep in mind that like we mentioned in number ten you don’t need to over spend on technology, but there is a difference between a professional website built at a value price and one you do yourself.
At number five we have not doing your home work. Doing a solid job of research before you launch your start up business or small business can be a big tool in your success. Basic market product research, market research and competitor research are essential to do before you go too far down the track. It’s not hard but you do need to do it. Trust me, it will save you time and money in the long run.
Fourth is not having everything in writing, from your business plan to an agreement with a partner.
Our third mistake to avoid is trying to start too many businesses at once. Concentrate on your best chance of success. Find you niche and focus, focus, focus.
Second we have not having a budget. Know what you have to spend and stick to it.
And finally number one on our list of the top ten mistakes to avoid is not using social media marketing. It might not be how you find information, but for millions it is the only way they search for where they do business, make sure they can find you.