No one starts a business expecting it to fail, however as 90% of start-ups are likely to fail then why not learn about the top mistakes small businesses have made and instead catapult your new business idea into the 10% that succeed.
Doing nothing will result in nothing. Actually it’s worse than nothing. The consequences could be catastrophic for the self-professed entrepreneur. The period of nothingness could leave an open gap for another entrepreneur to swoop in and launch a similar idea, leaving yours potentially oversubscribed before it has even begun. It may seem daunting at first but look at your priority’s and take each step at a time.
A great way to boost your ego is to ask a loved one or a friend. Bad idea. Hop over to YouTube and view TV shows such as the X Factor and watch as poor souls are reduced to humiliation by the judges and replying with “but my Mum told me I could sing”. Unless your friend or family member is likely to buy your product then best not to ask. Instead ask a focus group of individuals who are your target market.
Remember the line from the hit show Only Fools and Horses. “This time next year we’ll be millionaires”. Well it took Del Boy and Rodney 22 years to make this statement come true. So, unless you have the next Facebook up you’re sleeve it may take longer than you expect. So, it’s best to be realistic about what to expect and when. Put together a business plan and include realistic timeframes.
If it sounds like a crazy idea, or something doesn’t feel right then it probably isn’t. You will be amazed how many people ignore their feelings yet carry on pursuing something that should never have been started in the first place. Keep true to what you set out to achieve and remember your goals.
No matter how great your idea is, your business will only make money if people want to buy it. It is highly recommended to test out your idea before committing too much money to the venture. Use the power of the internet, check out your competition and test your idea beforehand and take-head of the results. Work out your USP ‘unique selling point’ and what makes you stand out.
You wouldn’t start taking your car apart or building a house without knowing how to do it, so don’t do the same with your business. When starting build the idea around something you know and love such as a hobby, a pastime or a skill. If you have the inner passion for the product yourself you will find it easier to sell it and explain to your customers.
Like it or not we are part of the social media generation. With over 2.8 billion people taking to social media to share posts on what they had for breakfast or a funny clip of what their dog did the internet is way too powerful to be ignored by small businesses. Overlooking the power of the internet is the same as ignoring good advice, it’s crazy. Instead ensure your business has a presence on social media so that you can grow your business and your brand.
Planning to do everything yourself will guarantee you are burnt out before you even get your first customer. Be realistic about what you can and cannot do yourself and what should be outsourced to external agencies. Think about your skills and stick to what you do best and find help with everything else.
Flying by the seat of your pants will only get you so far. You really do need to have a plan of action for every aspect of your business. Remember that business plan we mentioned earlier, well if its included in two of the biggest mistakes it must be very important, which it is.
Know the term gun ho well if you don’t this basically means to be over enthusiastic or eager. Unfortunately, in the case of starting a new business people tend to get a little gun ho about their spending especially in the early days. Knowing what is essential and what is a nice to have is a skill so keep a close watch on what you need and what would be a nice to have. Use online tools such as Quickbooks to manage your accounts and easily keep track on your spending.
Want support to help you avoiding making the 10 mistakes listed above? Then this is where boffix can help, is an out of the box solution for all your business start-up needs. Leaving the mundane back office jobs in safe hands will free you up to do what you do best. Why not contact boffix today on 01840 700 700 or email at email@example.com, you may well be making your eleventh mistake if you don’t.