Ten Mistakes to Avoid When Starting a Business

Ten MistakesTo Avoid

When Starting a Business

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Mistake #1:

You Made Your Business Idea Too Broad

Solution

You Need to Narrow Down

Your Idea to an Area that You can

Concentrate On

For Example…

Instead of selling a wide range of cars…

…Focus on selling one type of car

Mistake #2:

You Started a Business Without a Business Plan

Solution

It is Always Wise to

Develop a Business Plan When Starting

a Business

A Business Plan Helps You…

• To gain understanding of the market you want

to enter

• To identify your competitors

• To identify your target market

• To determine how much money you will need

to start with and what your expenses will be

• To forecast your sales projection

Mistake #3:

You Spent Hundreds of Dollars Designing Business Cards and Brochures

Solution

At the start of your business, you should try to keep your costs low

A better alternative is to market your business on the internet

Take advantageof all the free methods of promoting your business online

Mistake #4:

You Concentrate More on the Product or Service You Offer Than on the Customers’

Solution

• Remember that the product serves

as a solution to a consumer’s

problem

• Concentrate your efforts on the

benefits and positive experiences

derived from using the product

Mistake #5:

You Spent Hundreds of Dollars on a Domain Name and Website Before Coming Up with a

Marketing Plan

Solution

You need to develop a solid marketing plan:

• Set up your advertising budget

• Consider cost effective methods to promote your

business

• Get a friend or family member to create a website

for you or you can do it yourself using Wordpress

• Search for free methods of promoting your business

online, such as article and video marketing, starting

a blog, etc.

Mistake #6:

You Promoted Yourself Instead of Promoting How Your Product Solves Problems for the

Consumer

Solution

Customers are more interested

in what your product or

service can do for them and

how it will benefit them.

When people visit your

website, or store, they are

looking for solutions to

their problems.

If you manage to find solutions to their problems then this will definitely boost your sales.

Mistake #7:

You Targeted the Wrong Type of Customers in the Wrong Place

Solution

Look for other businesses or websites that offer similar products and services that are relevant to what you are offering and either exchange links with those websites, place a banner ad, or post a link in forums.

Mistake #8:

You Stopped Marketing Your

Business

Solution

• Make people remember who you are and what your business

is about.

• You want them to be constantly reminded of your business

name so that when they have a problem they will know

where to go.

• So take advantage of free and low cost advertising media

available and make sure that your business name is always

up front.

Mistake #9:

You Gave Up on Your Online Business Because Nothing

Happened

Solution

• Giving up on your business is the worst mistake

many entrepreneurs make.

• The key to a successful business is keep trying

even though you failed the first time.

• Be passionate about what you do.

• This should motivate you to keep working on your

business even though you made a few mistakes.

Learn from your mistakes

Keep tryingAnd you will succeed!

And don’t be afraid to ask for help when you need it.

Mistake #10:

You Thought Your Business Would be More Successful If You Copied

What Everybody Else

was Doing

Solution

• What works for others will not

necessarily work for you.

• Although you should keep up to

date with what your competitors

are doing, you should strive to

differentiate your business from

theirs.

The Keys to Your Success…

• Stay motivated.

• Work hard.

• Learn from your mistakes.

• Be passionate about what

you do.

• Ask for help when you need

• And NEVER GIVE UP!

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