It can often be a pretty tough time trying to start a new business. Many startups have also never launched a company before, and many seldom have experience in running one either! Despite those facts, they stare into the face of adversity and hope for the best. Even if you’re an experienced entrepreneur, there will be some mistakes that you’ll make as you grow your business.
The thing is, some people make some really silly errors! Considering you are reading this article, you probably think that you’ve done some of them. But, what are the most ridiculous mistakes that startups make? Check out these 6 examples:
They try to do everything alone
While you might have a supportive family, the fact is you can’t run a successful business by yourself. Even people that sell goods on eBay, for example, have others that help them with various aspects of their online stores. If you try to do everything by yourself, you are just setting yourself up for failure.
Their business is based in the wrong area
Let’s say that you specialize in marine equipment for boats and other small vessels. While there is nothing wrong with that, if your retail store is about 50 miles inland, you’ve got a problem! Startups should always find out if they are in the right area for the products and services that they offer.
They have no idea how to set up their computer systems
Let’s face it; computers isn’t a topic that everything is or should be an expert in. If your IT knowledge is limited to knowing how to edit a Word document, how can you set up an office network by yourself? It makes more sense to use a service provider that can take care of things like that for you. For example, looking at DigitalPlanet.Net, you will notice there are IT support firms that can get involved in all kinds of computer-related projects.
Their target market hasn’t got a broad audience
If your niche is so micro-sized that you’ve only got a handful of potential customers, you’re doing something wrong! When you go into business, the idea is to have a regular stream of clients buying stuff from you. Enter a market that is too niche, and you’ll end up going bankrupt quite soon.
They aren’t willing to evolve
For any business to survive, especially in today’s tough economic times, it must be willing to adapt. The way that consumers buy and use products and services changes all the time. You have to evolve with those changes so you can still meet their needs while making a profit.
They forgot to devise a marketing plan
Unfortunately, some startups get so caught up thinking about their brand’s potential that they forget about marketing it! As you can appreciate, no-one will buy from you unless they know you exist! Take a look at this article from Entrepreneur.com to help you devise a killer marketing plan today.