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Business Mistakes. You Want a Successful Business –
So Don’t Do This
All entrepreneurs have to learn
from their own mistakes as they build their business, but wouldn’t it be
great to have some one tell you what the common mistakes are and how to
avoid them? Well here are the common business mistakes – don’t do them!
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Believing that you will start earning straight
away. All businesses take time to establish themselves – even
internet based ones. People need to know where you are, what you sell
and most importantly, that they can trust your company to deliver what
it promises. Expect to spend at least 6 months working away at your
business before you break even – sometimes longer.
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Believing that you can set up a business and it
continually earns for you. Even a very profitable business needs
continual management to ensure that your profit does not erode. Your
products and marketing need to continually change to meet the changing
circumstances in the real world.
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Believing that you can
earn whilst you are aware from the office. Even if you fully
automate your business and hire really good staff, there is always an
element of “while the cat is away”. That is why there are so many
“absent owner” sales.
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Being a single product
company. As good as your product may be, markets and tastes will
change and so must you. If your product is very good – other companies
will quickly take action to seize your market share by bringing in
similar products at cheaper prices.
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Not offering upgrades and
enhancements. It is far easier and cheaper to sell to existing
customers. You do this by offering upgrades and enhancements to their
existing products. You should have a group of products at several
increasing price points.
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Relaxing after you
success. Businesses need continual effort, management and
improvements. Although a product launch is hard work, you should start
on your next product shortly afterwards. This will give you sustainable
success and several income streams.
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Believing that a business
can be established with little capital. Marketing, infrastructure
purchases, stock, advertising and staff all cost money and must be
purchased in order to make a profit. Cash flow kills more business than
anything else.
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Believing that you know
all you have to. Your competitors may have been in the business
longer than you have, your customers may be very knowledgeable. Meeting
customer needs is a constantly changing landscape and you need to keep
up to date on the latest trends and technology. You need to be able to
project yourself as an expert in the field you work in. If you do not
have this knowledge then learn it or buy it in!
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Not investing in your
staff. Your staff are the public face of your business. They should
be well trained, knowledgeable and well dressed as well as fully
motivated to sell on your behalf.
Learn these lessons well, avoid the mistakes at all costs
you should save valuable time and resources by doing things right the
first time. Good luck.
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© Copyright 2006 - 2007 Biz Guru
Lee Lister writes as The Biz Guru, for a number of
web sites including her
www.clikks.com where she sells her informational products. With over
20 year’s management and business consultancy experience with businesses
large and small as well as being a serial entrepreneur, she now helps
others set up, develop and market their businesses.
If you would like more help and assistance in setting
up your new business then visit
www.startmynewbusiness.com for advice and assistance.
This article may be freely distributed if this
resource box stays attached.
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