So many small business owners do make and continue to make certain mistakes that affects their businesses badly. Statistics have shown that about 70% of small businesses die within or before 10years, some don’t even get to that. But why is that? Answer: Costly mistakes! These mistakes can lead to improper management, frustrations and business failures. The following reason would reveal to you why some businesses crashed down and how to take precautions not to follow suit.
Poor Business Name Ideas
Just like I said in one of my previous posts that your business name is as important as the business itself. Just like I was approached by someone sometimes ago about a business idea and I ask him what the business was all about. He told me the business was based on small business load and I ask what the business name was, the name he gave me wasn’t related to the business in any way and he couldn’t justified the reason for choosing such name for his business.
Your business name is your identity and as such should be something meaningful and be able to stand the test of time in terms of future growth or expansion.
Not Knowing and understanding the Right Audience or Market
Understanding the right people or market for your products ensures consistent growth of such business. Approaching the wrong market or people who can never be interested in your product or vision is just a waste of time, efforts. Talk to the right people about your business. With proper understanding of who your customers are, you are bond to succeed.
Taking Unfavorable Loans
Unnecessary borrowing from families and friends when starting out on a business you have no industrial knowledge about is not always advisable. Some people go as far as borrowing or outsourcing funds from banks resulting into the payment of huge interest rates within a short period. Bringing the business to its end
No Website and Lack of Social Media Presence
In this digital age, having a website that is mobile friendly for your business as well as giving your business a social media presence is a great marketing strategy for your business success. This will not only ensures consistent growth of the business but will also give the business a global presence
Small Business Mentality
The fact that you are a small business owner doesn’t mean you should remain small for life. Get rid of the thinking of “am running a small scale business” and start thinking big about your business and don’t stop planning and strategizing how to achieve persistent growth and expansion of your business.
Identifying mistakes in business and trying to correct them in time is a smart one for every aspiring and business owners. Be wise!