Are you thinking about setting up a new business? While this is an exciting opportunity, there are mistakes that you definitely need to avoid here.
No Funding
First, you have probably read a few articles online that claim you can start a business with no money in your bank account. While this is technically true, starting a business doesn’t automatically mean it’s going to be a success.
In fact, the majority of new companies aren’t and it’s as simple as that. That’s why you need to make sure that you are finding a source of funding for your business. There are lots of options here with angel investments being a solid choice.
No Audience
This is just the basic rule of supply and demand. To make a profit from a supply of a product there has to be demand for that item. You have to make sure that your supply does match the demand perfectly.
If you have limited supplies and high demand, your business looks weak. If you have a high supply and a low demand, then your business will struggle to break even. Research the market carefully and try to find out who your target audience is and how many would be interested in making a purchase.
No Marketing
You might think that a small business can survive on limited levels of marketing or even DIY marketing. We guarantee that this is just not the case. The reality is that if you don’t have constant, high quality marketing your business is going to get completely forgotten on the market.
You’ll find audiences either don’t notice you are there or move onto new business. DIY marketing is also dangerous because it can lead to you making mistakes that hurt your business more than you could possibly realize.
No Plan
You should definitely have a plan in place. Some businesses come prebuilt with a plan that you can follow. That’s definitely true for a franchise.
If you decide to buy a cleaning franchise or a similar business, then you’ll be provided the support you need and shown how to get set up the right way. But you’ll also have a certain level of freedom so it’s really the best of both worlds.
There’s another benefit too – the audience we mentioned is built-in with this type of business model. However, if you’re running a normal business it’s recommended you plan for the future and have a five-year strategy designed from day one.
No Delegation
Finally, you definitely need to make sure that you’re not taking everything on yourself when you are starting a new business. It’s understandable why small business owners want to do this because it helps reduce costs.
But, even hiring an outsourcing solution is a better step than moving in this direction. It will ensure that you aren’t in a situation where you become overwhelmed. Remember, even small home businesses require a lot of time and effort that often can’t all be carried by one person.
