04/01/2023
So, you have launched your business.
✨Congratulations! I am proud of you. ✨
But let's step back for a bit, and check this list. Have you avoided these common small business mistakes?
Don't worry, everybody makes mistakes. If you had, take action with the solutions listed below and learn from them. Only those who LEARN from their mistakes SUCCEED.
1. Not knowing your target audience.
Solution: The tricky thing about building a business? You first have to know your customers before building a product, not the other way around. Create your client persona to learn about your clients' struggles better, therefore creating better products and strategies for them.
2. Not having a plan.
Solution: Create a strategic business plan. Remember Benjamin Franklin's "Failing to plan, is planning to fail"? There are many free resources on the web that could greatly help you create a business plan. What are your priorities?
3. Not monitoring the cash flow.
You may have started this business as a hobby, but now, you also have to focus on the most important skill in business -- math.
4. Ignoring the competition.
Solution: scoping the competition will let you know where you stand in the industry. What is your products' edge against your competition? Research this so you can make changes or improvements. Additionally, it'll help you know what features should you emphasize to stand out.
5. Trying to do it all themselves.
Solution: As much as you want to do everything yourself, there are areas that you are not good at. Social media and taxes can be an example. Identify your strengths and weaknesses, then outsource those areas you are not good at. It'll help you lessen the stress and focus on where you can add value.
Which of these mistakes are you making? Act now!
Double tap if you agree!