ten mistakes to avoid when starting a business
Post on 19-Oct-2014
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Do you want to start a business, but you don't know where to begin? Do you have a business idea but can't seem to make it work? Many entrepreneurs and new business owners have faced the same problems that you are going through in starting a business. Many people make a lot of mistakes when starting a business and these mistakes are often the reason why many businesses fail in the first year. If you want to see your business grow and become successful, then make sure that you don't make the same mistakes when starting your business.TRANSCRIPT
Ten MistakesTo Avoid
When Starting a Business
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Mistake #1:
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You Made Your Business Idea Too Broad
Solution
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You Need to Narrow Down
Your Idea to an Area that You can
Concentrate On
For Example…
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Instead of selling a wide range of cars…
…Focus on selling one type of car
Mistake #2:
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You Started a Business Without a Business Plan
Solution
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It is Always Wise to
Develop a Business Plan When Starting
a Business
A Business Plan Helps You…
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• To gain understanding of the market you want
to enter
• To identify your competitors
• To identify your target market
• To determine how much money you will need
to start with and what your expenses will be
• To forecast your sales projection
Mistake #3:
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You Spent Hundreds of Dollars Designing Business Cards and Brochures
Solution
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At the start of your business, you should try to keep your costs low
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A better alternative is to market your business on the internet
Take advantageof all the free methods of promoting your business online
Mistake #4:
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You Concentrate More on the Product or Service You Offer Than on the Customers’
Needs
Solution
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• Remember that the product serves
as a solution to a consumer’s
problem
• Concentrate your efforts on the
benefits and positive experiences
derived from using the product
Mistake #5:
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You Spent Hundreds of Dollars on a Domain Name and Website Before Coming Up with a
Marketing Plan
Solution
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You need to develop a solid marketing plan:
• Set up your advertising budget
• Consider cost effective methods to promote your
business
• Get a friend or family member to create a website
for you or you can do it yourself using Wordpress
• Search for free methods of promoting your business
online, such as article and video marketing, starting
a blog, etc.
Mistake #6:
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You Promoted Yourself Instead of Promoting How Your Product Solves Problems for the
Consumer
Solution
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Customers are more interested
in what your product or
service can do for them and
how it will benefit them.
When people visit your
website, or store, they are
looking for solutions to
their problems.
If you manage to find solutions to their problems then this will definitely boost your sales.
Mistake #7:
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You Targeted the Wrong Type of Customers in the Wrong Place
Solution
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Look for other businesses or websites that offer similar products and services that are relevant to what you are offering and either exchange links with those websites, place a banner ad, or post a link in forums.
Mistake #8:
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You Stopped Marketing Your
Business
Solution
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• Make people remember who you are and what your business
is about.
• You want them to be constantly reminded of your business
name so that when they have a problem they will know
where to go.
• So take advantage of free and low cost advertising media
available and make sure that your business name is always
up front.
Mistake #9:
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You Gave Up on Your Online Business Because Nothing
Happened
Solution
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• Giving up on your business is the worst mistake
many entrepreneurs make.
• The key to a successful business is keep trying
even though you failed the first time.
• Be passionate about what you do.
• This should motivate you to keep working on your
business even though you made a few mistakes.
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Learn from your mistakes
Keep tryingAnd you will succeed!
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And don’t be afraid to ask for help when you need it.
Mistake #10:
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You Thought Your Business Would be More Successful If You Copied
What Everybody Else
was Doing
Solution
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• What works for others will not
necessarily work for you.
• Although you should keep up to
date with what your competitors
are doing, you should strive to
differentiate your business from
theirs.
The Keys to Your Success…
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• Stay motivated.
• Work hard.
• Learn from your mistakes.
• Be passionate about what
you do.
• Ask for help when you need
it.
• And NEVER GIVE UP!
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