It’s all too common to see a single blunder be the downfall of a great, new business. Business owners often come from an employee background which immediately sets them in a mindset which may not necessarily apply to a market they want to create a business in.
This article will cover a few of the most common blunders made by small business owners.
1. Jumping on every new fad and idea
A new product is released to the market, traffic source discovered or platform to boost business is displayed; many small business owners get caught in the hype and buy into everything they hear. Yes, it’s important to continually be evolving as a business owner but it’s also great to be conservative so business owners can focus on a few items that will grand them greater success instead of spreading themselves too thin.
2. Failing to research a market for a demand or need
Every market and its consumers will have a specific demand or need to be met in order for businesses to successfully sell to them. A common blunder made by small business owners is that they’ll try to force their products or services onto a market that doesn’t really need it; avoid this through proper research and testing.
3. Trying to just “fit in” and failing to develop something unique
Many small business owners just want to “fit in” and “get into the system” to make their money; doing so may turn a profit but it isn’t enough to sustain as a business. Only doing the bare minimum will put a business on equal level with every other business; move away from this mindset and create a unique business like none other.
4. Being stuck in the planning phase – indefinitely
A blunder all too common to small business owners is the lack of getting out of the planning phase on their projects only to indefinitely be stuck without any action or results. Every new project is bogged down with the quest to be perfect; avoid this by being contempt with what’s already created and work out the rest after a new project has been launched.
5. Trying to play favorites with everyone
The most common blunder small business owners make is trying to play favorites from everything; trying to reach as far as they can possibly go without ever really doing anything spectacular. Small business owners often try to compete with the reach that big business has – big mistake! Trying to be a favorite with every person will result in the business never truly creating a unique experience, dealing with bad customers and losing their best to competitors that are.
There are thousands of blunders small business owners can make over the life-time of their business; the trick is to avoid them by taking a proactive approach to learn from other’s mistakes.