Are you wanting to start a new business?
It’s estimated that over 600,000 new businesses start up each year and only 51% of those last past five years.
It goes without saying that starting a business is no easy feat and you have little room for errors. Check out these six common mistakes that business startups should be aware of so you can avoid them.
1. Not Setting Goals
Not setting business goals is one of the common startup mistakes that new business owners make. Goals keep you on track and motivated. You need to set specific goals and know the steps that you need to take in order to reach them.
2. Being Scared of Marketing Your Business
A big mistake made by business startups is assuming that they can put off marketing their business. They do this either out of fear or not knowing how to do it. Whatever the reason, you don’t want to forget about marketing.
Don’t have a marketing budget? That’s not a good excuse to skip over it. There are several free ways to advertise your business when you don’t have money like social media and blog content.
3. Not Knowing Who Your Target Audience Is
Who is your target audience? Many business owners aren’t sure. You may think that everyone falls into your target market, but failure to narrow down your niche is one of the startup errors you don’t want to make.
You want to identify your target audience. You need to know who they are, where they are, and what problem you’re wanting to solve for them. Do market research to help you answer these questions.
4. Spending Too Much/Not Spending Enough
Let’s talk about money. Two common business mistakes that startups make are spending too much money or not spending enough. Of course, you don’t want to blow your budget on unnecessary items, but you also don’t want to avoid buying the things you need.
Make a list of the things that you need and the things that can wait. Create a business budget and stick to it.
5. Not Asking for Help
Another one of the common business mistakes that people make is not asking for help. Join a network of other business owners or seek out a mentor. Learning from other business owners’ experiences can benefit you greatly.
This can also include hiring employees. Of course, you don’t want to hire a team of full-time employees right out of the gate, but hiring a part-time employee or a subcontractor is helpful.
Looking to hire employees for your startup? Check out Warsaw Startup Jobs for potential hires.
6. Being Afraid to Fail
Fear of failure is a big, yet common, small business mistake. No business is immune to failure. The key is what you do when it happens.
It’s vital to learn from your mistakes. Find out what works and what doesn’t. If starting a business is your dream, you need to push past the fear in order to make your dream a reality.
Avoid the Most Common Mistakes Business Startups Make
Starting a new business venture is exciting, but it can also be a stressful time. When you’re aware of the mistakes that business startups tend to make, you can prevent yourself from falling into the same trap.
Looking for more tips and advice on running a business? Be sure to check out our business advice blog for more information on running a small business.