There are more people than ever that own their own business and thanks to digital tech, it is relatively easy to set up a small enterprise, yet success is never a given. The highly competitive business arena is unforgiving and it is only with total dedication and hard work that you can climb the mountain of success. If you have a great business idea and would like to turn it into reality, here are a few common mistakes to avoid.
- Lack of planning – Your business plan should be your guide and it should cover every aspect of the venture, from start-up costs to marketing and everything in between. A good business plan answers all of the questions a potential investor might have and when you feel confident your plan is perfect, let a business guru take a look. If he or she gives it a green light, you are good to go!
- Failing to make good use of available technology – Check out the wide range of managed IT services from a top Pittsburgh provider, who can optimize your business by creating a secure cloud network on which to store your critical business data. Things like Internet telephony have much to offer the small business, plus cyber-security needs to be in place in order to protect against hackers. Sector-specific business software can really streamline your business processes, many of which can be automated.
- Zero marketing plan – Without a good marketing plan, how will potential customers ever find you? Word of mouth simply won’t do it and if you have a dynamic digital marketing agency on your side, the sky’s the limit! There are many digital marketing strategies that an agency might deploy; they tailor the service to suit the client. Social media is very powerful and has lots to offer the small business; most people don’t have the time to dedicate to their Facebook account and hiring a team of social media marketers will pay big dividends.
- Running out of money – Lack of funds is the number one reason that new businesses fold; all it takes is a few late paying customers and some unexpected expenses to put you in the red. When crunching the numbers for your start-up, it makes sense to add 25% to the amount you need, which should cover any emergency that might arise. Here are a few great ideas for the entrepreneur.
- Hiring the wrong people – This can have a disastrous effect on a business; if you are looking to hire people, talk to a local recruitment agency, who can source and screen potential candidates, leaving you with an interview shortlist. It is easy to accept the first candidate when you are desperate to fill the position, yet this rarely works out in the long term.
Once you have registered your business, you can implement your business plan and with a lot of hard work and a little good fortune, your venture will enjoy long term growth.