When I started my company 11 years ago I made mistakes. It is a right of passage for any new business starting off from scratch. Over the years I’ve seen many businesses flounder or fail because of these top 3 business mistakes. Here is what to avoid as a new entrepreneur:
1. Lack of Focus
You’ve developed your niche and know who your customer is. Stick with that. Don’t lack focus. People around you may offer advice and suggestions. The latest article or study will spark ideas. Changing direction in your business will have you running in circles. If you begin an online store marketing your unique jewelry designs, then don’t start selling skin care products.
There are only 24 hours a day. Spend your time on what will bring most value for your business. Learn to delegate and hire support. Bookkeeping, administration, and social media can be outsourced to virtual assistants and other professionals. True story: an entrepreneur got so busy with taking care of her customers that she didn’t have time for email and voicemail. She lost prospective clients and referrals. The lack of response damaged her reputation. She is no longer in business.
3. Stop Marketing
Business is booming? Great! Don’t ever think you can turn off the marketing tap. Stay networking, keep up with social media, and stick with your marketing plan. True story: a housepainter got so busy with big contracts that he stopped marketing. He even forgot to renew his website domain. When the jobs were completed 6 months later, there were no prospects or leads for the next job. He faced months of no income while he waited for results from his rebooted marketing efforts.
Avoid these top 3 business mistakes, stay focused on your plan for success, and watch your entrepreneurial dreams come true.