If you are planning on starting a business this year you are undoubtedly full of excitement. While raw excitement, infatuation and determination are all great, you need to make sure that you proceed with caution so as not to encounter the common pitfalls that lead to business failure.
Avoid making these five beginner mistakes many new entrepreneurs often make — and good luck with your new business venture!
So, go into it knowing that you may potentially need a long time to get your business off the ground. If it happens quickly, that’s a bonus, but it’s better to have realistic expectations and not be disappointed.
Online marketing companies receive a lot of inquiries from startups that all have the same question: “What do we do if we don’t have a marketing budget?” Actually, there are plenty of things that you can do if you are willing to put in the work. A well-thought-out content marketing strategy and media outreach campaign can be executed with little to no marketing budget.
Simply assuming that your target audience will magically discover your brand is foolish — be prepared to grind hard in the beginning to generate momentum.
There are plenty of coupons floating around online that will allow you to register a domain for a dollar, and creating social media profiles won’t cost you a dime. Just be sure to secure your online footprint first.
While you can’t predict (or prevent) all obstacles you will encounter, setting up some long-term planning will help you avoid inexcusable mistakes. For example, a long-term marketing budget will help ensure that you have funds to cover the marketing, while still leaving enough money to handle operations and payroll.
Imagine that you didn’t have a long-term plan mapped out and instead allocated a large chunk of money to an advertising campaign that didn’t pan out as expected: You’d lack the funds to cover operations and payroll — and you’d be dead in the water.
But starting a business requires more than media smarts. It requires that you embrace the lifestyle that comes with the territory. Long hours, constant problem-solving and stress are just a few things to expect, along with:
Are you up to it? Then you have surmounted one of those five big “beginner” mistakes and are on your way.