Avoid Business Mistakes in your Small Startup Company
So you’ve got a small business tech startup, and you want to minimize the amount of risks and mistakes that you’ll make – and this is natural. No one wants to fail, especially when time, energy, money and even credibility are at stake. Here are some things you can do to help avoid big mistakes or errors, so you can save yourself time and effort.
Have a plan. Drill that into your head. Sure you’re motivated and you’re enthusiastic, but is your enthusiasm alone going to make people buy your product, or walk through your door? While you may like to think so, the answer is no. You need to have a well put together business plan that encompasses the direction you want your company to take. Take some time to sit down and think about the product you have and how you can market it and build a business for yourself that will thrive. Got an idea, but it seems out there?
Write it down anyway. It’s good to write everything down, no matter how farfetched it may seem. When you’re new in the market, business startups often think that in order to make a sale and get business booming, you need to have the lowest price in town – but this isn’t true. So sure, while you may have the cheapest tablet or software in town, if you’re selling at a price so low that you can’t make a profit, then rethink your plan.
People just starting out in business often underprice their goods, and this can send people into the red. Look at comparable products in the market and see what they are priced for and base your price off of that. Also, look at warranties and other side offers with market products. If you’re offering an excellent warranty, you can afford to potentially charge a little more for your products.
Starting a business is a hard and very serious thing, and it’s not for everyone.
Don’t just start a business on a whim, or because you like adventure. Having a successful business requires that you put in elbow grease, long hours and a ton of mental energy. If the only reason you want to start a business is because you need a new risk, or you’re bored with your current situation – think long and hard first.
Make marketing a priority. You’re a new business; nobody knows who you are. And because of that, why would they go to you versus a more established company? There are far too many startup companies out there who fall flat because they haven’t factored in marketing into their budget. So before you begin hiring sales people left and right, look into the realistic marketing costs, and find yourself a marketing expert before you open your doors for business.
Practice makes perfect, and you are likely to still make many errors along the way. The point is that you pick yourself back up after these blunders, and press on. Giving up will never get you anywhere, so don’t quit on yourself and your business.