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Starting up your own business isn’t ever going to be easy but that isn’t to say that you need to learn from your mistakes. Essentially, we are talking about those bloopers that keep cropping up with startups and could actually be avoided with a little forethought. There are no guarantees in business but if you follow the tips in this short article you will at least be giving yourself the best chance of success.
Okay, it may not be a whole lot of fun but the planning stage is extremely important. If your startup is going to succeed, the plans must be both tight and realistic with no stone unturned. Business idea research cannot be ignored, even if you have a good grounding in the arena already. It is here where you can find inspiration and cold facts. Your marketing plans are also a large part of the business research and also your financial planning needs to be included here.
Goals and objectives
No matter how awesome your product or service may be, without a firm set of goals, you will be losing most of your direction. These are crucial for startups and help to keep your plans on track. Ensure that they are SMART goals and spend a lot of time on the steps that will help you to reach them. The SMART acronym stands for:
Undervaluing what you already have
So we are talking about your services or products here and you need to be very careful about how you portray these to both your potential customers and also your competition. If you undervalue them, you will be showing a lack of confidence that is going to be the beginning of the end of your startup. Fear of failure is all part and parcel of this issue and it will only prove to undermine the value in your business. By undertaking thorough research of the current market before you actually open up your business, you will be able to create a realistic price entry point. You can then use the marketing power of Solo ads to let the rest of the world that you are here and your brand needs to be taken seriously. It really is the best way to make a positive impression that will work in your favour for the foreseeable future.
Make no mistake, those startups who underestimate a strong marketing campaign are not going to last very long. From simple word of mouth referrals to digital marketing campaigns, they are all invaluable ways of reaching out to your future customers. Do not try and get away with a tiny marketing budget because it will undermine the rest of your good work and will ultimately be the reason you failed. Do thorough marketing research before you kick off your startup and find where your market actual is before spending money on finding them.
So there you have it, 4 common startup mistakes that you need to avoid if you want to give your brand the very best chance of succeeding.
Ryan Yarbrough is a small business consultant, speaker, and the manager at Davis Financial Services, a small business consulting firm.