If you are a new business owner, then you will understand how hard it can be to try and stay on top of everything. At times you may feel as though the whole thing is incredibly overwhelming and that you have a lot to learn. This may be the case, but if you are able to put the work in and if you take your time when making decisions then there is no reason why you can’t avoid these mistakes that new business owners make.
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[ctt template=”4″ link=”91E6J” via=”yes” ]If you put the work in and if you take your time when making decisions, there is no reason why you can’t avoid these mistakes that new business owners make.[/ctt]
Undervaluing your Services
Lack of confidence and even fear of failure can cause you to under-price your services. This is a very dangerous path. It undermines the value of what you have to offer, and you may even go on to resent what you do. It can take you a long time to recover from undervaluing what you offer, and for this reason you need to identify the best price entry point. This will help you to plan out exactly how much profit you can make, and it can also help you to stop running yourself into the ground.
Avoiding new Technology
Technology can provide you with a ton of new business opportunities. A lot of new business owners find technology intimidating and they also feel as though it takes time to learn and understand it. This may be the case, but if you are absolutely not willing to adapt or even accept any new technological advances then this can hurt your business in the long-run and in the short-run as well.
Being Afraid of Marketing
Marketing can really come in many different forms. You have traditional advertising, internet marketing and so much more. It’s important to know that there really aren’t any set rules when it comes to marketing and you really do need to choose the one that is best for you. You need to base your marketing on your target audience, the results you want to achieve and even the success you have had in the past. When you are able to do this, you can then go on to make the most out of your marketing.
Not Having a Lawyer
Having a lawyer is so very important. If you don’t have a lawyer to advise you every step of the way then you could run into problems in the future. This is even the case if you run your business from home because you can never really predict when you are going to need legal help and advice. If you do need some help and support then the Turley Law Firm can really help you out.
Not Knowing your Ideal Customer
One vital part of every good marketing campaign is knowing who your ideal customer is. It’s really important for you to create a marketing budget and it is also important for you to allocate it across the different methods you have. When you do this, you can then begin to see which method is most effective in terms of the customer who you want to target. If you do not know who your ideal customer is then you may end up targeting everyone and this can be detrimental to your business.
This is a contributed post.
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Wayne W Walls says
I’ve heard lots of freelancers say that they undercharged for their services for a long time. When they finally built up the courage to ask for more, their customers were willing to pay it. You’ve got to know your worth!
Madhusree Basu says
“Not knowing your ideal customer” is what ruined my earlier ventures and I learnt it the hard way that I must know them before taking the first step.
It’s hard to do that in the beginning, for sure. Thanks for reading.