October 27, 2020, 11:12 am
EIGHT(8) MISTAKES YOU MIGHT MAKE AS STARTING A NEW BUSINESS

EIGHT(8) MISTAKES YOU MIGHT MAKE AS STARTING A NEW BUSINESS
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By Admin

Published on Wednesday 26th December 2018
Last Updated Sunday 16th February 2020

Topic: EIGHT(8) MISTAKES YOU MIGHT MAKE AS STARTING A NEW BUSINESS comment by Emmanuel at 26-12-2018 04:53

There are some pits that you are likely to fall in as a new business owner. It varies most time based on your level experience. What is important is that you keep learning from it and never give up on your goal.

It is a fact that not every business this year will make it to next year. 40% of these business are newly established. I am not being too cold here it is just the fast. These will always happen because it is much easier to start up a new business compared to managing it.

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Today I will be sharing some of these mistakes so that you can avoid them whenever you plan on starting your own business.

  1. If you fail to plan, you are definitely planning to fail

Before you embark on any business activity, you need to be sure you are ready to go in it. You need to know what is involved and what is not. You must be aware of the risks you are going into, decide if it is worth taking or not, most importantly, seek advice from experts to avoid regrets.

You need a business plan to get your business actually working. Do not forget to always have a plan B incase things goes in an unexpected way.

 

2. Record Keeping

New businesses are sometimes guilty of this particularly. You must have a book or computer program that will help you keep track of what is going on in your new business. You should know if you are making profit or nor. Do not rely on ordinary brain intuition, sometimes it fails. Record keeping helps to let you aware the current situation of your business. You will definitely know what to improve and what to stop producing for sale in your business.

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3. Neglecting your existing customers

From research, you will get 40-60% of your sale from existing customers while you will get just 20-30% sale from new customers, this is to tell you how important it is to make sure you are on the good side of your existing customers as they have the capacity to either help publicize your service to other people positively or otherwise. You must treat them with care and understand that without them, you will never be in business, so always make to show them how appreciative you are.

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4. No proper publicity

You must be aware that marketing plays a vital role in the success of any business. Poor marketing will definitely lead to poor sale and vice versa. Marketing your product might be expensive, but you should know that if you use the right channel, you will always get what you paid for with profit

 

5. Not resolving clients’ problems quickly

Trust me, you will not want to frustrate a customer that is visiting your store for the first time, they must not have a bad impression of you.

Anytime there is a complaint from any of your customers, you should always do every possible to make sure that it is resolved quickly, by doing so, they will have a motive that you are reliable and up to standard. However, ignoring their dissatisfaction can result in bad review which you won’t want for your business

6. Failing to listen to your customers

As a new business, you must strive to always listen (not necessarily do) to your customers, know what they think about your service and what needs to be improved upon on the product. By doing this, you make them feel so important and they will definitely be happy to be part of your success story.

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7. Analyze risk involved

So many business has failed due to the fact that they refuse or failed to understand the risk involved in what they are putting their capital into. You need to know if the risk is worth taking, calculate your gain against possible odds. You must always have a backup plan in case something goes wrong. It is true that as an entrepreneur, you are a risk taker, but you must be a very wise one.

 

8. Patient and Persevere

Most people want to start their business and start raking in millions immediately, it is not done, you have to be patient and be tactical, if you plan is not going the way you want it, sit down, strategies. You should know that there is no business out there that does not have their own ups and downs.

It is now left to you to see where  and why you have failed, work on it and you will come out better and stronger.

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