Starting a small business is an exciting and nerve-racking time. However, many new businesses hinder their success by making avoidable mistakes.
Here’s what to avoid.
Focusing on Research and Planning
Research activities such as business planning, taking feedback and gathering advice can help shape your company’s future, but everything changes once a plan is put into action. Accordingly, spending too long researching is just a roadblock to future success.
For example, if you’re taking a new product to market, make sure you have a firm deadline for the launch and stick to it. The deadline increases your focus, helping you settle choices faster. Further, you’ll learn more about the product when it’s in your customers’ and clients’ hands. Not every decision will be right, but it can be adjusted.
You’re Too Close to the Business
Sometimes a young business can overestimate what the market is prepared to pay for its product or service. It’s understandable – your business is your baby and it’s that passion that will drive your company to future glory. However, the emotional connection you have to your idea – even if it’s a killer idea – can restrict early growth.
You don’t need to devalue your product. Rather, you can strip away some features and create a cheaper basic package, which allows customers and clients to experience your offering while you get paid. You can then upsell them into more lucrative packages once your business proves its worth.