Considering there are nearly 28 million small businesses in the U.S., it’s an important and popular way to make a living. If you’re planning on joining this profession, there are a few things you’ll want to consider. Here are some mistakes to avoid as a small business owner:
Not Having a Plan
When you have an idea for a small business, it’s easy to be carried away with excitement. You probably want to dive in and get started as soon as possible. The best way to go about starting up your company is to have a business plan, and remember this is a living document and to keep it updated. From financing to marketing strategies, and everything in between, be sure you have a clear and concise plan with backup options.
Trying to Seem Bigger Than You Are
Your small business is just that–small. There are many advantages that come with owning a modestly-sized company, so embrace them. Unlike a large corporation, you have the opportunity to form strong relationships with customers, which is a major component of providing exceptional service. You are also able to keep a close eye on your employees and the overall company culture with a small staff. It may seem tempting to want to come across as a larger business in order to get customers through the door. However, bigger isn’t always better. Specifically, you can see positive changes more quickly in a small business, compared to a large corporation where seeing significant change takes much longer.
Setting Too Many Goals at Once
Having a small business means there are fewer working hands. Only so much can be done at one time, so it will benefit you greatly to be realistic about that. Whether you’re just starting out or you’ve been in business for years, you probably have a never-ending to-do list at all times. Each day, set one or two realistic goals, and move on once those goals are reached. It’s much better to set one goal and reach it, than to set 20 goals and reach none of them.
Not Having a Website
One of the easiest (and also most effective) ways to guide customers to your business is by having a website. Studies show that 70-80% of people research a company online before visiting the business or making a purchase with them. If consumers can’t find any information about your business, (background, reviews, products, etc.) there is a chance they won’t bother to purchase something from you. It’s also a good idea to keep your website updated and relevant, making yourself the go-to resource for your current and potential customers.
There are many possible pitfalls when launching a small business. The ones discussed here cover some major bases, but a good rule of thumb for the future is to always think twice before making any decisions. Otherwise, be excited, passionate and committed!
About My Office®
My Office® Business Suites is a team of professionals that provides the tools for small businesses to succeed–at a price they can afford. Their variety of office space plans throughout the Greater Phoenix area affirms the important fact that each business is unique, and therefore, has different needs in order to thrive. Amenities such as reception service, color copying and printing, and after-hours building access allow you more time to focus solely on your business. My Office aims to provide efficiencies and services in the business suites environment that allow small, home-based and growing businesses to be competitive and professional at competitive prices.