We all know that everyone makes mistakes. Yet, not all mistakes are of the same levels. Some can quickly deprive mistakes of valuable learning experience whiles others can have disastrous consequences. It’s those mistakes that you need to watch out for.
If you are running your own business, you’ll know this specially well. It is always true in the world of business. Although some small mistakes won’t kill your business, some big ones might. Building a successful company requires your tremendous efforts. Having one big mistake collapse all of your business would be a shame.
Here are 4 disastrous business mistakes you should be aware of and do all you can to avoid.
Doing What You Love
You certainly know that if you want to succeed, you should create a business on what you love. This is not 100% true. You not only love what you do, but you also have to be good at it.
A common disastrous business mistake that many people make is trying to create a business on what they love but aren’t good at. For example, you might love singing but is your voice gorgeous enough to make the audience crazy about you?
When thinking about starting your own business, make sure you choose something you’re good at and that people will pay for. If that’s also what you love, then it is a bonus.
Not Having a Written Business Plan
You cannot do well if you don’t have a business plan. Most business owner simply start their own business with an idea. They don’t do the research and spend time examining its possibility of success. Don’t do that.
Spend time mapping out a business plan. You should know exactly what you are going to do with your business and where you are going to go with it.
Not Knowing What You Are Selling
Another disastrous business mistake you might make is to not know what you are selling. You might be asking, “How would I not know what I’m selling if it’s my business?” Here’s how. You know the product but what are you actually selling? For example, consider you were selling makeup products. Are you really selling makeup products or are you selling the idea of ‘beauty?’
Have you ever heard of USP? It stands for unique selling proposition, which is a key factor for any company to succeed. Once you know what your product or company’s USP is, you’ll sell better because you understand what you are actually selling.
At the beginning of your business, marketing costs can seem outrageous and not worth it. In addition, you may think that if you create a great product, the world will get to know you. Both are wrong.
In fact, no one will find you if you don’t market your products or company. Marketing doesn’t have to be expensive to start out with. Make sure to market at the right place and to the right people. Your company will start to grow when you market it wisely.
Avoiding any disastrous business mistake is the key to building successful business. If you are making these mistakes, it is the time you changed. You’ll be amazed at how well you business can succeed.
Nguyen Long Son
Ultimate Lifestyle Project