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4 Costly Mistakes New Business Owners Make & How to Avoid Them

4 Costly Mistakes New Business Owners Make & How to Avoid Them

While most experts profess the first year in business is the hardest, there is a remnant of experts that believe the 2nd and 3rd years prove to be the most difficult.

Personally, I’d have to go with the majority viewpoint on this one.

I’d definitely agree the first year in business one of the most challenging!

No matter how well you know your industry, simply understanding the “business” of being “in-business” is a another ball game!

Starting a business (especially an online business) has so many moving parts.

There’s the vision, mission, product development, marketing, making sells, creating offers, branding, social media, and then there’s the tech…..

“Sigh!”, (Talk about stressful and overwhelming!)

No wonder so many new businesses consider throwing in the towel during that first year!

So in order to improve your chances of success during those initial years of business, you need to first avoid the “new business pitfalls” so many newbies fall into.

Here are four common mistakes new businesses make—& how to fix them:

Mistake #1: Unfocused

Have you ever felt like you were all over the place in your business? Well, that’s the result of a lack of focus. I imagine you also have a head full of ideas, are good at a lot of things, and lack the business structure that accompanies having a solid plan in place for your business.

The Fix - Put a plan in place! Every business should have the following 3 plans in place: a business plan to create solid foundation your business to stand on, a marketing plan to get the word out about your business, and profit plan to create strategies for increasing revenue for your business.

Mistake #2: Targeting the Wrong Audience

Are you posting regularly—all the while hoping you will get sales and likes from the people who follow you? If so, you may need to take a closer look at your intended audience.

In terms of marketing your business, your audience is the specific group of people in which you market your business to.

Before you produce any product for your business—you must first determine who you talking to, what their needs are, and if your product will meet their needs.

The Fix - This one is pretty simple—target the right audience!

Start out by learning as much as you can about your audience.

Ask questions such as: What are their demographics? What interest them? What are their buying patterns?

Having an understanding of your audience will also allow you to effectively target your social media advertising and thereby drive results.

Mistake #3: Inconsistency

Is there a dedicated amount of time you spend on your business each week? Do you post regularly to engage existing followers and have a sales funnel in place to bring in new customers?

The Fix - You Gotta Show Up & Show Out!

Rule of Thumb--You must show up consistently and show up effectively! (After all, this is your dream we’re talking about!)

Even if you’re still working your nine to five, it is suggested you spend a minimum of 20 hours a week working on your business.

It is during that time, it is oh so important that you fully utilize marketing avenues (such as social media) to both communicate with and engage your customers.

Mistake #4: Expecting Instant Results

I've said this before, and I’ll say it again—there is no such thing as an “overnight success”. Building a business takes dedication, determination, patience and most importantly, it takes time.

The Fix: It's All in Your Understanding!

You must understand that there is a vast difference between the “building a business” model, and the “get rich quick” model.

When you set out to build a sustainable business, understand that your success is totally up to you!

You, and you alone --will have to put in the work if you want to see the results!

Well, we’re just about to roll into the 4th quarter –which means we’re also almost out of this year.

As a quick reminder, The Business & Branding Breakthrough Boot Camp is officially open for enrollment, (you may schedule a call here)

In the Business & Branding Breakthrough Boot Camp, I share with you the exact strategies and tools I have used to Build, Brand & Grow my business in Just 60 Days.

If you have been stuck on where to begin or what to do next to take your business to the next level--this program is perfect for you!

This 8 week online training will cover.....

  • Developing "Why" & vision statements that align with your passion & purpose

  • Choosing the perfect business idea (even when you're multi-passionate)

  • Validating and packaging your product offer

  • Distinguishing your brand to “stand out” from the crowd

  • Knowing your ideal clients and where to find them

  • Getting your business online & crafting your message

  • My exact strategy for building an email list you can leverage to start getting paid.

  • Setting up sales funnels to convert “browsers to buyers”

  • Implementing systems and processes to make your business run more efficiently

As we wrap up, I’d like you to do me a quick favor—

Think about where your business is today, and envision where you want your business to be this time next year?

You know that there’s only one thing standing between now and making that vision a reality…. And that is the Actions YOU take TODAY!

Sign up for the Business & Branding Breakthrough Boot Camp, and learn the exact steps you can take to create your own profitable online business and start making money by clicking here

Alright Ya’ll, That’s All For Now! Questions? Shoot me an email!

—Until next time…..Let’s Make It Happen!


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