How to Avoid the Top 7 Mistakes of Owning a Small Business (Infographic)

Spread the love

1 – NOT LISTENING TO YOUR CUSTOMER

Find out what they want, need, and expect from your business so you which direction to head in

2 – NOT MAKING CUSTOMER SERVICE A PRIORITY

If your customers have questions or complaints, they need to be able to get a hold of you. If you fail at customer/client satisfaction, you will fail in your business.

3 – TRYING TO GET RICH QUICK

Are you familiar with the phrase “Overnight success takes 20 years to achieve.”? You should be. Overly high or unrealistic expectations, of any sort, can lead to disappointment, discouragement, and giving up.

4 – ASSUMING YOU HAVE NO COMPETITION

No matter how niche and one of a kind your product is, there is always someone out there working on something similar, if not better. Don’t just focus on the obvious competition either, What could the customer potentially do instead of using your product at all?

5 – BEING THE BOSS EVERYBODY HATES

Companies with happy employees regularly outperform the competition by 20%. Happy employees are the ones who will truly care about your business and have a genuine drive and desire to help it be successful. Happy employees are not just putting in the bare minimum to avoid being fired.

6 – MAKING HIRING DECISIONS BASED ON COST

Low-cost employees and consultants are low cost for a reason. Reliability, skill, and experience all cost money. Cheaping out when it comes to selecting your staff will inevitably impact you negatively in the long run.

7 – NOT SETTING ATTAINABLE GOALS

To be successful in a new business it is crucial to set realistic, measurable short and long-term goals. Be specific in your goals and then determine exactly what steps you and your company need to take to reach them. For your goals that are financial in nature, consider seeking outside assistance from a professional.

It’s not easy being a new entrepreneur, and just as with anything else mistakes will be an inevitable part of your learning curve. In addition to the common mistakes listed above, there are others that new business owners should be aware of. Keep reading the infographic below to see what they are and how to avoid them. Knowing what to expect, keeping up on relevant topics, and being adaptable will all greatly increase your fledgeling business’ chances for a long and happy life.

Nick Rojas is a self-taught, serial entrepreneur who’s enjoyed working with and consulting for startups. He concentrates on teaching small and medium-sized enterprises how best to manage their social media marketing and define their branding objectives.

7MistakesOwningSmallBusiness

Follow us!

Leave a Reply

Your email address will not be published. Required fields are marked *