According to the survey by the U.S Bureau of labour statistics, an estimate of 20% of entrepreneurs fails during the initial stages of their start.
Almost roughly half of the businesses which start never survive after their fifth year of the start. The question which arises is what steps do you take and what mistakes do you avoid to run your business efficiently and effectively.
Some startup mistakes to avoid can include the following,
Don’t Be Afraid to Fail
The most significant mistake which you should try avoiding is never being afraid to Fail in your startup career. You might have heard a lot that hard work is the key to success but here, Failure is the key to success because jumping over your fear is very positive for your business. The manner in which you take upon your Failure and then move towards your journey is always crucial for your business.
Everyone has a Competition.
Everyone has a competitor. No one has a perfect niche with no competition. If you think that no one is there to challenge you, then you are probably wrong. You are not the only one in the business, just analyze carefully and figure out who you are up against, and then plan accordingly. After planning everything, you can take successful steps against your competitors.
Making Hiring Decisions based on Cost
When you are running on tight funds, it is always tempting to hire on cheap. These workers can be inexperienced, unreliable, and unskilled. Never pay more for your workers than they deserve, although keep out a little extra for someone who is more deserving. Employees are always the backbone of any endeavour or business company; therefore, they hire accordingly.
Thinking you have to do everything on your own
In the beginning, it is obvious to think that you can do everything on your own and only you can do the job efficiently. You crafted the idea, you know your products well, you know the business market, and you know that you have the passion for bringing your business to success, but this does not mean that you have to carry out everything on your own. Overextending yourself in the business scenario is never profitable for yourself.
Making your Margins too Small
A healthy profit margin is always beneficial for your success. Keeping the margin too low will not be helpful for your business; you always need a margin to keep your business alive. Setting the profit margin too low will be infinitely more difficult for you in the future. This is because if you also have to raise your prices, then your customers will just get more pissed.
Do not avoid contracts
One of the biggest mistakes Entrepreneurs can make is the Failure of implementation contracts successfully. No matter who and when you are starting your contract with, there is no time when a screeching halt can destroy the contract. Therefore whenever you are getting your brand indulged in a contract always make sure that you have cross-checked every clause and that you are aware of every term mentioned in the contract. never neglect a contract just by the chances of loss that it can bring, instead make sure that you are accepting every contract that can prove beneficial for you and your brand in the future.
It is never easy being an Entrepreneur. Mistakes are a part of life and will always happen. Mistakes are a part of the process but that does not mean you can repeat everyone else’s mistakes. Entrepreneurs need to learn from their blunders and draft out their own path to success. These were some of the mistakes that you can prevent while running a business of your own. Tell us more about the mistakes that business owners make while running their businesses.
You may also like,
Starting your own business is such a phase of life where you are stumbled upon whether you are ready to take such a massive leap in your career journey. You can use also Digital Marketing tools to grow your business.
The Internet has a lot to offer for everyone, with a lot of opportunities to make money and invest in a lot of capital for a better business career. It just depends upon you whether you want to replace your daily 9 – 5 job or you wish to grow your venture into a successful career journey.
The tools mentioned below can help you with some of the tasks such as,
- Search Rankings measurement.
- Content Generation ideas.
Some of the tools which can be used to grow your business can be some of the below,
Google Trends is the tool by which you can search for the latest trend in any field by entering the respective keyword. You just need to enter the keyword in the search box, and the tool will show you the latest trends or buzz related to each keyword.
It is always important to know what is happening in and around you in your respective fields of work. Google Trends will help you in figuring out whether your business idea is updated with the latest trends, and what all steps you can take to ensure that your business is getting the success it deserves.
Ahrefs helps you to understand the competitive landscape situation, you learn to understand how and when to play by the competitive environment and how to deal with the atrocities which come your way. Ahrefs tool helps you and provides you an opportunity to understand what your business needs and gives you another opportunity to know and understand the competitors in your field.
Whenever you are owning a business, you need to know well about your competitors. Learning and competing about and with your competitors is what really matters in the end.
Facebook is the most significant social media platform in the world out there. It is also the most effective tool for targeting your audience as Facebook also serves as a perfect platform for your brand advertisement. Facebook Insights help you get demographic data about all the interests, habits, devices the users are using, and also the household income of the users. Using Facebook Insights, you can know your customer’s interests, and you can offer them the products and services they really need.
Buzzsumo is the tool that helps you analyze the most shared topic over the Internet. It helps you in figuring out content related to a specific topic or niche, author, and domain. It also helps you to understand your competitors’ activity in the market.
Being aware of what the market demands, you can craft content and create the perfect content for your target audience. This in turn helps you create high engagement for your profile, and also helps you in knowing the users’ reactions in relation to certain statistics and content on social media.
Analytics lets you track traffic inflow and outflow on your website, alongside searching for keywords that can help you and your visitors use it to land on your website. Analytics help you reach your target audience with the help of targeted keywords.
Your visibility and availability of your website are the base ground for your top-performing website. You can achieve some top results by outsourcing your web sources and utilizing them at their best.
This was just a shortlist of some of the tools which you can use to grow a business using some of the digital marketing techniques as well. Our mission is always to encourage small businesses and achieve the best digital and social media marketing as and when possible.
You may also like,
A person looking towards becoming a Successful Entrepreneur should have the thrilling passion and the skills that one needs to become a successful business owner and a successful Entrepreneur.
Starting a business is not an easy task, but growing the business is a rather more complex and sophisticated task. Let us talk about some tips which can help you in your Entrepreneur journey,
Have a solid Business Entrepreneur plan
Unplanned trips are the best, but the same never helps while working when we are talking about opening a new business or becoming an entrepreneur. Planning has a crucial role to play in the success of any business.
A business plan is the first thing that you should go for after deciding upon starting a business. It can be the very first beneficial step which gets to decide and define your skills and weaknesses for your business. You can also decide upon what to offer to your customers and how to offer them according to a plan.
Basically, a business plan prepares you mentally and physically for situations that might go wrong in the course of your business journey.
Many small businesses, according to a survey, said that they have to great challenge in terms of cash flow. Deals involving cash flow can be done by getting creative and intelligent with your overhead charges.
You can offer your clients some discounts if they agree to pay some amount in advance or agree to pay the entire amount at the start of the deal.
Use only a limited capital
You do not have to splash your capital over fancy company offices or over not needed fashionable website store. It would be best if you always remembered that your company runs on the amount which you save and put in your wallet. Therefore always maintain low overhead expenses and resist your temptation to spend on things that are not profitable to the company. Since your company, as well as your business, is a fresh start, you should always think about spending money and capital at those places where you have a chance of getting the profit in return.
Don’t hesitate to ask for help
Running a business is not an easy path to walk on, and during this journey, you might come across certain events where you might get stuck and might need help. In such situations, you should never hesitate to ask for help in your networks or from anyone who has a specialized knowledge holdback in those fields.
Networking is not just for understanding new business opportunities, instead, it can be a wonderful place to get new and fresh ideas for your website or your business. You can also attend events such as Biz Expo or Leader-ex and get your queries as well as doubts solved instantly.
Everyone needs a Mentor
Nowadays, everyone needs a mentor, now this mentor can be a member of your family or can be your close friend or even a trusted individual over the internet whom you can trust upon. A mentor can be anyone who has gone through the phase in which you currently are, someone with whom you can talk when and where required for sharing your inner thoughts, or someone who is ready to back you and your business up when all you are losing is hope.
According to a Female Entrepreneur, a mentor can help you in putting your efforts beyond your biggest fears and help in nurturing you until you get business to the stairs of success.
These were some of the tips which you can address or read upon whenever you are confused and you need to start again from the basics. We make mistakes quite often, all you have to do is learn from your mistakes.
You may also like,
Every Entrepreneur once in a while comes across certain situations, where they get a pretty much good idea of how to run their business efficiently and what are the dos and don’ts of what and how to run the business efficiently.
An entrepreneur never gets to learn these lessons before making inevitable mistakes or wrong decisions at times, and with the adamant of new lessons learned, the mistakes turn into a boon instead.
Let us look upon five things not to do when you are running a small business in some particular field of interest,
Never rush getting into a Partnership
Business partnerships are those pillars that are the foundations of starting a business, but the chances are that partnerships never workout efficiently at the very first start of the company. Just because of the reason that someone is your best friend or is a good relative of yours, that never means they can qualify as the perfect candidate for maintaining a business in a Partnership.
Mostly, your best partner can be someone who has skills, and their way of approach is entirely different as compared to yours.
Running a small business or a company should never be your goal. Instead, it is a long road to a definite destination that has a long tiring process, and instead of getting discouraged in the long run, you should be happy and enjoy the long process.
You might have to go through several ups and downs in your business career. You might gain amazing clients and lose a large number of clients on the same day. There is no such business that has reached some grand as well as a stable success platform. Instead of discouragement, give more focus on how to become more successful and handle stress in a positive manner.
Never forget the reason for starting your business.
Starting a business is never easy. An entrepreneur should always have control over your time and decide upon when and how much time to devote to your business. The reason behind starting your business can be something which you should always keep in your mind in the first place.
It’s easy to get off track and get carried away with time. Forget what you wished to achieve with your business when you started it. At times you will have to make temporary sacrifices just to achieve something stable.
If you are running a small business, you should always stick to your strategy, the marketing plan you follow and the market which you are focussing on targeting. The world is adapting with changing plans and at a much rapid speed every day and every month.
Since the world is adapting and evolving, the chances of your marketing plan experiencing a shift will take place, whether slightly or monumental, but it will happen at some point or the other. As the owner of a small business, you are at a complete disadvantage with the changing world because you are at a position where your resources are limited, and you have an advantage much greater than the others which have the ability to change courses and adapt at a quicker pace than a larger business company.
Never be a complete Multitasker.
After starting a business, every entrepreneur thinks of doing everything on its own. These tasks come up, letting you learn more about different fields of development and thus help you in gaining knowledge and widening your thinking capabilities.
Instead of investing your valuable energy and time in different tasks, you can instead invest and direct the same energy in helping the business grow offline and online.
Therefore, always resist the urge to manage all the tasks by your own self, because at times it is essential to save financial resources and help manage the more important tasks efficiently.
The best way to manage your business is to keep your eyes open and look for opportunities to help widen up your business as per the world demands.
You may also like,
An active Instagram account is a sure-short way to boost your brand productivity with a beneficial product page on the world’s fastest-growing social media platform.
With more than 1 billion Instagram users, an intelligent user algorithm, and tons of creative accounts, Instagram has become a method to boost your results and help the business to grow off the charts. Getting information about the latest trends in technology and Online Business can also help in boosting your Instagram growth as well as your Instagram.
There are many methods to grow your Instagram account which can include the following,
Not sharing content in 2021 could be the worst decision you could make in growing your business. Reels are the new Feature from Instagram, where you can post short videos and content about your brand and business.
Reels are given more preference on Instagram. Also, Instagram prefers to put reels more on the Instagram front as compared to any other Instagram social media post. Reels are in a separate tab on the Instagram page where brands, as well as users, can post short videos for their favourite audiences as well as lead customers.
Sharing your reel to both the explore page as well as sharing to your Feed can help you gain more visitors to your brand. and can prove as an excellent method to increase your reach way beyond your followers and also possibly go viral by doing so.
Profile Optimizations is one such hack that is majorly used for getting more followers for your Instagram brand. With a recent update in the past, users can search for profiles using keywords based on the English language. Profile owners can use specific hashtags as well as keywords in their profiles. This can be used to search for them on the world’s biggest social media platform easily.
The first question to ask yourself after creating an Instagram account is, what purpose did you create an account for?
Was it for “Improving your Product Sales”, or “Boosting your sales Conversion”, or instead it was for “Brand Promotion and Recognition?”. When you know why you will be able to figure out your how. What you need to do is staying focused on your goals and putting in your effort towards goals setting and goal achieving.
Know your Post audience
When it comes to marketing, whether it’s digital marketing or influential marketing, it is never easy to please everyone, and it’s not worth wasting your efforts as well. If you try to please everyone, you will always end up pleasing no one. Therefore always put effort into pleasing someone interested in your business products. To identify your market, you can identify the following,
- Their age.
- The place where they live.
- Their work occupation or what they do for a living.
- When they login into their Instagram account
- And The challenges or their pain points.
Once you have identified your market audience, you now have to figure out how and when to draft content for your audience, which is relatively easy for a content marketer.
Creation of a great profile and perfect bio
Your profile and your bio are probably the first things that you and your potential followers will look upon. There are many potential Instagram accounts, therefore always make your profile with great care. You can practise doing the following,
- Name – Try to include a keyword to increase your brand visibility during searches.
- Username – Be consistent with a fixed username over all your social media platforms. This helps your followers in finding you and your account.
- Bio – Instagram bio allows 150 characters to be used in your profile. You can make efficient use of that by making sure that whatever you put in your bio is enough to convince people in buying your product.
- Website – Always put your website link in your profile. This is the only clickable link in your profile which you can use efficiently.
These were some of the tips or methods which you can use to grow your Instagram organically in a challenging world in today’s date. Other social media profiles can also prove beneficial to you with coming
You may also like,
Online Business has been on the rise, all credits to the pandemic which has prevented face to face Interaction in many of the Countries.
Online Business gets more advantage with the proper use of Social Media implementation. Social media has been on the rise in America when you realise that 77 per cent of U.S Americans have a social media profile. This presents as a great opportunity when you need a platform to improve and boost sales for your business and get new leads. Besides some of the great benefits, there are some demerits attached as well.
Let us talk about some of the merits as well as demerits in the field of Business,
Advantages of Online Business
- Cost-Effective: The main advantage is to reduce the business’s overhead costs. Opening and running a business is always easier than investing a significant sum of money in a physical store and starting everything from scratch. Although there are some minimal costs of running the business which includes getting a domain and server, those are entirely a lot cheaper as and when compared to owning or leasing a piece of land for your physical store.
- Reducing Staff Requirements: There are many retail outlets where the owner of the store needs to have some workers or staff along with them, which can help in the overall functioning of the store. Whereas in another scenario, you do not need any staff or workers to accompany you, at times you might need a freelancer, but you do not need to hire staff for managing your online business.
- Global Reach: Online market can give your business an additional source to get reach from accessible sources. This largely depends upon how and when you advertise your business on the online platform. Proper Advertisement for your business can help you get your business to reach a lot of overseas markets. Physical Businesses can help you only connect to customers in the local area, whereas compared to Online Business you get a large platform to spread your reach.
- Sales: Having a business that helps and offers customers to help shop online can help improve the financial bottom line. If you have a website that can provide the ability to do online shopping, then you can improve your financial status. Also, having an online spot for a business can help you save enough and provide more convenience to the Customers availing products from them.
Disadvantages of Online Businesses
Apart from just a few advantages, Online businesses have a lot of Disadvantages pertaining to them as well, such as,
- Cold Atmosphere: One of the most disputable differences between modes of business is the relationship between customer and seller. In the Offline mode of business, the business owner is rather polite and portrays his care towards what the user needs and what are his demands. In the other scenario, in the case of online business, the user, as well as the buyer, are unable to guess out the tone of speech the other party is using, thereby adding to the monotonous cold atmosphere around. This cold atmosphere can act as a barrier to your successful business online.
- State of Chaos: There are numerous items that are available over the Internet. The chances of you trying every other product are next to impossible. In the Online world, the rule of “trying before buying” is not at all possible. This creates doubt for the customers whether or not to buy the product or not thereby impacting the sales of the business.
- Competition and Productivity: The market has a lot of competitors as and when compared to the competitors in the Offline business market. Online markets have fewer chances of getting trusted as and when compared to Offline Business Markets.
When operating a physical store, there are fixed hours of work with a fixed working schedule and improved positive productivity. In online business, you have 24/7 hours with you, what you actually need to do is manage it. If you are able to manage your work correctly, then you can also manage your productivity with it.
These were some of the advantages as well as some disadvantages of running a Business in the current ongoing scenario.
You may also like,