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Contributing Author: Adelaide Irene
Starting a new business is a big endeavor that requires a lot of time, a lot of patience and a lot of planning.
Many new businesses have a tough time getting started, and some businesses often fail their first time around.
For women, there is already so much we have to do to prove ourselves in a fairly male-dominated business market, so it is crucial that we do everything we can to get our new businesses running as smoothly as possible from the get-go.
Proving your skills is one thing but keeping a new business afloat is another.
Today's post will explain five of the most common mistakes to avoid in your start-up business so that you can get your new business up and running with as little turmoil possible.
Mistake #1 - Not creating a business plan.
One of the biggest mistakes that people make when starting a new business is that they fail to make a proper business plan.
So many people think that all it takes is an idea for a business and a bit of money and resources and they are all set.
But these people are wrong!
For a business to not only last but to also be taken seriously, it needs a solid, legitimate business plan. A business plan is crucial for a new start-up to show where it is going to be in a few years time and how much money and planning it is going to take to get there.
A new business needs goals and objectives.
Without these, your business has no real purpose or direction. Take the time to develop a strong business plan for your new start-up because it will help your business move forward in the months and years ahead.
Mistake #2 - Not using the right technological tools.
When planning a new start-up, many people forget to plan for some of the important “extras” such as advertising and sponsorship rates or even technology.
While this may not seem like a big deal at first, using the right technology within your new business can protect it from a lot of issues that new businesses will sometimes face.
There are issues such as theft, fraud, and even bankruptcy.
Be sure that when you are budgeting for business resources that you leave room for different types of technological tools.
There are important technological tools such as security systems, time and attendance software that tracks employee shifts and attendance, and merchant processing equipment.
Unless you plan to only accept cash or checks, you need to develop an adequate way of accepting payments with a merchant accounts service.
Mistake #3 - Asking too many people for business advice.
Another big mistake that many new entrepreneurs make when starting a new business is that they ask for advice from far too many people, rarely leaving any room for their own judgement and decision making.
This causes new business owners to be swayed in multiple directions, feeling pressured to make decisions that may not line up with their original business plan.
As women in leadership positions, we may have been led to believe that we need help from a ton of experts and outside sources.
Doing so can lead us to doubt our own abilities and second guess our decisions.
One of the best things you can do as a woman is to be confident in your abilities to make these important decisions.
It is always good to have qualified experts within reach that can lend a hand when it is needed but there should only ever be a few.
Consider putting together a small team of supporters or successful mentors with good business experience who you can turn to when you really do need proper advice. But for the most part, trust your own judgements and feel confident in your new business.
Mistake #4 - Not Consistently Marketing Your Business
Many new start-ups make assume that once business starts pouring in, they can save some money by discontinuing their marketing campaigns.
A smart business owner will NEVER stop their marketing campaigns.
The age of your business and how much it is worth doesn't not matter when it comes to marketing yourself.
In order for your business to stay afloat in the long run, you will need to consistently build a stronger client base and attract new leads. The best way to accomplish this is to always have an effective marketing campaign.
Mistake #5 - Not Using Social Media Marketing to Your Advantage
In an age where technology and the internet are so predominant in the business world, it is necessary for new businesses to create a social media presence to their advantage.
Social media marketing is beneficial for all businesses, new and old.
Not using social media to market and promote your new business means that you are missing out on a huge piece of your target market.
Social media networks can be used to propel your business forward.
Without implementing social media networks to promote your new business, you may fall behind in the business world and in the eyes of your potential clients.
Stay ahead of the game.
Ceate effective social media campaigns to reach out to an even larger audience than you ever imagined.
About the Contributing Author:
Adelaide Irene is a freelance writer at Expert Notion who has also had the pleasure of working in a high corporate setting before starting her own business. She also does business consulting with companies like TimeWellScheduled, a time and attendance software company. Be sure to follow Adelaide on Twitter.
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