Are you thinking of stepping away from the standard 9–5 working day and setting up your own business? That’s great news! There are loads of different benefits that come with setting up your own business including increased income, exciting opportunities, and the fact that you are going to be doing something that you are truly passionate about. That being said, there are also a number of different risks that are involved in setting up your own business, and these open you up to a number of different potential mistakes and pitfalls. If you are interested in starting your own business, then you need to be aware of what some of the common mistakes made by modern business owners are. This article is going to dive into these different mistakes in more detail so to put yourself in the best position possible moving forward you should be sure to continue reading.
Not Been Prepared for Tech Issues
There’s no getting away from the fact that we rely heavily on technology in this day and age. This applies to both our personal and professional life. As such, when you are running your own business, it is important that you are set up online so that you can market yourself digitally (thus improving your reach) and sell to people from all over the world on the internet.
Because the owners might already be used to using tech, a lot of small businesses are happy to just blindly rely on it, but the fact of the matter is, technology can go wrong. Technology is prone to bugs, malware and phishing attacks and you don’t want to wait until it’s too late to address these. You need to ensure that you have a working relationship with some kind of IT support company who will be able to get your processes back up and running again should there ever be a problem. You should get a local company so you can meet in person if you need to, for instance, if your business is established in Cardiff, then you could work with Cardiff IT services company, dial a geek, who would be more than happy to help out.
Not Understanding Your Audience
There are a lot of business owners out there who are incredibly passionate about their products or services, and as such believe that they are going to sell incredibly well. That’s great, in fact having that kind of confidence is invaluable when it comes to your success; however, that doesn’t mean that you can just go out into the world and assume people are going to want to work with you. You need to have a thorough understanding of your audience and who specifically you are trying to sell to. You can do this by conducting market research and painting a picture of the ideal consumer who you would like to reach out to and work with.
Once you have a better understanding of your audience and who you would ideally like to sell to, you are going to be in a much better position when it comes to laying out your website, marketing yourself and preparing pitches. All of this is going to lead to one thing: conversion. Make sure that you don’t jump the gun when setting up your business and instead, have a clear idea as to what you want to achieve and who you are going to need to sell to, in order to achieve that.
Not Looking at Competition
Yes, your product and the way you do things is going to be unique, ground-breaking, market disrupting and all things in between, but even if you are filling a niche, that doesn’t mean that you should be ignorant to your competition. Every business has competition, whether this is direct or indirect. For instance, there are going to be organisations out there who are doing the same thing as you, that’s just a fact and you are in direct competition with these people. On the other hand, even if companies offer something different to yourself, if they are in the same market, then it means they might appear as a targeted ad or have better SEO and they land above you in search engines – so they are also your competitors.
In the same way that you are going to need to do market research on the kind of audience you are selling to, you also need to do research into who your competition (both direct and indirect) are. This is going to put you in a much better position when it comes to making sure that your organisation stands out.