Owning your own small business isn’t only an incredibly admirable feat, but it’s a feat that some people go into fairly blindly. There is so much to take care of all at once that you’re bound to fall into a few (or more, let’s be honest) common mistakes. It happens to the best of us. However, the good news is these mistakes are not permanent! Here are a few mistakes that are typical of small business owners and how to avoid them. All work, no play.
This is no doubt that owning a business is incredibly challenging. It takes hard work, dedication, and passion. However, not taking time away from your work to relax is one of the biggest mistakes you can make. Without proper relaxation and downtime, your brain will never have the time it needs to relax and reset so that it’s ready to work at its best capacity. Take some time in your day to stand up, walk around, distract yourself for a few minutes. We promise you can afford it. Cutting prices.
It is all too tempting to cut prices in order to draw in more customers. It is also all too easy to forget that customers are always willing to pay a higher price for high-quality/convenient products. Cutting prices can have serious consequences too, such as cutting down on pay rates to keep costs down. Ignoring competition.
Maybe you don’t ignore your competition… or do you? Competition is more than just your direct equals in the market. Competitors include possible alternatives for your service. Is there anything your customer can do to meet their goal that isn’t asking for your help? If so, locate those options and find ways to dismiss the need for them. Trying to do everything yourself.
As much as you may want to have your own business in your own hands, sometimes it’s simply too much. It may be a better idea to ask for help and have your hand in each task without being the sole participant. Think, some employees may even be better at certain tasks than you are! Don’t get too worried though, it’ll always be your business at heart. Hiring too soon/hiring the wrong types of employees.
Despite the genuine and indisputable benefit that employees bring, Joseph C. Kunz Jr., CEO, and president of Dickson Keenaghan says that hiring too soon may be one of the biggest mistakes a small business owner can make. Typically, subcontractors and part-time workers are the best courses of action when it comes to making your first hiring decision. Be careful not to hire a full-time employee when a part-timer could have done the same job for less. Neglecting marketing.
It’s all too easy to get caught up in the daily management of your business. All of the little things you have to take care of day in and day out can be all-consuming, but it is incredibly important not to forget the thing that will actually bring customers in: marketing. There are many ways to go about marketing, one of the easiest and effective ways is social media marketing. See our blog all about social media marketing here. The Viziers Inc. is a fantastic resource for social media marketing. Our SEO Dashboard helps to make marketing across many different platforms simple and easy, while also providing a plethora of resources for understanding and bettering your business’s social media presence and performance. Contact us today for more information on how we can help your business thrive!