Every start up begins with a bunch of ideas, a surge of enthusiasm and lots of ambition. But the truth is that most will not work out. All too often this is not because the idea wasn’t viable, but due to critical and avoidable errors.
Many of these are extremely common, which is one reason so many start-ups fail. By ensuring you get it right, you can avoid joining them.
Not enough planning
That old saying: “the more hurry, the less speed” is never more apt than in this case. To launch into getting started without having first come up with a very clear and detailed plan is to invite failure the moment you encounter any kind of challenge.
Before you begin, you must not only be sure you have the skills, time and funding, but you need to have a clear plan in place for your business, finances and marketing.
Not knowing your market
Plenty of research will be required to make your idea work, and central to it is knowing who you are selling to. What do they like? What do they dislike? What are their hopes and fears? What are their common interests? And what need or desire will your products or services meet? Only if you know the answers can you focus both your marketing and product development in the right direction.
Knowing who you should be marketing to is one thing, but marketing itself is often neglected. Too little time, effort or money spent on this is a particular failing of new firms. How, after all, will people know about your arrival in the marketplace if you aren’t letting them know about it?
If you are reading this we can at least assume you aren’t scared of the internet. But even if what your firm does is low-tech, you can miss out by not embracing the opportunities out there. This includes having your own website, or using accounting software to help balance the books.
These are just some of the mistakes start-ups can make. But with the right advice and help, you can avoid these pitfalls and give your new business every chance of being a success.