Being a small business owner has its challenges. In the early stages, it’s common to find mistakes, but these mistakes often carry through as the business grows.
Here are 7 frequent mistakes small business owners make
1. Social Media
When you’re under-utilizing or not using social media to your advantage, your business is missing out on getting exposure it consistently needs to grow and expand.
Social media is big and you should get yourself out there at least on one of the popular channels. This is beneficial in many ways for connecting with your current customers, networking with other similar companies that may help you with your business growth.
2. Skills and Value
It’s smart in some ways to lower your rates to build your client base, but it could be interpreted as you not being skilled enough to do the job, thus, potential clients feel you’re inexperienced. I agree we all have to start somewhere, but not to the point where your time and skills are undervalued.
Instead of focusing on your rates, sell your skills and talent. What are you bringing to the table that makes it worthwhile to pay you what you’re worth? Find a way to stand out and sell it!
3. Not Asking for Help
Some people see it as a weakness and they would rather keep their pride than to ask for help. Not asking for help in your business is time wasted on not moving your business forward.
Sure, it’s great to be the boss in your business and it’s easy to overspend on things you don’t really need in your business. If you don’t keep track of your expenses or keep up with your books, you’ll run into trouble. You should be on top of what’s coming in and what’s going out and if you’re not, hire someone to do it.
5. Inconsistent Marketing
No matter what, you have to keep marketing your business. There’s no point in being a flash in the pan. You have to be in the forefront, staying in the minds of future clients or customers. You want someone to think of you first when they are looking for a service, to buy from you or recommend you.
6. Being Stagnant
Time changes quickly and if you’re not moving with the times, you’ll get left behind. Always look to improve your product or service and eliminate or add things that people are looking for. Staying current, making necessary adjustments and being in the know will keep your business afloat.
7. Letting Go
Many small business owners have different things going for them that bring in multiple streams of income from a variety of sources. It’s wise to evaluate the different sources often to see which ones are aligned with your current business plan. Sometimes it’s hard to let go of something that still brings in a small amount of revenue, but you need to ask yourself if it’s worth your time to maintain it, spend hours on it and market it.
Joyful is the person who finds wisdom, the one who gains understanding. – Proverbs 3:13 (NLT)
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