You’ve created your own business. Hooray! You’ve prepared everything any business would need – brand name, logo, slogan, et cetera et cetera. But, after running your business for a while, you feel like the business you’re running is not working as you expected. Your products aren’t selling, your customer’s growth isn’t going up, and it’s hurting your pocket.
Sure, every business needs a logo, slogan, name, color, and such. But, you always need to remember when running a business, you also need to think about what’s happening ‘inside’ your brand.
Entrepreneurs often make these 5 mistakes when running a new business, which you should totally avoid:
- Not setting a target.
Setting up a new business without readying a plan and target to achieve is pointless. Okay, you probably can still get your customers without having a target. But, with having a target, you know what to achieve, the method of achieving the target, and when you fail to achieve your target, you can use the target as a comparison or a benchmark on why you failed to achieve the target.
- Not spending enough money or spending too much money.
When running a new business, you might think like you need to buy everything for the sake of your business, or even think like you don’t need to buy anything because your product will sell itself. These ways of thinking aren’t right. You obviously need to spend money on the commodities so you can run your business, but you don’t have to spend too much money on items that can over-exceed your budget.
- Being inconsistent.
Two days ago you said you’ll do plan A, yesterday you said plan A is ineffective and move to plan B, and today you say plan A is the best. Being inconsistent is not acceptable. Why? Because it can hurt your brand and its name!
Your sudden change of thinking can confuse your coworkers and ‘inconsistent brand’ doesn’t have a good ring on it for your customers. This is why you need to set your plan carefully and think of all possibilities so you won’t change your mind at the eleventh hour.
- Not marketing your product.
Though sounds weird, in fact, many entrepreneurs still think that a good product will sell itself. A big no-no. No matter how good your products are, if the customers can’t see them, your products won’t sell. We shouldn’t make our customers look for us, instead, we look for them and fulfill their need.
- Not using social media platform
We live in the age where almost every person on the earth uses internet! The amount of people who use internet is massive, and most of social media platforms like Facebook, LinkedIn, Twitter are free. Any businesses not using the social media platform to promote their products are lagged behind, because almost every brand has a social media to engage with their customers.
It is okay to make mistakes, what’s wrong is doing the same mistake over and over again. Consult with us for more insights.