Starting a small business is exciting, but on the journey to success, mistakes are inevitable. But if you’re starting your own company, some mistakes can be fatal. Increase the odds that your new small business will stay afloat by avoiding these all-too-common roadblocks:
- Not having a backup plan: Small business – we love to glorify big risk-takers, especially when they get the big payoff, but a truly savvy small business entrepreneur knows how to take a “risk” without letting it completely take them down should things not go according to plan. Be cautious and calculated in your risk taking, and always ask: How will I recover if this gamble doesn’t pay off?
- Not having a plan in the first place: If you want to compete in the real business world, you need a real business plan. No matter how much you have going for you, don’t skip this crucial step.
- Over or undervaluing your product: Either one of these miscalculations can mean serious trouble for your small business’s future. Study your market and your target customer base to make the best possible valuation of your product or service from day one.
- Not prioritizing leadership: Just because you have an incredible idea doesn’t mean you’ll automatically be a great businessperson or boss. If you’re not a natural leader, make it a priority to learn how to manage a small business in a way that creates satisfied, long-term employees who want to stick around.
- Not giving yourself enough time: Time takes time, unfortunately. And long-term, sustainable growth usually comes with patience and the willingness to make slow but steady progress.
- Not collecting from clients: Whether it’s because you don’t have a clear accounting plan or your first clients happen to be close friends or acquaintances, not making the time or effort to follow up with those who owe you money sets a terrible precedent and can cause serious cash flow problems. Make sure your small business has a system in place for collecting on unpaid debts. Step one: always send an invoice.
- Not putting things on paper: Whether it’s a small business vision and values statement, a contract, or legal agreement: it’s absolutely critical to take the time to think through and write things down and get signatures, when necessary.
- Not having insurance: Even if you work from home and have zero employees, anything that goes wrong related to your business probably won’t be covered by your homeowner’s policy. Protect yourself by getting the right small business insurance policy.
- Not investing in marketing: Many small business owners think they don’t have the capital to invest in a strong marketing strategy, when really, they can’t afford to not invest in some kind of marketing plan. A good marketing firm can help you work within your budget to get the most out of what you can afford.
- Not understanding your audience: A small business’s two most important audience are their customers and employees. Taking the time to really understand their wants and needs and how to effectively communicate with each of these groups will be a huge investment towards your company’s future.
Tagged 1080 east trinity ln, acceptance insurance, acceptance insurance quote, affordable car insurance, Affordable Home Insurance, affordable insurance, affordable insurance agency, alabama, alabama home insurance, Alliance Insurance Group, ameriagency, ameriagency auto, AmeriAgency Insurance, auto comercial, Auto Insurance, auto insurance agency nashville, auto insurance alabama, auto insurance america, auto insurance america quote, auto insurance cheap, auto insurance clarksville, auto insurance discounts, auto insurance fayetteville, Auto insurance free online quotes, auto insurance full service agency, auto insurance jackson, auto insurance lowest rates nashville, auto insurance madison tn, auto insurance memphis, auto insurance murfreesboro, auto insurance nashville, auto insurance nationwide, auto insurance quotes, auto insurance rates, auto insurance selmer, auto insurance smyrna, auto insurance sr22, auto insurance tennessee, best homeowners rates, best tn home insurance rates, bristol, Broad form SR22, bundle auto insurance, bundle home insurance, bundle insurance, business auto insurance, business contents insurance, business insurance chattanooga, business insurance knoxville, business insurance memphis, business insurance nashville, business insurance selmer, call insurance murfreesboro, car insurance, car insurance chattanooga, car insurance cheap, car insurance knoxville, car insurance memphis, car insurance murfreesboro, car insurance nashville, Car insurance Nationwide, car insurance nolensville, car insurance selmer, car insurance smyrna, car insurance tennessee, car insurance tn, certificate of renters insurance, chatanooga, cheap auto insurance, cheap auto insurance murfreesboro, cheap auto insurance nashville, cheap auto insurance shelbyville, cheap auto insurance smyrna, cheap auto insurance tullahoma, cheap car insurance, cheap car insurance memphis, cheap car insurance murfreesboro, cheap car insurance nashville, cheap car insurance smyrna, cheap home insurance, clarksville, clarksville home insurance, commercial auto insurance, concrete general contractors, construction insurance, contents insurance, contractor insurance, contratistas, dairyland sr22, electrician work comp, fast auto quote, fast business quote, fast online auto quote, fast quotes nationwide, fayetville, food truck insurance memphis, framer gl insurance, framers general liability insurance, full service agency, georgia, georgia home insurance, gl, gl for contractors, gl quote, graham insurance, graham insurance lebanon, graham insurance nashville, home insurance, home insurance dickson, home insurance east nashville, home insurance gallatin, home insurance knoxville, home insurance memphis, home insurance mount juliet, home insurance mt juliet, home insurance murfreesboro, home insurance nashville, home insurance smyrna, home insurnace springfield, homeinsurance clarksville, homeowners insurance, homeowners insurance memphis, homeowners insurance nashville, homeowners insurance selmer, homeowners insurance smyrna, homeowners insurance tennessee, homeowners rates, house insurance murfreesboro, insurance agency murfreesboro, insurance madison tn, insurance murfreesboro, insure your home, jackson, jackson auto insurance, jackson home insurance, jackson sr22, jackson tennessee nationwide, jackson tn nationwide, janitorial, kentucky, knoxville, knoxville home insurance, la vernge auto insurance, landlord required renters insurance, lessor risk insurance, liability car insurance, liability insurance, liability only insurance, life insurance, low car insurance, low cost auto, low cost auto insurance, lower home insurance costs, lowest auto insurance, lowest auto insurance rates, lowest car insurance, lowest car insurance quotes, lowest cheap insurance, lowest cost home insurance, lowest cost insurance nashville, lowest home insurance, lowest home insurance rate, lowest home insurance tennessee, lowest insurance auto, lowest premium auto insurance, lowest rate renters insurance, lowest rate tn insurance, madison auto insurance, masonry insurance, memphis, memphis auto insurance, memphis brick mason insurance, memphis home insurance, memphis nationwide insurance, memphis property insurance, memphis renters insurance, memphis sr22, memphis truck insurance, memphis work comp, mississippi, morgan insurance trinity, murfreeesboro, murfreesbor auto insurance, murfreesboro, murfreesboro auto insurance, murfreesboro car insurance, murfreesboro home insurance, murfreesboro homeowners, murfreesboro nationwide, murfreesboro nationwide insurance, murfreesboro truck insurance, murreesboro car insurance, nashvile home insurance, nashville, nashville auto insurance, nashville auto insurance rates, nashville car insurance, nashville home insurance rates, nashville nationwide, nashville nationwide insurance, nashville tn, nationwide, nationwide auto insurance, nationwide auto insurance murfreesboro, nationwide car insurance, nationwide contractor insurance, nationwide home insurance, nationwide home insurance nashville, nationwide insurance, nationwide insurance murfreesboro tennessee, nationwide insurance tn, nationwide memphis, Nationwide murfreesboro, nationwide nashville, nationwide renters insurance, nationwide sr22, nationwide tennessee, Nationwide Trinity Lane, no deductible car insurance, non-owners sr22, painter gl insurance, painters, pgac sr22, plumber contractor insurance, Progressive, progressive sr22 murfreesboro, proof of renters insurance memphis, property insurance, remodelers insurance, renters insurance, renters insurance alabama, renters insurance aZ, renters insurance clarksville, renters insurance murfreesboro, renters insurance nationwide, renters insurance north carolina, renters insurance smyrna, renters insurance tennessee, roofing contractors, seguro, seguro espanol, selmer, selmer auto insurance, selmer sr22, service insurance agency, shannons home insurance quote, shelbyville, shelbyville nationwide, shelter insurance, small business insurance, small business insurance germantown, small business insurance jackson tn, small business insurance memphis, small business insurance nashville, small business insurance selmer, small business quotes murfreesboro, smithville, smyrna, smyrna auto insurance, smyrna car insurance, smyrna cheap insurance, smyrna GA, smyrna home insurance, smyrna insurance, smyrna insurance affordable, smyrna nationwide insurance, smyrna truck insurance, sr 22 murfreesboro, sr-22, sr-22 insurance tennesee, sr-22 nashville, sr22, sr22 alabama, sr22 clarksville, sr22 georgia, sr22 jackson, sr22 knoxville, sr22 lavergne, sr22 memphis, sr22 murfreesboro, sr22 nashville, sr22 nationwide, sr22 reinstatement, sr22 selmer, sr22 shelbyville, sr22 smithville, sr22 smyrna, sr22 tennessee, state farm, taco truck insurance, tennesee liability insurance, Tennessee, tennessee auto insurance, tennessee car insurance, tennessee home insurance, Tennessee home insurance quote, tennessee homeowners insurance, tennessee rates home insurance, tennessee renters insurance, Tennessee truck insurance, the general, the general insurance, the general insurance sr22, the general nashville, the general tennessee, the general tn, tn agency auto insurance, tn bop, tn dl sr22, tn homeowners insurance, tn low cost insurance, tn reinstament dmv, tn reinstatement sr22, trexis insurance, Trexis SR22, tri-cities, truck insurance, work comp, workers comp, workers compensation