Every successful entrepreneur must have experienced some downtime due to mistakes they do in making business strategy. The quality that makes an entrepreneur successful is that he or she does not repeat the same mistake twice.
We have listed a few of such small business mistakes below;
Hesitate to Increase their Prices:
Small businesses sometimes are hesitant to raise the price of their services with the fear that they will lose their customers. This should be the last thing you worry about as your goal should always be to improve customer experience and if that needs you to increase your investment, then to match the returns, increasing prices is inevitable. If your customers are happy with your solution, then they will not be hesitant to pay the increased rate.
No Back-Up Income:
Most small businesses only do one business and have a single profit source. Not every year your business will do good especially in the first 5 years, the business will see many ups and downs, hence you cannot just do a single business and be dependent on it instead, start a side-business which does not consume a lot of time but gives you sustainable returns. As per de.the-profit-formula.com investments made in trading can give you easy, quick and great returns. Such investments can help you grow capital to save as back-up income in case of negative cash flow in the main business.
Give Away their Sample Work for Free:
Yes, to get business many clients may ask you for sample work and that is how you nailed a few clients but once your brand is established in the market, do not give away your work for free. Every work will cost you some time and time is money hence create some common work samples and provide it to the clients if they ask for it but do not agree to give samples for any other client-related specifics. They may not hire you and use your ideas for free.
Blindly Following Popular Strategies:
In any business, tips and strategies keep passing around the market and they seem quite established strategies hence business owners blindly follow them. Following any strategy without considering its pros and cons may become the biggest pitfall for the company. Do not believe any such tips until you know it is coming from a reliable source, even so, use your own mind to understand if this common strategy will work for your company or not.
Listen to the Depreciators:
There are many entrepreneurs who have come before you and failed. You will meet many such people who would only be negative about your business ideas as their business did not succeed. While not everyone is doing it out of jealousy and a few may genuinely be giving out their experience, do not be feel low by hearing their negative stories. There are people who do not succeed as an entrepreneur but again there are people who really do well, focus on being one of them.