There are many problems and issues we face when starting a home or small business. This is the first post in a series of problems that plague small businesses. These problems may be at the start or as the business grows. Some of them could even be why someone’s small business fails.
Before we begin, we should talk about one specific matter. Your business will only do as well as the amount of effort and care that you put into it. These tips mean nothing if you don’t have the dedication required to run your own business. If you think you’re going to make full time money with part time effort you’re sadly mistaken. With that being said, read on and see if any of these problems are problems of your own.
You Don’t Have A Name
Building a name for yourself in the business world is not as easy as some may think. Most of the good names are already taken and most of the names you come up with you won’t like. There are companies that you can pay to come up with names for you.
Note: You can check to see if a name is in use on all of the social networking websites at once using the website namechk.com
You Don’t Have A Plan
Having a plan is crucial to starting any kind of business. The plan should be more than build it, sell it, rinse, repeat. Get all of your why’s, when’s, where’s, and how’s together in a document and follow it. I advise you to check out entrepreneur.com’s Business Plan Guide to help get you started.
You’re Too Worried About Making Money
Of course getting paid is always the bottom line, but there are other things to consider first. You can’t make any money if you don’t have customers. Your primary goal should be building a customer base, rather than making a lot of money. In all honesty if you’re just starting out, you’ll be lucky to break even right away.
You Don’t Hear Your Customers
This could be literally or figuratively. You should always be aware of what’s going on in your market. Find out what your customers are looking for. You can always hire people for this, but it’s usually more awarding (and cheaper) to do your own research.
It’s also a good idea to accept feedback. Customer feedback is important to helping you retain customers and gain new ones. If you’re afraid that you’re going to get bad reviews by allowing feedback on your website then you probably have bigger problems than you think.
Your Team Isn’t Working Out
Maybe you have a team of two people. You may even have a team of ten. Your team might only consist of yourself. Don’t let your team be the reason your business flops.
For those of you in a team of two or more, there are some things you should take into account. Is everyone pulling their load? Are you the only one that seems motivated and hard working enough to pull this off. Don’t be afraid to voice your opinion. There is money on the line here and you don’t want to do the bulk of the work and evenly split the profits.
For the lone workers, you have problems as well. Some of you lose focus and motivation easily. Nothing pushes you more than a partner in it with you. A lot of us seem to work harder when we think we’re going to let others down. Find a like minded friend or colleague to help you out.
This is only the first article of the series look out for more.
The entire series: