Allowing personal life to mix with business- don't hire someone because they are you're friend or family member solely, hire them because they are the best fit that you can afford for that position... Even then count on the very real possibility your relationship will change, and you may one day have to fire them one day....
Piss poor understanding of the market- Too many people dont truly understand the market they want to get into, or the direction it will go in the next quarter, year, or 3 years. Because you think something is a good idea for a business doesnt really make it a good idea for a business. You should put out feelers test the market make sure the possibility to make money is there, be sure not only the possibility to make money but sufficient money.
Targeting and Marketing to your Demographic- Understand who is your target demographic, how they decide to purchase, where they decide they purchase and how you can reach that demographic. Once you begin acquiring customers or receiving calls or emails form prospective clients one of the first questions should be asked is how they found you.. Understanding where youre clients are finding you lets you know where you should allocate more or less of your resources...
LOW OVERHEAD!!!!!- I'm not saying dont spend because you will have to spend money and no matter how frugal and smart youre going to make financial mistakes. You need to make 100% sure you are you are doing things as less expensive as you possibly can, hire overseas workers, always shop around when making purhcases, negotiate everything, let your vendors know you are shopping around for a combination of low cost and quality. simply do less with more every chance you get regardless of people or products.
Online Presence- This is 2016 and too many business owners dont truly fully understand the importance of online presence, I meet people all the time whom arent fully taking advantage of teh interwebs. I was speaking with a guy in the process of wanting to start an online business doing network/IT work and discounted the need for actually getting a web site, utilizing SEO. Hes started his business yet he has zero clients to date.
Physical Presence- If you are going to be in a market targeting different local areas GET LOCAL NUMBERS. Many customers would prefer to do business with a local company, with a local physical presence when in fact it doesnt matter. However if thats what they want why not spend 50 cents for a local number with a VoIP provider to make it appears youre local?
Sales- If you arent willing to sale you'll never make a dime you'll end up closed, shuttering doors and living in a van down by the river. Or worse you'll go back to working for the man.
Piss poor understanding of the market- Too many people dont truly understand the market they want to get into, or the direction it will go in the next quarter, year, or 3 years. Because you think something is a good idea for a business doesnt really make it a good idea for a business. You should put out feelers test the market make sure the possibility to make money is there, be sure not only the possibility to make money but sufficient money.
Targeting and Marketing to your Demographic- Understand who is your target demographic, how they decide to purchase, where they decide they purchase and how you can reach that demographic. Once you begin acquiring customers or receiving calls or emails form prospective clients one of the first questions should be asked is how they found you.. Understanding where youre clients are finding you lets you know where you should allocate more or less of your resources...
LOW OVERHEAD!!!!!- I'm not saying dont spend because you will have to spend money and no matter how frugal and smart youre going to make financial mistakes. You need to make 100% sure you are you are doing things as less expensive as you possibly can, hire overseas workers, always shop around when making purhcases, negotiate everything, let your vendors know you are shopping around for a combination of low cost and quality. simply do less with more every chance you get regardless of people or products.
Online Presence- This is 2016 and too many business owners dont truly fully understand the importance of online presence, I meet people all the time whom arent fully taking advantage of teh interwebs. I was speaking with a guy in the process of wanting to start an online business doing network/IT work and discounted the need for actually getting a web site, utilizing SEO. Hes started his business yet he has zero clients to date.
Physical Presence- If you are going to be in a market targeting different local areas GET LOCAL NUMBERS. Many customers would prefer to do business with a local company, with a local physical presence when in fact it doesnt matter. However if thats what they want why not spend 50 cents for a local number with a VoIP provider to make it appears youre local?
Sales- If you arent willing to sale you'll never make a dime you'll end up closed, shuttering doors and living in a van down by the river. Or worse you'll go back to working for the man.
"I got no game it's just some bitches understand my story." Nas