business startup

business startup

Charting Success: 5 Common Mistakes to Avoid with a Business Startup

5 Common Mistakes to Avoid with a Business Startup

Launching a small business is no easy feat and success is never a given; many entrepreneurs try and try again, without ever tasting success. The world of commerce is highly competitive, as you can imagine, and with that in mind, here are a few common mistakes that small business owners often make.

  1. Zero marketing plan – Let’s face it, without a good digital marketing plan, a new business isn’t going anywhere. Every organisation should be striving to generate a strong digital footprint and you need the help of a leading Australian digital marketing agency to do that. Word of mouth is never going to be enough to get your message out to the right people, you need a planned and coordinated digital marketing plan. Take your time choose an agency to represent you, as this is a very important choice; the future of your business depends on it.
  2. Lack of funding – If you are almost ready for your launch and you can’t quite afford office furniture in Melbourne, it might be an idea to take out a startup loan. Setting up a business on a shoestring budget is fraught with risk, we definitely don’t recommend it; rather take out a business startup loan with a well-known lender.
  3. Poor management – If the left hand doesn’t know what the right hand is doing, things can quickly go awry; as the owner/manager, you should have firm direction and be able to delegate accordingly. Lead by example and never ask someone to do something that you cannot! People will follow you to the ends of the Earth if you lead by example and we fully support this train of thought.
  4. No business plan – Yes, there are a few entrepreneurs who mistakenly think a business plan is only for potential investors. Without a comprehensive business plan, you have no firm direction; why be a wandering generality when you can be a meaningful specific? Your business plan is by far the most important document and it is your guideline to sustainable growth. When you feel the plan is complete, give it to a business guru and see what they have to say; make adjustments when needed.
  5. Failing to research the market – The first thing you must do is research your rivals to discover precisely what they are offering; check their products and prices and see what you can offer that your competitors cannot. How can you make the best of what you offer if you don’t know what your rivals are offering?

You need to apply yourself 100% when launching a business and we hope the above information helps you to put together a great plan that leads you to sustained growth. Live, eat and breathe your project and motivate those around you to work together and your plans will come to fruition.