Creating ideas or solving a problem is amazing, especially when you choose to monetize it, which implies that you have decided to start a business. However, there are a lot of challenges businesses face at the initial level which can ruin its foundation.
Did you know that studies have shown that 75% of startups/small businesses shut down in their first year? That’s why we want to enlighten you on common mistakes small business owners make that you can avoid.
- Omitting market research
It is important to properly study your target market, competition and the sector you’re venturing into so as to initiate strategies that works best to your advantage.
You can discuss your business idea with trusted friends and family who could easily give you more insight and suggestions.
- Inability to deal with people
Develop a likable personality if you want your business to grow and make profit, word of mouth spreads faster so endeavor to leave a positive impression when interacting with potential customers.
Customer is king and however the confrontation is, manage the conversation calmly and professionally.
- Expanding your business too soon
If you’re thinking of expanding your business right after its conception, you might want to think again, this move could cause a negative repercussion if certain factors aren’t in check. Factors like adequate funding, trusted supply flow, strong team/assistance etc. it might be slow at first but certainly with concrete planning, there would be positive results.
- Working with the wrong team
As much as you need as many hands to support your growing business, be watchful not to involve the wrong staff who have limited knowledge of your vision and values. This will lead your business nowhere and will definitely reduce the income flow.
Also there would be many conflicts within the business due to discrepancies which isn’t ideal at this stage, having the right team for your business is one of the sure ways to achieve success.
- Not having an account that helps you grow your business
In all your business dealings, not opening a bank account that has your best interest at heart is one grave mistake you should avoid making. A Flexx account is perfect for small business owners, not only do you get resources, tips and tricks to getting ahead in your business, you also get exclusive access to our entrepreneurial focused campaigns where you can win cash prizes to grow your business and meet with industry leaders.
You also get a Flexx app and short code *329# that helps you carry out transactions and grow your profit with ease. Open your Flexx account here in just 4 minutes (yes, 4 minutes and you get your account number immediately too!)
Know any other mistakes small business owners should avoid? Share with us in the comments section! Share this with everyone. 🙂