As the owner of a small business, responsibility for your company will ultimately come down to you. Whether a success or failure, your name is going to be attached to this company, so of course you’re going to want to be a success. When you started your business, we imagine that you did not do so with the thought of failure in mind, as it should not be now, but your business is in very real danger if you don’t avoid some of the missteps that catch people out.
If you’re not sure what kind of things we’re talking about here, you’re in the right place. Down below, we’re going to be taking a look at some of these missteps and what you can do to avoid them. If you do nothing else, please heed the advice that we’re about to give you as we promise it will save you a lot of problems down the line.
A Lack Of Funding
One of the most common missteps that people make in business is not ensuring that they have enough money to fund their business in the first place. When you are attempting to secure funding, you need to have cost everything that you think you are going to need, and then get a little extra on top just so that you have a little wiggle room. A lot of people don’t do this though as they believe it decreases their chance of getting approved for funding, and while it might, that doesn’t mean it’s not necessary.
There are so many funding options that one of them is sure to be right for you, as long as you are getting what you need from the deal. Some people prefer to deal with investors, signing a percentage of ownership of the company to them in exchange for the cash. Others prefer to get a small business loan from the bank as they retain ownership of their company in its entirety.
To avoid the lack of funding issues, make a choice that is right for your business. Take your time costing everything, and in the end opt for the funding option that seems the most reasonable, and the most stable. Don’t forget, you don’t want to build your business on rocky foundations as it will fall down easier.
Poor Marketing Materials
There is still a lot of debate around marketing but most people are starting to see just how important it is to businesses. As you know, marketing is how people know who you are, what your business does, and why you are the choice that they should pick. It’s not too much to ask that you put a little effort into this as it’s exactly what will attract people to your company. If you are not willing to put the effort into this and you are not willing to do what it takes to encourage people to choose you, then why are you even on the market right now?
So, the best thing that you can do for yourself is to hire a marketing expert to take over this side of the business for you. You don’t have to worry about it other than to check in and ensure you’re getting the results that you want, but your business will thrive. Allocate a decent sized budget to this as well, because marketing can be expensive, but what it returns is so much more than you spend.
Sorry, Didn’t See You There
You have got to be visible. Yes, this is what marketing is for, but there is more to it than just your standard marketing materials and you need to understand that, or find someone who does. The last thing that you want is for your business to fade into the background and for people not to choose you simply because they did not know you were an option in the first place. Not being visible online is probably one of the worst things that you can do to your business in this day and age, so if you think this may be true for you, get is stored asap.
A few ideas for you to do this include looking into something specific like link building, where you get other websites that have high traffic volumes to link back to your website. Their traffic becomes your traffic, making you more visible. As well as this, you also need to inform yourself of other SEO practices to help you rank better in the SERPs.
Not Catering For Your Employees
Your employees are the backbone of pretty much everything that you do, so you cannot afford to lose them. We’re not talking about the ones who give you minimal effort and barely scrape by in their job, but the ones who give you everything that they have got. Unfortunately, there are a lot of bosses and business owners out there who think that just because they sign a paycheck, that’s the end of what they should be doing for their employees. This isn’t true at all, as happy employees are hard working employees, so you want to encourage their happiness as much as you can.
We recommend trying an open door policy, offering counseling services to those who need it, and showing compassion when it’s necessary. If you take care of your employees, they will take care of you and your business. If you don’t, then they won’t care as the ship sinks, they will simply jump overboard and save themselves, which we don’t blame them for.
Starting a business is hard, and maintaining a business is even harder as you can see, but it’s imperative that you are giving it your best shot. We all get things wrong sometimes and that’s okay, but you’ve got to work out a solution to the problems asap to stop them from getting worse. We’re not saying that it’s going to be easy, but hopefully you can see just how important it is that you avoid the common missteps as much as you can. Good luck with this!
Beth
October 23, 2024Overlooking engagement is a HUGE mistake. These days, business is driven by social media interaction.
Claudia
October 23, 2024Your marketing materials have to be on point. You want them to make your business shine.
S Gardiner
October 23, 2024Marketing is key when setting up a business. You cant be scared to get out there and promote your business. Thank you for these tips.
Stacie Ki
October 23, 2024This is such useful information that we tend to forget as business owners. No amount of reminders is too much.
Katie
October 23, 2024I wish I read this two years ago! I definitely should have looked into getting financial help to start my business
LisaLisa
October 24, 2024Extremely helpful and knowledgeable tips for first-timers, or this is even a helpful post to revisit after a few years as a business owner. Thanks!
Emily
October 24, 2024I agree with this completely! I’ve had clients that are HARD on their employees and expect an astronomical amount from them, and the employees put up with it and stay because of all the perks of working for the company (such as having a chef on-site that cooks meals for everyone and caters to their dietary needs). Taking care of your employees is critical!
Stephanie
October 24, 2024This article serves as a great reminder of several important aspects of my business I tend to ignore. Most certainly proper funding is one as I’ve at times waited until I had to scramble.
Karen
October 24, 2024Thanks a lot Angela, this is brilliant…The lack of funding is a huge one for me, I almost ran out of money because of it.
Luna S
October 24, 2024This is such a helpful post & I agree with you on all of it, it can be so easy to get lost in the shuffle so having a game plan and knowing some of these pit falls ahead of time can be so helpful. Thanks for the suggestions and tips!
Jen Schreiner
October 24, 2024Such great and timely advice. I completely agree if you are not visible how are you going to be found? Marketing is tough, but worth it.