5 Pitfalls to Avoid when Starting a New Business

5 Pitfalls to avoid when strting a new businessAs a marketing consultant, I meet many people who are ready to branch out on a new business venture; who want to make a name for themselves by going it alone; bringing a new idea to light and releasing it into the world as a successful venture.

It’s a big step, but with a bit of planning and strategic thinking there’s no reason why your great idea can’t translate into a good business and transform your working life.

5 PITFALLS TO AVOID
1. Going it completely alone
Having a ‘gut feeling’ about the validity of your idea is destined to fail.
Make sure other people also agree that it’s a good idea.
Talk to start-up experts; other people in your industry who have already had great success.
Take some time to test the idea – find out who your target market is then ask them if they like your product; find out how it might be improved.
Make a prototype and use the responses to adapt and adjust your idea. But, bear in mind that the feedback might not be what you anticipate. Whilst you think it’s a brilliant idea, the reality might be quite different and may need a lot of work to make it marketable.
Resist the temptation to give up; learn how to adjust and recalculate the best way to offer your idea to you ideal market.

2. Not having a Marketing Plan
Don’t assume your idea will sell itself.
No matter how brilliant you think your idea is you must pay careful attention to marketing.
Every time you talk about your business you are involved in marketing.
Make sure you have a concrete business plan and make sure you formulate a strategy to make sure you communicate the right messages to the right people at the right time.

3. Not listening to your customers
Keeping your customers happy is the single most important step to keeping your business successful.
Take time to find out what they need from you, and then provide it.
By meeting and exceeding their expectations, the word will soon get out and they’ll keep coming back for more.

4. Lacking Focus
Being creative is great, but chasing one idea after another and never actually bringing one thing to life is the biggest pitfall of all.
Know exactly what your goals and objectives are. Having these clearly defined helps you to evaluate what’s going to work and what’s not – the ideas that don’t work need to be shelved or discarded.

5. Failing to outsource specialist tasks
As an entrepreneur, there is a great temptation to do everything yourself, especially in the start-up period when costs are sometimes prohibitive.
If your idea takes off, you aren’t going to be able to handle everything on your own.
You have a limited set of talents, so by bringing in a team of experts who you can trust, will help to bring your vision to reality.

For every new business that succeeds, there are dozens of others that don’t.
Make sure you are poised for success by avoiding these business pitfalls.

Christine Davey
@DaveyMarketing

If you’d like some help with your strategic marketing planning Tweet me or call me on 01273 772033 for an initial chat over a coffee!

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