Running a small business is tough, and while only half of small businesses last at least five years, others seem to run seamlessly for years and years.
What’s the secret to running a small business without falling victim to this fate? Well, steer clear from these five small business mistakes and you’re well on your way!
Here are your small business mistakes to avoid:
- You’re trying to do it all yourself.
We hear it all the time from happy clients: At some point, we realized, we just couldn’t do it all ourselves. Don’t fall into this trap of thinking you need to do everything. As convenient as it would be to never have to rely on anyone, it’s just not possible in business.
Whether you think you need to be working 24/7 or you’ve got employees stretched too thin, it’s time to take a step back and evaluate where you excel and where you could use just a little help.
Don’t be afraid to hire new employees, even early on. You’ll need to be financially prepared for this, but it’ll be worth it, in the end, to avoid overwhelming yourself by trying to be everything for everyone.
Besides, you started your business for a reason, right? Hold tight to that reason and let yourself actually enjoy working for yourself.
- Thinking people will find you on their own.
A common mistake business owners and entrepreneurs make is thinking that people will just find them somehow. The truth, however, is that the consumer is in control and internet-savvy. If your business doesn’t have an internet presence and a website, it’s not likely that people will find you.
There’s good news, though. A mix of digital marketing and offline networking should do the trick. Consider starting with local search marketing and adding reputation management, social media and online advertising to the mix.
- Lowering prices to compete and reducing your profit margin too much.
While you want to remain competitive, you shouldn’t reduce your prices so much that you aren’t making a profit. Consider running special, short-term promotions to get people in the door and providing great service to keep them coming back, but don’t just constantly lower your prices.
And remember that a lot of people will pay more to shop local and receive great products or services. It isn’t always about price.
- Failing to adapt to changes.
Whether it’s new business regulations or internet trends, businesses that fail to adapt will always fall behind. You don’t have to be a computer expert or anything, but make sure your business at least shows up in online searches and that you have a social media presence. Ideally, you'd want to focus on getting online reviews as well and possibly using paid advertising to reach new markets also.
And, consider working with a digital marketing agency to keep your business ahead of the digital trends and your competition.
- Not taking time for yourself and your loved ones.
As a business owner, you probably feel like you need to be on call every minute of the day, but that can be extremely mentally taxing. Take time out for yourself and the people you love. It’ll be good for you mentally, and you’ll end up coming back to work refreshed rather than exhausted.
Besides, everyone deserves a break once in a while.
It will help if you have a few trusted employees who you know can manage the business while you’re away, so make sure you’re investing in high-quality employees and providing them with the tools and the training they need to thrive in their roles. This will only make your life easier in the end, after all.
You really shouldn’t be trying to do it all yourself, even if you are capable. That will lead to burn out and make you forget why you started your business in the first place. Find a few people you can lean on to take some of the pressure off you.
Avoid these small business mistakes and you’re on your way to success!