Running a small business can be tough and no matter who you are, you’re bound to make some mistakes along the way, and that’s ok. However, you can minimise the amount of errors you make by learning from the experiences of other entrepreneurs.
So, to help you along in your small business journey, we’ve compiled a list of common mistakes that entrepreneurs running small businesses may make.
1. Lack of Planning
We know it can be tedious, or even scary, but a business plan helps you to guide your start-up and plot your businesses growth for the future. A business plan is an essential part of any business venture, and without it, you’ll struggle to make decisions, get loans, or show potential investors your vision and bring them on board.
There are many tools that exist to help you write your business plan. Some of them are even free.
2. Ignoring SMART Goals
Setting goals helps give your business some direction. They enable you to keep track of your long-term vision while you tackle the day-to-day operations that keep you so busy. By making sure your goals are SMART (Simple, Measurable, Attainable, Realistic and Time-bound), you outline specific steps that will take you to where you want to go.
3. Spending Too Much or Not Enough Money.
Money is an entrepreneur’s biggest concern: It’s one of the main reasons most people get into business, and it’ why making and saving money takes priority over most other things.
It’s vital that you use your cash wisely. Don’t be afraid to invest in resources: excellent staff as well as quality products or services – are the vehicles that will drive your company to success and keep your clients happy in the long term.
On the other hand, it is important that you save money in smart ways to avoid bloating your expenses. A great way to save money is to make use of MiWay’s online business insurance quote feature and find out how you can save money on your premium every month.
4. Undercharging for Products and Services
Under-pricing is a real thing. Whether it’s from lack of confidence or from a fear of rejection, many small businesses tend to undervalue their products and services. As much as you may want to attract as wide a client base as possible, don’t do it by under-pricing. It undermines the value you bring to the table.
Explore the market, identify the best price entry point for what you’re offering, and stick to it. It will make your business journey worth your while.
5. Avoiding New Technology
Technology provides new opportunities for small business owners. It can help you be more efficient and, in many cases, can even help save you some money. It may be intimidating and require time to learn, but adapting to technological advances can help you be more flexible to any curveballs that get thrown your way.
6. Not having a website
We’re in the digital era: there is no excuse not to have a website! A website is like a digital billboard, your own piece of digital real estate.
Creating your own website is not as intimidating as it seems. There are many platforms that come with easy to use web templates that you can edit to create a website that speaks to your brand. If you’re not trying to go the DIY route, there are companies that will design, host and maintain your site at reasonable costs.
Running your own business requires dedication, commitment and perseverance. At MiWay, we understand that no two businesses are alike. We’d be happy to help you find the right business insurance cover for your business!