Tuesday, January 27, 2015

The Top 5 Mistakes most start-up businesses will make

I came across this article and thought it was dead-on.

I particularly liked item 4, poor marketing.  The author is a former Yellow Pages salesperson and talks about new companies declining to advertise in the phone book (back when it was a relevant media) saying that they were going to use 'word-of-mouth' to promote their business and how he would later receive disconnect notices about them.

I spent 7 years as a Yellow Pages salesperson and my last year I managed the new client channel exclusively here in New Brunswick.  I can tell you my experience was the same.  Those that didn't promote their businesses died.

Today this may be done with all the usual media as well as online resources but it still holds true.  If people can't find you, they can't hire you.

Of course, this doesn't change my opinion that its faster, cheaper and easier to buy a business than to start one.  See the post on that topic HERE.


The Top 5 Mistakes Most Start-Up Businesses Will Make

MISTAKE NUMBER ONE: No Business Plan. How can you build a house or car or anything without a drawing or a plan? Where is the foundation? How will the contractor know where to place the windows and doors? Where is the budget for products, services, or marketing? What are the annual projections for sales and expenses? Where do you want to be in one, three, or five years? And yet most businesses have no such plan and therefore are driving forward blindly. Get a clue and have a plan.
MISTAKE NUMBER TWO: Lack of Research. When you decided to sell your product or service, did you research the competition and the marketplace? Did you examine all the other similar items and how they are marketed? Without a detailed knowledge of the other guys and how they operate, how can you be competitive and price yourself properly? [CLICK TO GO TO COMPLETE ARTICLE]

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