Many Mistakes Small Businesses Make When Opening!
More often than not, and painfully so, a business owner and his/her accomplices will take a path walked by many, and survived by few. This is the path of opening their own business to make the most common mistakes. Whether you have been in business for twenty years, or are simply in the dreaming process of opening your very own personal business, you need to know about the painful mistakes many companies make when opening their own business, if you hope to avoid and overcome these tragedies.
The first mistake companies make when opening their own business is to somehow forget to put aside a specific budget for advertising. Even if you have a fantastic product or service, a great location and positive perception, without an advertising budget, you run the risks of financial defeat along side the 65+% of businesses that fail in their first year.
To every business, advertising is your best friend. As the owner of our company once told me, "advertising is your best salesperson. They don't complain about getting paid, they don't wine if there's no clients, they don't demand benefits and pension plans, and they are always working for you. Advertising is your best friend!"
The second mistake many companies make is to overlook and somehow miss the education of the vital importance of advertising. They don't see how critical advertising is to their company's success. This is the reason why they don't put aside a specific and detailed budget for advertising.
The third mistake is that as soon as the company experiences a hard time, they cut their advertising budget and pull inside their shell like a turtle. To stop doing advertising is to start killing your business.
The fourth mistake many companies make when starting and running their business is to seek out the cheapest advertising, even if it hurts their business. Here's an example: if you buy 250 business cards that cost $5.99, and you are a Doctor, it is very likely that the template you purchase for that $5.99, is the same template "Joe the Meat Man" down the street used for his business cards from the same company. Now a Doctor being labeled as a meat man can be very detrimental to his business. Just imagine what you would think walking into the doctors office with the idea that your Doctor is going to work on you with a pair of shears and a meat cleaver! Cheap usually does not mean good. I once saw a sign that said, "quality labor is not cheap, cheap labor is not quality."
The fifth mistake companies make is to never consider creating an image and identity for their company. You spend every day of your entire life creating an identity for yourself, but you feel that your business doesn't deserve one. A business owner will actually have to work harder due to the lack of a corporate identity. Imagine that a client bought something from you, and they loved it and went and told their friend. If they can't remember your company, then instead of telling them about you, they direct them to the area in which they bought it, but without any specifics that potential client gets lost, and then later obtained by your competitor.
The most important aspect for any company to be successful and well known, is to implement the right kinds of advertising. The first step to this corporate success is to have a budget set aside especially for advertising. This budget needs to be respected and taken seriously, so that you can organize and disperse it into the right forms of advertising from the very beginning.
The second step to ensure your business's success, is if and when you experience hard times, you must take the courageous step to BEGIN advertising MORE. It may sound scary for some, but it is the only proven and realistic way for you to survive a lack of clients. To gain more clients, you must attract more clients. Additionally, don't spend all of your advertising budget on a single form of advertising. Disperse it amongst several different forms of advertising and marketing so that it can return the maximum profit.
The third step to take when opening and expanding any business is to make sure you spend your advertising budget on tools that will help you stand out from your competitors, while giving you the maximum exposure possible. If it's custom it's best! Custom means you will not run the risk of looking like a copycat of some other company. Custom graphic design helps you stand out from the crowds. If a certain form of advertising seams expensive, review the potential return it can bring, and consider the possible profitable risk you may need to take to assure your company's success.
The fourth step to take is to consider branding and building an image and slogan for your company, so you can uniquely serve and attract your specific clientele. An image, a logo, a color scheme, and a branding package is the tool that makes your business work for you.
The fifth and maybe most important of all the steps, is to take the time to discuss advertising and marketing options with an experienced professional. Someone who has experience, education and the best interest of your company. You want to talk to someone who can really help your company to survive and expand, so that you can plan the best forms of advertising for your business's future!
Remember, advertising is your best friend and your best salesperson, take care of it and it will take care of you!
Many Mistakes Small Businesses Make When Opening!
By: The SaW Team