Everyone wants to get rich but few people have what it takes to get there. For the average person, an adventurous way to make money is to start up a small business. Not everyone who does this succeeds. There are a number of reasons why. The vast majority make three big mistakes in their course of starting up their business. So if you are thinking of venturing out into this field, you may want to avoid making the following three mistakes!
1. Hiring Too Quickly!
Every good business requires good employees. It is important that you hire candidates who are suitable for the job. The first thing you need to do is set out a process for hiring new staff. Make a list of the criteria that they should fulfill. You can divide the hiring process in many ways. You can have a written test and an interview (It’s the most popular method). That way you can test both the knowledge and confidence of the prospective employee. Take a look at their experience and check to see if they fit the profile.
Another important thing that you should consider doing is checking in with their references. It will give you a good idea about how the candidate was at his/her previous job. At the end of the day it is important to take your time when hiring your staff. Go through the list of candidates who have applied for the position. Form a rating scale and see who performs best according to it. At the end of the day, you want square pegs to fit in square holes. Employees who do not fit the job profile will only be a hindrance to you.
2. Wrong New Technologies!
The modern world provides us with a lot of tools that can be used in small businesses. As time passes the number of tools available just keeps on increasing. While using these tools may seem to be helpful on the outside, many report downsides to their use. That is the very reason why you should use caution when choosing one. The Point of Sale (POS) software and the Customer Relationship Management (CRM) Software are two such tools that you should be careful.
You may say that these tools make the business so much easier to run. Yes… They do. These systems help you reduce a lot of the manual work that a small business requires and help you save time. You have to pick wisely and try to request a trial, so you don`t get stuck with software you won`t actually use.
3. Choosing The Wrong Marketing Plans!
Marketing is everything when you start a business. Let’s be honest, a marketing strategy could make or break your business. That is the reason why you need to choose one that suits your purpose perfectly and doesn’t empty your wallet in the bargain. So how do you do it? It’s simple. Do not ignore social media. You need to use social media to your advantage. Facebook and Twitter are just two examples. The trick is not to focus too much on it either.
A lot is said about a man/woman by the way he/she presents herself. With today’s age of modern technology, we are hardly in contact with our clients on a personal level. Everything happens on an electronic level. So step aside and use the old school method. Pick up the phone or meet with the client in person. The client will definitely remember your personal touch. Last but not the least, ensure that you do not focus on free advertisements. A strategically placed advertisement will get you far. Most of these cost a pretty sum. Draw up a plan on how much you can afford to spend on marketing your business and stick to it.
At the end of the day it is wise to remember that there is a world of resources available to everyone who starts up a business. You need to wade around in it till you discover which resources are best suited for your business. Evaluate every pro and con that the resource presents to you and then choose wisely!