I fully believe that every entrepreneur has the potential for success. But sometimes, unfortunately, we get in our own way. Here are a few ways you might be limiting yourself from becoming that superstar business owner we all know you can be.
1. Not Asking Enough Questions
It pays to be inquisitive in every aspect of your business, from initial planning (“who will buy my product?”) to ongoing development (“is my product still relevant?”). The worst thing you can do is rest on those proverbial laurels and think because you’re on top of the world now, you will be tomorrow.
Questions lead to answers, and answers should lead you to make changes that will help you improve your business. If you’re not asking, you’re not growing.
2. Overlooking Market Research
I’ve met so many small business owners who think that market research is only for giant corporations. The opposite is true! Businesses of every size need to investigate their market, whether there’s even an audience for this product, and who the competitors are.
3. Spending Unnecessarily
Especially when you start a business, you’re going to need to spend some money to get up and running. But question every expense. Yes, you need a computer, but not necessarily a top-of-the-line one with fancy speakers and a 5-foot screen. Save unnecessary expenses, like a fancy espresso maker, for later when you’re raking in the dough and can afford them.
4. Not Investing in Your Visual Branding
Here, I’m talking about everything from your product photos on your site to your logo, and even product packaging. Everything that a potential customer sees has the power to help her decide if she wants to buy from you. If it’s shoddy and cheap looking, she won’t.
5. Giving Up Too Easily
Let me just tell you now: running a business is freaking hard work. You will encounter obstacles that will make you want to give up. But don’t. Prevailing through these issues is what makes you stronger and what helps you beat out the competition.
6. Not Taking Precautionary Measures
There are many vulnerable points in your small business. If you run it with family members, you’ll want to put an agreement in writing to avoid issues down the road. You should also consider protecting your business by forming an LLC or incorporating so that your personal assets are safe and can’t be taken to pay for your business’s debt. Whatever you can do to protect your business, your assets, and your personal relationships, do it.
By putting a little extra thought into how you run your business, you can avoid these pitfalls and become the rock star entrepreneur I know you can be!