7 Common Small Business Mistakes
Small business is a rollercoaster world —the key to success is to learn from our mistakes or better still learn from others!
Here I share my list of TOP 7 common small business mistakes I see over and over again. (Some I’ve made myself!).
1. ‘Shop Front’ Branding
First up is one of the most important parts of getting your business right “shop-front branding”
A shopfront needs to tell a story to attract your “ideal” customer and this is true for store fronts whether digital or physical.
If a shopfront doesn’t immediately resonate, a passer by may not enter. They may form a lasting opinion — “it’s too expensive, too cheap, too posh, not smart enough, it’s not for me”
Just like there are neighbourhood shops & restaurants that you may never have stepped foot in because they don’t appeal to you there are online shops that you haven’t explored because they don’t resonate with you.
Put yourself in your ideal customers shoes - step back and take a look at how you show up. Would you walk in?
2. Don’t hard sell!
Build your community before you sell to them. Hard selling before building a community that cares about what you do can be an uphill struggle. Serve not sell to build a community of people who need/want what your business is offering.
Businesses don’t get built overnight - know that you will need to commit to getting to know your audience and understanding their needs. Start, try things, see if they resonate, get feedback, reiterate. Throw the old school model of “get a name, design a logo, build a website, and launch” out the window! Start with your story, sell your vision, ask your potential customers to take the journey of exploration with you. Let them see you learn and adapt as you grow. They don’t expect you to be perfect, and they will love you more if you are real!
3. Don’t be a headless chicken!
Overworking is a common issue but trying to do too much yourself “to save money” is a recipe for disaster. At the beginning you may have to wear many hats in your business but if you are working round the clock trying to pack everything in it’s unhealthy and can very easily lead to burnout. Whilst you won’t get anywhere without hard work and effort, there comes a point you will need to be savvy about what you continue to do and what you outsource.
Key tip! Focus on what you love and what you do well. Outsource all the things that bring you no joy! (This includes housework!)
4. Don’t be everything to everyone!
Find your niche and serve them well! Getting specific about what you do or sell is important - finding your USP is the first step to defining your brand.
Get focused to find your niche but do your research to ensure there is a market and be mindful to not niche too early and get stuck in a rut. You may find that the path to your niche will present itself as you work your way through researching, trialing, failing and adapting your mission to achieve your vision.
And be realistic - if you are “too niche” you may find there is not enough of a market to scale - if nobody is doing it, there may be a reason why! Don’t be too attached to your original idea - look at the data, the cold hard facts, see what patterns are emerging, stop doing stuff that doesn’t bring in the money and focus on what does!
5. Branding doesn’t begin or end with your logo!
One of the biggest mistakes I see small businesses make is not having a brand strategy.
Brands are shaped, moulded, and cultivated over time, not just in the name, logos, and the website you build, but also in the things you do and say.
“Off-the-cuff” style marketing can damage and limit your brand reach more than you think. Spending time crafting your brand strategy is one of the most important things you can do for your business.
A Brand Strategy identifies your target audience and defines how you engage with them. And guides your marketing strategies including your logo and website design.
Ultimately the brand strategy is AS important, if not MORE important, than the logo.
As a small business, you don’t need to spend 1000’s on professional branding but you do need to UNDERSTAND brand marketing fundamentals, and how to be consistent across all your marketing communications (both print and digital).
A good brand knows exactly who they are, who they want to talk to and what they bring to the table —and it’s obvious at every touchpoint of their customer journey!
6. Failing to invest in yourself”
Running a business comes with many challenges and is not for the faint-hearted!. Having the right mindset is essential to success. As a business owner, you need to be willing to learn from others and prepared to invest in your personal growth.
Find a coach to unlock your personal barriers and a mentor to help you move towards new levels of achievement.
Network to meet new people to improve your skillset and expand your horizons.
Meditate, work out, eat well and get plenty of sleep! And take regular time off. Holidays help reduce stress and give you the mental space to see things from a new perspective!
7. Failing to invest in marketing.
If mindset is the first pillar in business the second is marketing!
Poorly planned marketing, or a lack of adequate marketing and publicity, are among the key things that can drag your businesses down.
The biggest and most successful businesses in the world are so because they have a deep understanding and appreciation for marketing and they NEVER stop marketing no matter how big and successful they get.
A common mistake that small businesses make is to forget about marketing once they are launched and things ‘seem’ busy. They only ever come back to it when things aren’t working.
Others, decide to ‘turn off’ marketing to save money when things are slow — but without marketing, they won’t sell, without sales, their business fails.
Marketing is fuel - it nourishes your business and keeps it going through good times and bad.
Marketing should NEVER stop.
