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The 4 Pitfalls Of Small Businesses

When workers are tired of their typical 9 to 5 stretch, doing a job that does little to satisfy their needs and leaves them feeling fulfilled, the option of starting their own business is very appealing. The freedom of setting your own hours and being in charge is enough to encourage the most embittered worker to up their anchors and set sail into that ocean of possibilities. However, there are worries that come with setting off on that journey, especially if you enter it under prepared. This is not a piece to discourage setting up your own mini empire. These are a few of the issues every business in its infancy faces. Read on, and bear them in mind.


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Lack Of Focus

Do you know what it is you want to achieve? Asking yourself this and then breaking the answer down into more manageable goals will give you the perspective to grow, or to get to the crux of what you are in this for? Did you have an idea for a product that will change the way people look at a day to day issue? That is all well and good, but not the foundation to start a business. Re-examine the idea, or look at it from another viewpoint. Is this idea solid enough to sustain a business, and perhaps more importantly, to sustain a living for me, or me for it?



Lack Of Business Knowledge

It’s in the title, to start a business, you will need knowledge of how a business is run. If you are a complete novice to the situation, do some online research or take a course. Or even, look at businesses you admire and use their structure as a way to inspire you further. If you are entering into a niche market, look at other businesses that have provided that service to see what you can learn from their mistakes. Flying by the seat of your pants may be fun for a while. But if you don’t know how to talk the talk, it can make for a very awkward business meeting with potential clients. Or in the bank when applying for small business insurance.


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Lack Of Marketing

Marketing = communication. Are you able to communicate your product to the right people? Do you have the means necessary to get the word out there. If your marketing campaign is second to none, there is no difficulty you can’t overcome. If a product cannot be marketed successfully enough, it needn’t exist. This is because, for the majority of people out there, it doesn’t! Get out there and research who your product is suitable for. What means of communication does this market use, for example, social media?


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Lack Of Fun!

Having your own business will be an adventure. So, don’t forget to enjoy it! In between the late nights, early mornings and the lack of time available to you, feel the rollercoaster of excitement. It’s like that moment after you’ve jumped out of a plane, the feeling of flying and invincibility that comes over you. Savour it! It’s a feeling that will look back on and smile. Best of luck in your endeavour!   

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