5 mistakes all new business owners make in their first year
Did you know?
Over 50% of small businesses fail in the first 5 years.
Also, we can tell if the business can be successful, looking at the stats from the first two years.
This means, if you work hard and have a consistent work ethic for two years, you will know if your business can be sustained or not.
When I started my business, 4 years ago, I wish someone told me a few things that I learned along the way.
Like me, many small business owners give importance to things that are not really important and ask why are they not getting results.
I want to break it down for you and tell you what mistakes you need to avoid and how to fix it.
BUILDING A SOLID FOUNDATION
I was looking at new business owners online and going through their website, I know they have not gotten their right.
You can have an amazing website and a beautiful logo.
What is the point if someone comes to your website and does not know what action to take next.
Or even worst, cannot relate to you at all.
I encourage all the new business owners, to take a few days off of daily tasks and really nail it down on their customer/marketing persona, their story, messaging, branding, etc.
I have seen such a rise in my client's readership after they have nailed down their foundations.
Yesterday, I received this email from a client who has been in business for just about a year and has not seen any results in her business since she did not nail down on her foundation for her business.
IT TAKES TIME
With the increase of online businesses.
Most new business owners are looking for overnight success.
Get money while you sleep schemes.
All this only happens, if you put in the effort that needs to put to get such radical results.
It seriously takes hard work, and specific steps and a lot of help to pull off a successful business.
If it was that easy to build a business, everyone would do it by just having a website with huge traffic flowing and drinking pina colada on the beach.
The bottom line is: Do not except fast result with minimal efforts.
Building an online business takes time.
Building a loyal following takes time.
Getting organic traffic to your website takes times.
Building your email list takes time and a few strategic steps that need to be put in place.
I had a client who saved up $5000 to start a new business.
She knew the first thing she had to invest, was in a brand new website.
She went through a ton website developers and decided to work with a local advertisement company.
She ended up paying $3500 for the website.
Now that is an expensive mistake!
When she was on her monthly mentoring call with me and when we were on the subject of marketing your business. She was regretting that she spent so much on a website cause she just had less than $1000 to invest in marketing.
I encourage all new business owners to invest back a portion of the money they get into marketing.
Download these stock photos for free from my website and feel free to use them in your new business
This helps you to get people on your email list, gets you more followers and in turn generates more revenue.
MAKING NEW FRIENDS
I am so guilty of this.
When I started out, I was scared to make new friends in my industry, because I looked at every business owner as competition.
Within, the six months of business, I realized that these people whom I thought was my competition were advising me on what my next steps should be, and found joy in my small wins.
What I learned is, these people have a wealth of information and have the needed resources that help you move forward.
So, get on facebook groups and make new friends!
I cannot stress how important it is to ask someone to critique your website, social media and your brand as a whole.
This lets you know what people think of your business and what impression you are leaving behind.
I love brand auditing.
I do this only for my email subscribers and they love the results they get out of it.
I critique and audit their website and give them notes on what can be done and what should be removed/replaced.
The results that it has is business - transforming!.
As I conclude, I encourage all business owners who have been in business for 6 months to 2 years to evaluate your business. Where is it going? What are your long-term goals are?
Now it’s your turn!What is the biggest mistake you made as a new business owner? Let the community know and let’s all learn from each other's mistakes.