1. You choose the wrong name
Picking the right business name is crucial to your success. Don’t choose a name just because it’s cute, sentimental or quirky.
Imagine your brand going national; will the name hold up to expansion? Is it easy to spell and remember? Does it describe your business or its benefits?
2. You buy for the sake of buying
You will need business equipment, furniture, software and electronics, but you don’t need to purchase everything up front. Buy the essentials and upgrade as your business makes money.
Keep your capital on hand for building the business; you will need it for networking, marketing and future investments.
3. You have no marketing strategy
When it comes to branding, pay a professional to design your logo, website and other marketing materials. You may know your product but your lack of knowledge in to how to represent it properly to your potential client can hurt you.
Enter the market with a focused marketing strategy and first class materials that will elevate your business to a professional level from your first appointment on.
4. You work in isolation
Many entrepreneurs can work for days on end not seeing another human. Get out of yourself out and surround yourself with other talented and self-motivated professionals.
Join networking groups, volunteer, serve on boards and other activities to generate new ideas and connect with like-minded individuals.
5. You underprice
To determine what you should change, look at your entire cost of doing business, including materials, labour, rent, utilities, taxes and more. In the beginning, you should be able to cover your expenses and break even or make a small profit.
Also, research competitive pricing – see what others are charging for similar services. Don’t venture too far off the average either high or low.
6. You give into distraction
Do you check email everytime it dings, or spend hours surfing the internet? Distraction eats up time and profit more than any other factor.
Determine the specific activities that generate income (client appointments, contacts and networking) and spend the majority of your time on them. Set a formal work schedule and stick to it.
