By DeVry University
From large corporations to family-owned companies, every business begins with an idea. But where do you go from there?
While each business and industry have their own unique challenges, there are some good rules of thumb that can help you work toward achieving your goals. If you’re preparing to break into the world of entrepreneurship, here are six small business mistakes that you should avoid.
Mistakes Small Businesses Make
- Skipping the Business Plan
- Tackling Everything Yourself
- Disregarding the Competition
- Skimping on Marketing
- Not Having a Pricing Strategy
- Expecting to Make It Big Overnight
While you might be eager to get up and running, remember that a little planning can go a long way. Take some time to write a complete business plan that outlines your goals, objectives, products, budget, marketing plan and other relevant details.
The financial constraints of a new business can make it harder to budget for employees, but remember that doing it all yourself can lead to burnout. Ask for help when you can – family and friends may even be willing to volunteer their time as you get your business up and running.
You have a great product – but that doesn’t mean you won’t be competing for business. Get to know your competitors, including where they market their products and how their quality, pricing and availability compares to yours.
From social media to traditional advertising, there are many ways to reach your customers. Learn about the audiences, costs and potential conversion rates for each tactic, and then decide which options will best suit your company’s budget and goals.
Pricing is a tricky topic, and having a concrete strategy is key. Evaluate factors such as your production costs, product quality and competitor’s pricing to help determine the best price for your product. You should also have a plan for how you’ll handle sales and discounts, if applicable.
Creating a successful small business takes time, commitment and resilience. But just because success doesn’t come instantly, doesn’t mean it’s not achievable. Keep an open mind and be prepared to pivot when things don’t go exactly as planned.
Ready to Become an Entrepreneur?
At DeVry, our programs can help you develop business-ready skills in marketing, finance, e-commerce, operations and more. Get started on the path toward your goals with a Bachelor's Degree Specialization in Small Business Management and Entrepreneurship, Graduate Certificate in Entrepreneurship or MBA Specialization in Entrepreneurship. Classes start every 8 weeks.