By DeVry University
February 25, 2022
3 min read
February 25, 2022
3 min read
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.
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.
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In New York, DeVry University operates as DeVry College of New York. DeVry University is accredited by The Higher Learning Commission (HLC), www.hlcommission.org. The University’s Keller Graduate School of Management is included in this accreditation. DeVry is certified to operate by the State Council of Higher Education for Virginia. Arlington Campus: 1400 Crystal Dr., Ste. 120, Arlington, VA 22202. DeVry University is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission, www.tn.gov/thec. Naperville Campus: 1200 E. Diehl Rd., Naperville, IL 60563. Unresolved complaints may be reported to the Illinois Board of Higher Education through the online compliant system https://complaints.ibhe.org/. View DeVry University’s complaint process https://www.devry.edu/compliance/student-complaint-procedure.html Program availability varies by location. In site-based programs, students will be required to take a substantial amount of coursework online to complete their program.
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