When starting a business, we make some mistakes which can be fatal. Rea this article, to know about those mistakes. Click here to read articles on business.
Lacking a Mentor and Advice from Experienced People
Nobody knows your project better than you do and you don’t need anyone to implement it … Really? It is always useful and appreciable, especially in small moments of discouragement, to rely on the advice and experience of a mentor who already has experience in starting a business.Click here to read articles on business.
No one like this on the horizon? Join a group of entrepreneurs without hesitation and bet on solidarity to help you move forward.
Choosing legal status too early
Indispensable for setting up a business, the choice of legal status allows your company to exist legally.
However, choosing the right legal status is not a formality. It is a crucial stage in the creation of a business that is best dealt with when the project is already relatively advanced and we know which direction we are taking: how many partners, what share capital, etc.
Not testing your product
Test your offer on a small scale before embarking on major investments: check the quality of your product (especially in relation to the competition), its price (again in particular in relation to the competition) and, of course, check if your product meets a real need and is aimed at a relatively large community.
Here are some ways to test the market on a small scale:
Have a small series produced and rent a stand at a market or pop-up store to verify that the product sells
Test to sell your product on the internet before producing on a large scale: on your site by doing an advertising campaign to attract traffic, on an eBay marketplace, etc.
Canvass a few customers by going door to door (product) or prospecting by phone (service).
Neglecting Communication and Marketing
Do not neglect communication: you can offer the best product or the most effective service in the world, but if nobody hears about it, nobody will buy it!
Products that succeed in breaking through without an ounce of communication are extremely rare. Even with a great product, word of mouth is usually not enough.
From the start of your project, build an ambitious marketing plan, taking care to assess the expected returns and the estimated costs of each communication or marketing action.
Scattering, Not Focusing on the Basics
As a business creator your resources are limited. It will therefore be necessary to make choices, and it is better to concentrate on a few tasks and execute them quickly, than to disperse yourself on a multitude of sub-projects which will not progress or too slowly …
To move forward effectively, know how to identify what is crucial for the development of the business and what deserves your full attention to, if possible, reach perfection: your product, your business plan, your after-sales service, the search for new customers…