Everybody wants to start their own business, and many try, but only a few succeed. Why is it so difficult to get a new company off the ground? Starting a business comes with a very small margin for error, and unfortunately, many new business owners make lots of mistakes. In almost every case, the business that makes it through the mess, into the world of successful companies, is the one owned by someone who makes little to no mistakes. Here are some of the most common mistakes made by new business owners. These are the ones you want to avoid.
Location is a very important aspect of any new business. Of course, you don’t want to pick a place that’s excessively priced, because not being able to pay your bills will put you out of business as fast as anything else. But you also don’t necessarily want the cheapest possible option. The best location is one that is easily found, roughly in the middle of the area that is most heavily populated with the people you expect to be your customers. A discount shop placed in the middle of a high-class neighborhood is not likely to do very well, while the exact same shop within walking distance of lower to moderately priced housing will thrive.
Poorly Defined Niche
No business can serve all of the needs of every person. Every successful business has defined the niche it intends to serve. An ideal niche is big enough that it includes enough customers to keep the business running, but small enough that the business can still handle it. It should also be specific enough that potential customers know what to expect before coming. For example, if someone is looking for a special kind of mattress, they are more likely to visit a store that sells only mattresses than one that sells all sorts of sleeping related items. The second store may have more items but may not have the best mattresses.
Not Going All In
Many business owners will argue that this is the most important aspect of any business, no matter what you’re selling. Because starting a business is so competitive, it requires everything you have. It’s very difficult to start a business on the side, while you’re doing something else. Even if the business is your main focus, it’s very unlikely to succeed if you’re not willing to put in 12 to 14 hours a day for years, or even longer. It really does take everything you have.
Thinking about starting a business? Contact us. We can answer your questions and set you up with office space right for your needs.