When it comes to opening any type of business, the success hinges on one thing – planning. If you don’t plan for the right events or anticipate the next moves then your business could end up closing its doors before you haven’t even had a chance to open them.
To save you from making some of the most commonly made business mistakes, below are some tips to keep in your mind.
If Your Business Name Doesn’t Sell You Then Choose Again
The first thing you will want to do is to choose a name. And, given that you will be putting in all of the hard work and effort, you will want the business name to reflect you. As admirable as this is, it’s better left until after your business has become successful. Why?
Imagine a scenario where a motorist has become involved in a car accident and they want to seek legal assistance. They search online for their local legal service and are presented with two options.
- The first option is your business called Smithson & Partners Legal Services
- The second option is your direct competition, their name is City Wide Motor Vehicle Compensation Lawyers
Can you guess which service the client is going to call? While you don’t have to be as obvious as that, it’s important that your business name sells your service so as to attract as much of the right attention as possible. If you are starting your firm with a partner, consider dropping names all-together and just sticking with a marketing-focused brand.
Don’t Waste Your Startup Capital
Hollywood makes it look like starting your own business is as easy as listening to 30 seconds of music and painting a few walls and laughing while charging a credit card and throwing cash around. And while there may be some painting involved, it isn’t as easy as the movies make it appear and there definitely isn’t as much money-throwing.
Instead, be sure to keep your spending on track and stick to your budget. In addition, look for ways which you can reduce your overhead costs.For example, instead of flying business class, utilize an Expedia coupon from Groupon Coupons when you need to travel. Similarly, sites like Groupon can be used to save on a range of business-related items and services.
Are You Online?
It doesn’t matter if you are just starting a local corner-store or if you are a dressmaker wanting to open their own boutique, you need a web presence. Why? Because if you don’t have even the most basic websites then people won’t be able to access your services easily, potentially choosing your competition simply because of the ease of contact.
Of course, there are more than three mistakes which the majority of business owners seem to make, however, these are a great place to start. At the end of the day, each time that you need to make a decision, remember to make it a smart business decision and not one of ego or laziness.