You have a small business that’s not doing well, but you don’t know why. It’s a frustrating predicament that most businesses face at some point. If you’re trying to figure out why your business isn’t running smoothly, take an inventory. Chances are you’ve inadvertently made some mistakes in execution. Here are five common mistakes that small businesses make.
1. If I Build It, They Will Come
Care.com points out that one of the most common marketing mistakes that small business owners make is believing that their customers will just find them. If you’re not actively marketing your business, don’t expect the customers to come to you. If you have a small business, plan on spending at least some time promoting it on social media, with flyers, and in newspapers or on the radio.
Additionally, if you have a website – and you should – plan on doing some website marketing as well. A simple pop-up that allows you to collect names can do wonders for your bottom. The money is in the list so the saying goes. Make sure you use email marketing as a part of your plan, too.
2. Not Knowing Their Market
If someone asks you, “What’s your market?” could you tell them? Many business owners can’t, according to the Huffington Post. Don’t fall into the trap of thinking that your product or service works for everyone. Instead, focus on the people who will most likely need what you have.
For example, if you sell handmade book backpacks for school-aged kids, you automatically have a market and therefore, a non-market. Knowing why someone would buy your services or goods helps you narrow down how you use your marketing dollars and your time. In the process, you’ll make more money. You’ll only reach out to people that want or need what you offer.
3. Know Your Competition
An article in Forbes suggests that not knowing who your competition is can be detrimental to your small business. Part of being able to compete in the marketplace is knowing what niche you fill and what niche your competition fills.
Once you know this, you have the information you need to differentiate your small business from your competition’s. This could be a difference in price, products, or range of services offered. It could also be a combination of any one of these.
4. You Don’t Have a Plan
Do you know how many products you need to sell to break even each week? Each month? Do you know how what the best practices are when it comes to website marketing? Do you know what you need to do to make your office rent each month? If not, you may be trying to operate your business without a plan. Solid businesses run on solid plans. If you don’t know how you’re going bring in money, how will you actually make money? Writing up a business plan will help you to answer those questions before you hang out your shingle.
5. You’ve Hired the Wrong People
It’s tempting to choose the employee who costs you the least, at least on paper. However, this tactic can backfire and cost you more money in the end. Care.com recommends that you avoid hiring friends and family unless they truly fit the job, even if they cost you less money up front. Not only could this cause strain in your relationship, it can cost your business money if that employee leaves. A mistake like this forces you to go to the expense of advertising for a new employee and training that employee. It’s better just to choose the best employee to begin with.
All small business owners make marketing mistakes. It’s part of doing business. Part of getting back on the right track is knowing what mistakes you’re making as a business owner and correcting them. These five mistakes are among the most common. Solve these problems and chances are your business’s health will improve in the process. Contact us today if you would like a free SEO evaluation of your website and for more information on how we can help take your online marketing to the next level.
With over 15 years of marketing experience I have helped over 1,000 businesses amplify their customer base. I have spent the man hours to make sure every one of my clients have had a positive experience. I take the time to sit and get to know every company I work with on a personal level. I started this company to put qualified leads in front of the companies who are looking for them. The Website Marketing Company headquarters in Orlando, FL. 32803 services clients across the country.
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