Underestimating your competition
Competition between businesses within an industry can be cutthroat, and assuming you don’t have any competition is the worst mistake you can make. In the same way that football players watch their competitor’s game film to notice their weaknesses and gain ideas, business owners should be watching their competition to learn what is and isn’t working.
Lacking a clear marketing strategy
Just because you hang an ‘Open sign’ on your door, doesn’t mean that you will immediately have customers lining up at your door. Marketing is one of the most important aspects to opening a new business. Having a clear plan combining traditional and digital marketing will ensure your success. Equally as important is brand awareness. Keeping your brand consistent and a constant priority is your key to success.
Trying to do it all
Anyone who has tried to run a small business will tell you that you can’t do it all by yourself. If you also want to have a life, you need help to run your company. Hiring industry professionals will allow you the free time to handle other aspects of the business and focus on your life. Achieving work-life balance should be your ultimate goal.
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