Every year about half the new startups in the US fail before they have been trading for 12 months. With three years, half of the ones left cease trading as well. This is often because of mistakes that people new to business make, some of which are going to be explained here.
Shutterstock Licensed Photo – By fizkes
Delays
Sometimes people get an idea that would make a good business. They start creating content and blogs, even set up social media pages, but do not actually start the business. These delays can cause them to lose confidence, and as time goes by, they start to wonder if anyone will actually buy the product they have in mind. Waiting until you have a huge number of followers is not the thing to do, as then that idea stays as one and the business never gets off the ground.
If no one buys a product from you, do not give up. Try something else instead, as you will have learned by your mistakes of launching the first one.
Not Having A Good Enough Name
Your business name needs to be something that is easily remembered, no more than two syllables being the best. It needs to be something that is easily pronounced and simple to spell. This is because when you are choosing a domain name, having it the same as your business name is the ideal. When people are searching in the likes of Google, if the name is not straightforward, they may spell it incorrectly and never reach your site. How many customers could you lose because of a difficult name?
Not Listening to Customers
Your product, service or customer care could have a problem that loses you customers. It will be your customers that complain about these issues and you should listen carefully to what they have to say. This is all part of building good customer relations and can do more to retain any existing customers than anything else.
Not Standing Out Enough
Your business needs to be different from the rest in some way. If you are just like everyone else in your line, you will be lost in a sea of faces. It could be that your product is superior, that you are a more ethical company or that you offer excellent customer services that exceeds that given by your rivals. Whatever it is, there needs to be something that will make your business more attractive than your competitors.
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Not Caring About the Industry, You Have Chosen
If you have no interest at all in the product line you have chosen you will probably not dedicate the time that is needed to make your business successful. Choose something you have some knowledge about because it is a theme you care about and you are much more likely to put in the hard work that is required.
Starting your own business is not an easy option, but it could be far better than working for someone else on a fixed salary. Why make money for them, when it could be for you?