Are You Dooming Your Business To Fail?
Are You Thinking Too Small and Dooming Your Small Business To Failure?
Starting a small business can be a wonderful experience but it can also be challenging and time-consuming. However, help is on hand to get you over the small business mind frame.
The number one problem I see many small business owners experience is simply thinking too small. Readers often write to me asking for help getting their business idea off the ground or alternatively saving their businesses from failure. There are five key areas where you can think too small and doom your business to failure. These five simple strategies can help you avoid the ‘small’ business trap.
Niche Market Too Small
Do you consider your niche market too small? Finding a small market to target your business too is a key element to success. If you can successfully market your product to a niche market then the worlds your oyster! Sometimes small business owners narrow their niche market to extremes. While burlesque could be a wonderful niche, you could even narrow your focus the market down to a certain type of women who would wear your product. However, going for one specific market “type” would be taking it too far and would limit your marketing exposure.
Target Market Too Small
Do you consider your target market too small? If you are looking only at one small geographic region or community then you may well be dooming your product to failure. Saturated small markets abound, however think small and you’ll stay small and your business will fade into insignificance. You can limit your already small market and end your campaign before it gets off the ground or you can re invent and realign your products to be uniquely different in one of these saturated markets. In today’s economy with the availability of global marketing, such as Etsy you need to think BIG when you are planning your marketing strategies towards your target audience.
Budget Too Small
What budget? My budget is too small to consider large enough to help my business. You don’t need a million dollar marketing or advertising budget, however you need to spend money to make money and some of this money is going to be needed to get your business and marketing campaign off the ground.
My father was born in the December of 1917 and at the age of 10 his father left. It was during the depression and single parent benefits didn’t exist. At the tender age of 10 he went to work and began pouring bitumen on roads. However, he had the foresight to go to night school – yes that’s right he decided an education was what he needed. He served his country in WW2 and upon his return he founded Raymor Industries with almost nothing. His business made the fortune 100 list and won numerous awards internationally for plumbing designs and so it went on. I am so proud of my dad, he was amazing and if he can start with very little and be successful you can too! It isn’t easy but you may find yourself making unnecessary mistakes that cost you much more down the road than if you were to put a little money up front.
Schedule Too Small
Do you have enough time in your day to devote to your business? Some small business owners continually live in la la land, or the honeymoon stage of planning and never really get anything off the ground. Others start before they have adequately planned their business and marketing strategies. Others seemingly get everything right to become overwhelmed by the day-to-day running of a business. Instead of working FOR the business, they get bogged down working IN the business. Starting, running, and growing a business take time, lots of time. Forewarned is forearmed. Before you sack your boss, it’s imperative you fully understand the time a small business entails. Begin your journey as a small business owner with as much research as is humanly possible. Research and planning is one element to small business success. Don’t make the mistake as many others have before you by wearing too many caps for the one position.
Mind Too Small
Do you have tunnel vision? Seeking new opportunities to find new customers and new partners and finding new marketing ideas and designing new products are essential elements for maintaining a successful business. You need to open up your mind’s eye to continually seek new opportunities. Flexibility and adaptability is key to survival in today’s business climate. You need to have new ideas cooking and brewing to grow and expand your market and your business. This means managing your business out of the trenches. If you spend too much of your time IN your business you will miss opportunities heading your way.
If you do your best to avoid these five not-so-small mistakes then you’re well on your way to small business success.