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4 Critical Mistakes Of Business
NUMBER 1- PLANNING
We’ve all heard about the man that goes sets off on a journey without
a map, who later becomes upset because he can’t find his destination.
Well believe it or not – the vast majority of businesses that
start today do so without a plan and without a system or without a
prayer of making it through their first year.
Statistically those who follow a business plan stand a much greater
chance of success. Those who chose to duplicate the success of a
proven system like a franchise or a distributorship stand the highest
chance of achieving business and financial success.
If you fail to plan – you had better plan to fail. Devise a
comprehensive business plan before you start or follow
the business plan of a proven concept. Set yourself up for
success.
NUMBER 2-PRODUCT
Only go with winning products that consumers want.
Don’t waste your time and money with products that won’t sell in large
volumes. Take a trip to the local convenience store.. What are people
buying on a daily basis?
When youv’e found it then deliver it to consumers in a new and unique way.
Now you have winner!
This one sounds simple but many business start-up’s miss this critical point.
Just because you love the product doesn’t mean anyone else will buy it!
You need to go with a product that is in demand. The next step is to deliver that
product in a new, exciting way, with a unique selling proposition (USP).
This requires you to research the current trends and public needs. What are they
buying? What products are hot? Once you have found your product you then need
to look at what makes your method of selling it unique.
How can you deliver this product in a way that has not been done before?
How can you get this product directly into the consumer’s hands?
What value can you add to attract the consumer’s attention?
NUMBER 3-ADVERTISING
Spending too much on advertising.
“Early to bed, Early to rise, work like hell and advertise”.
Without advertising you could have the greatest product, the best service
and nobody will ever know. What we do know is advertising is expensive
and knowing the precise form of advertising to utilize is vital.
Yellow pages advertising cost thousands of dollars and require a commitment
for a full year. Other forms of advertising are used solely to
develop your brand and do not pay immediate dividends. For example
some companies advertise on billboards and transit shelters to spread
their brand image. This type of advertising is very difficult to track.
Other methods of advertising provide more tangible feedback like
flyers that you distribute in the mail. When a client phones in with a
dated coupon from your mailing you can easily track results.
Better still are products and services that are supported by huge advertising
budgets.
Carefully consider going with a product or service who commit to
massive public advertising campaigns. If you can share and
benefit in the advertising budgets of the parent companies
who have unlimited budgets to promote their brands.
NUMBER 4-EXPANSION
Choosing a business with no expansion potential. Growth is important.
Just like the person trading their limited hours for
dollars, opening a business that can not be expanded is a dead end
street. Are you looking at the last franchise outlet granted in your area
or one of the first? Is their room for an eighth Sub Sandwich restaurant
in your town?
There are those that say that “a business is either going forward or
backward”. You are either expanding or contracting. Look carefully at
your market, and your situation.
Is this a business that you can start part –time and build to full time
through expansion? Is this a business that is “scalable”? Can you start
with a small operation and build it to a hundred or a thousand?
Choose a business model that you can start with a reasonable
investment and have the ability to expand by simply
duplicating a proven system.
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