Avoiding the Common Pitfalls of Business Startups

It’s quite an accomplishment to finally be ready to make a mark in the industry, and see that all the hard work will soon pay off. It is a big leap you are taking, as far as your entrepreneurial goals are concerned.

You have everything in place – a great product or service, a dedicated workforce, a competent marketing team. You make yourself involved in every process, from serving or speaking to a customer, to doing accounting work to ensure all of it will turn out as you and your partners have hoped.

While this happy situation definitely calls for a celebration, there are certain aspects of running the startup that you need to know in order to avoid entrepreneurial mistakes many business owners make.

1. Lack of funding or contingency plan.

The sufficiency of your capital often gauges how your business will be like in the next 12 months and the years after. In this regard, you need to have a sound business plan that you need to update in case your business will need additional financial help or funding. With a good business plan, you need not sacrifice or compromise your own earning or savings to keep the business going.

2. Excessive optimism and high expectations.

Before deciding to open up shop, you and your partners have already identified and analyzed your market, put financial planning in place, and implemented strategies to meet client demands. The mistake, however, lies in not making any room for critical market changes that circumstances may bring about. Is your market size forecasting accurate?

3. Making “small” plans.

Avoiding expectations that are too high should not mean refusing to make contingency plans. It is not healthy to step away from challenges, because the business in itself is a risk. Planning on how to stay competent or beat the competition is one of the most recommended steps a new business is expected to take.

4. Ignoring the possibility of equity disputes.

Sure, your best friends “got your back”, but when it comes to serious business, equity agreements among founders must be iron clad. There should be terms relating to business equity distribution, just as agreements on profit sharing are put on paper.

5. Not getting a lawyer.

When starting a corporation, a limited company or partnership, getting a lawyer to is essential. Your experienced commercial attorney will help you comply with all the legal requirements and be sure your business is under the protection of the law. Learn about your attorney’s experience, specialization, bar associations and clients.

Digital Marketing Tips To Make A Small Business Startup A Big Venture

Digital marketing is important for every business and it is a most effective method to promote the brand. If you are a startup then it is very important for you to promote your business so, that people get to know about the products and services you are offering them. Digital marketing helps to gain the trust of the customer because people usually believe the things they see on the internet. The best part of digital marketing is that you do not need to be involved in door-to-door marketing, as you can sell while sitting under a roof. There are many great ways that will help you to increase your brand reach, some are as follows.

  • Build A Website – The most important factor that should be kept in mind before starting a promotion is to build a website. Your website must be responsive and mobile friendly that makes it easier for a user to access it. Nowadays, everyone is having a website because it helps to display your work among people.
  • Think Local Marketing – If you are targeting local customers then it is very important to list your business in Google listing. This helps to increase the reach of your business and helps a person to search a local vendor easily.
  • Starts Email Marketing – It is the most effective way to connect with your customers. You can send bulk email to the people-that contain some attractions, this helps to increase the ratio of visitors to your website. You can also offer some Discount, Gifts, and Vouchers etc. to generate good leads.
  • Use Social Media Channels – Social media is a wide platform that can help you to increase your sale. It has billions of active users that search for their requirements online, so if you are active on social media then you can easily catch the new leads. It also helps you to highlight your products among others.