5 Common Mistakes New Businesses Make

Pratham Israni
Jul 08, 2019   •  80 views

5Common Mistakes New Businesses Make

There are many people who start a business with the dreamof becoming successful in life or the next richest man of the country ,we do a lot of hardwork with dedication, try new things,market our product but still we fail sustain our business for only 5 Years. Here in this article I am going to tell you few things which we should not ignore while running abusiness.

1.Underpricing or Overpricing Your Product or Service

Sometime to gain the customers we offer our product or service at a low price than market price and Sometimes with the aim of earning more we also increase our product price. If your prices aren't enough to sustain your business in long run and cover the expenses, eventually your business will fail even if more customers come on board with you because of the low prices that you offered.

2.Not Investing In The Marketing

If your product is good, service is fine and all other things are also up to the mark but then how will your potential customer will come to know about the product and services you offer, their comes the marketing which helps you reach your potential customer. Spending on marketing is like an investment which might go hard on your pocket now, but will bring you more customers on board in long run. Not investing in marketing can be a big mistake. If you don’t have a big budget you can start with SMS Marketing or Email Marketing as bulk mailing services are relatively cheaper than other marketing methods.

3.Skipping Marketing Research

Many businesses skip proper research before starting the business, it includes estimating demand of the product you are offering in the market, average market price and a lot more. Try to innovate the product according to the need of the customer and then market the product properly. listening to your friends and family for suggestions or with order like advices for business can be harmful for you because they aren't going to help you while running the business and in the end you will fail to sustain.

4.Waiting Too Much For Hiring

We should never hesitate from hiring more staff just to save money. If you wait until that time when you really need to hire someone you might end up hiring the wrong person or will lose from choosing the best person or even you might choose the worst person for doing the job which will end up hurting your business. You cannot do everything on your own, and you even cannot be best at everything so, don't ever hesitate from hiring before you need someone urgently.

5.Not Having a Website

No one can deny that technology and the internet are the future. Everything from a pencil to a car is going to be available on our finger tips. The future is so precipitable then why are we don't able to adopt according to that? Because we think of why spend more if it's not going to return back that much. Yes, I agree spending on maintaining a website might not return that much now but it will soon, the time is not so far that people will start giving more priority to online than offline.

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