It has been proven that 99% of businesses fail within the first 2 to 3 years of operation. These outlined factors may be why.
No one plans to fail in a business but a lot of people failed in their businesses because of some mistakes that can be consciously avoided if taken note of early enough. Below are five mistakes to avoid when starting a business.
1. Poor branding
You need to make your brand likeable, unique and original and choose a good, concise and easy to pronounce name for it. A good name makes it easy to advertise your business on all platforms, therefore be careful not to choose a name that does not correspond with the mission and goals for your brand. You can always seek professional advice for proper branding and packaging if you are confused.
A bad location causes low productivity and unending losses. So if you want to start a business choose a location with good security that is also accessible to your target market. Also, it will be advisable for you to choose a location where you have no competition or that can drastically reduce your sales especially if your competition has an edge or advantage.
This is very important as you don't have to connect your personal problems with your business. Always try to put on a smile even if you are not in a good mood. Don't let unnecessary mood swings affect your relationship with your staff and customers. Don't mix business with pleasure. You need to be disciplined.
4. Cashless Policy
Equip yourself or your business place with electronic-payment options to relieve you of stress and save you from losing customers.
Do not be too sentimental with your family rather let them patronize you and pay like every other customer. If you want to be successful, do not apply favouritism in your dealings with family members and friends. Allow them do their bit to support you so your business can grow.