Blockbuster passed up the chance to partner with Netflix 20 years ago. Kodak held a patent for a digital camera way back in 1977 but didn’t make it public.
Where might these businesses be today if they had made different decisions? Where might your company be in 20 years if you make smart choices?
To guide your enterprise in the right direction, avoid the following blunders commonly made by small business owners.
Overreaching: Small business owners can’t be everything to everyone. Find your target market and create a solid marketing plan to reach that audience.
Insufficient coverage: Small business owners often don’t have the capital to cover disaster expenses. A fire or lawsuit can cripple the company. It’s essential to establish sufficient insurance coverage. Contact me to review your business needs and put the proper policies in place.
Underpricing: Cheaper prices don’t always lead to success. While your goal might be to attract more customers, setting your prices too low may fail to meet your expenses. Stay competitive, but set rates that will keep you in business.
Lack of guidance: Entrepreneurs need support to get their businesses off the ground. You might be an expert in your product or service, but you might need help with certain best business practices. Reach out to mentors and experts for the guidance you need for success.
Giving up: As a start-up, you might not make money in your first year. That’s okay. Even FedEx, established in 1971, didn’t turn a profit until 1975. If you don’t see profit right away, don’t give up.