A
business coaching article:
Five common mistakes made
by new business owners
and how to fix them
by Cathy Goodwin, Ph.D.
Q. "Some time ago, I put
up a website for my new
business, and I haven't attracted a single customer!
Coaches have suggested optimizing for search engines,
promoting myself through live events, branding and
banishing negative thoughts. I'm feeling dizzy."
A. When you're spending
time, money and energy with no results, you're probably making at least
one of these five deadly mistakes. Here's how to get back on track.
Mistake #1. Assuming a
market exists for every business idea.
The Fix: Before
spending more money, be sure you've identified customers with an
ability and a willingness to buy. Choose a market that not only loves
your idea, but can afford to buy your service. And go for low-hanging
fruit: a market that values your service and expects to pay for it.
Mistake #2: Focusing on
a narrow slice of marketing.
The Fix: Think
strategy first, specialists second. Consultants can resemble the
fable of the ten blind men and the elephant. Web
designers will encourage a website makeover.
Copywriters will critique your choice of words.
Mistake #3: Tossing all
your marketing budget into one basket
The Fix: Spend
frugally (but professionally) while building
your customer base.
Want to host a catered party with live music and catered refreshments?
Test your market with low-cost panel discussions, free content articles
and speeches to community groups. Want a brilliant website? Start with
a simple calling card, minus the flash. Spend big bucks after you've
learned what works.
Mistake #4: Listening
to cheerleaders and wet blankets.
The Fix: Learn to
ignore advice to "just dive in" before you've learned to swim. And run
from those who warn, "You'll probably go under" before you step into
the pool.
Create your own support team of experts who can give you a balanced,
realistic perspective. By arming yourself with information, you can not
only survive but thrive in your new venture. And confidence comes from
information combined with experiences of small but significant success.
Mistake #5: Saying, "If
this doesn't work, I can always get a job."
The Fix: Operate
from a position of strength. Get an interim source of income before
money gets tight. Your old job will be different, even after six
months. And after six months of testing the business waters, your old
job will seem different. You may not be able to go home again.
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