7 Common Mistakes Business Owners Make
Houston Business Consulting for Women Entrepreneurs
1. - Trying to be a Jack-of-all-Trades. - One of the biggest mistakes when you start out is trying to do it all.
Budgets are tight, and you can’t afford to hire people. But as you grow, remember that you can’t be an expert at everything.
2. - Picking the Wrong Staff. - Hiring the wrong people can also be a killer for businesses. One common mistake is bringing on family or friends. Not hiring enough people can be equally limiting. You might lose out on business if you wait to hire extra day care teachers or an extra hand to run the kennel.
3. - Misreading the Market. - Charging into a market that you don’t fully understand can cripple your business. Businesses fail because they don’t understand their customers. Remember that it’s not about you. Even if your caregiving service is excellent, you need to be meeting your customers’ needs for them to buy it.
4. - Assuming Customers Will Come to You. - Similarly, small businesses often make the mistake of assuming that having a great service will automatically bring customers to them. The trouble is, no one can buy from your company if they don’t know about you. Budget for marketing expenses. Advertise in local newspapers, send out flyers, create a Facebook page and set up a profile on Care.com. After all, the only way for people to learn about you is to get the word out.
5. - Not Understanding You Need Cash. - Sometimes you need money to make money. “The biggest mistake I ever made was exhausting my personal funds to start my business, instead of raising capital,” says Jilea Hemmings, CEO of Greenie Tots. Starting up with your personal savings or cash from friends and family can help you launch, but at some point you may need larger sources of support. “I wish that I had sought seed investors and looked for state grants, instead of using my own funds,” says Hemmings.
6. - Not Having a Plan. - Small business entrepreneurs tend to be passionate people. Venturing out on your own requires ambition and a willingness to take risks. But remember that you need to have a plan for how you’re going to make money. Just starting a business for fun is going to result in a short run.
7. - Thinking You Are Your Business. - We commonly define ourselves by what we do. It’s often the first question someone asks us when we meet them. A major challenge for small business owners is identifying too closely with their companies. Managing a small business can be a rollercoaster of ups and downs. It’s important to separate yourself from your job.
Source: Care
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Houston Business Consulting for Women Entrepreneurs.
Business consulting for women entrepreneurs in Houston, Advice for women entrepreneurs, Business Coach in Houston, Growth strategies for small business, Business coaching for women, Growth for women-owned businesses, Houston business coaching, Financial strategies for small business, Small business consulting in Houston, Business management consultant, Business, Consulting, Women, Entrepreneurs, Houston, Coach, Growth, Strategies, Coaching, Owned, Owner, Financial, Consulting, Management.
