Saturday, October 29, 2005

7 Deadly Business Mistakes

Courtesy of B.C. entrepreneur Cherilyn Lester, here are 7 mistakes entrepreneurs make before they even start their business:

Mistake # 1: Selling themselves as just another commodity supplier. There nay be a million carpenters in the world, but the most successful ones have a specialty: wood carving, house renovation, specialized pieces.

Mistake # 2: Failing to plan. An idea is not a business plan, a marketing plan, or even just a goal. Although planning may seem tedious, the process will benefit you more than you can imagine: when you are seeking funding, for example, or when your indstry changes.

Mistake # 3: Spending too much on brochures and business cards. Most startup businesses change too quickly for these materials to be effective for very long. Don’t waste time or money on brochures and cards until you can keep your sales presentation the same for six months.

Mistake # 4: Creating a domain name and arranging website hosting before you've completed the marketing plan.

Mistake # 5: Selling yourself instead of your product. Don’t promote your experience or qualifications: promote your solutions.

Mistake # 6: Stopping marketing. If you stop marketing when you run out of new ideas, your new business will peter out too. The key to successful marketing is repetition.

Mistake # 7: When nothing happened, you didn’t try again. Nothing says failure like someone who quits. Motivate yourself! Get up in the morning and say “I’m going to get hits to my website.” Or “I’m going to get a client this week!” You have to try, make mistakes, learn, and try again.

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