Small business owners make mistakes, and you can't build a business without making some along the way. The best thing you can do is be aware of the common mistakes, and try to to avoid them as much as possible. Many of the entrepreneurs who have made mistakes are gracious enough to share their failures. Here are 4 of them you should know about:
1. Working without a Plan
You know that you need to plan your business before you get started, but life happens and you never get around to it. The "plan" in your head gives you a false sense of security, and you believe that you know what you're doing. The fact that it works out for months doesn't help either. After some time, you may decide that you don't need a plan. It's a mistake that many small business owners make, and they pay for it. Running a business without a plan is not sustainable, and don't be fooled by short term success.
2. Inconsistent Marketing
Failure in business is guaranteed if you don't market consistently. Customers need to know you exist, and be persuaded to buy your products and services. Otherwise, you've got a nice hobby on your hands, not a business. Small business owners who made the mistake of doing infrequent marketing failed eventually. The customers they gained through initial marketing efforts did not sustain the business in the long term. Don't let that be your story. Market on a daily, weekly and monthly basis, depending on the marketing task.
3. Getting into Debt
Starting or growing your business with debt is not a good idea. When you're working at home, your business has a huge impact on your personal finances and vice versa. If the business goes under, the debts won't be wiped out. Creditors will want their money back, and they'll come after your house, bank accounts and money you have in savings. You don't know what tomorrow may bring, and your attitude should not be one of, "that will never happen to me." Debt is a ball and chain that will drag your business down, even if you don't end up "closing shop." You enjoy the freedom of working at home, so stay free by avoiding debt.
4. Not Involving Family
As a work-at-home mom, you have an excellent opportunity to strengthen your family while getting the help you need to succeed in business. Don't make the mistake of trying to do it all when you don't have to. Ask your spouse for help, and leverage his strengths in your business. Involve your children in the business, by teaching them how to complete routine tasks. Small business owners have made this mistake of not delegating tasks. You can avoid similar regrets, if you utilize the skills you have in your own home.
Try to avoid these 4 common mistakes that new small business owners make. You'll eliminate some of the obstacles that prevent success in business.
Daphne Mallory, Esq. is the co-owner of Mallory Writing Services and has written more than 100 articles helping home based business owners and entrepreneurs start and market their business. You can learn more about her here.