The role of business owner is not an easy task and is not for the faint at heart. There will be many ups and downs in your plight. If you have the desire to start a business, I invite you to explore the why. Is the reason you want to start a business tied to your purpose in life? Are you solving a problem for others?
If you are unsure, ask your creator why you’re here? What is your purpose here on earth? What are you passionate about and yet solves a problem for others?
It’s important to know who you are as an individual and why you are here because being a business owner can sometimes be a lonely place. There will be many long hours of work, and it will take great effort and patience to see your sales increase.
If your reason for starting is because it looks easy and if your friend can do it, so can you; you will fizzle out really fast.
If you’re launching a business just because Sally is selling shoes…. the shoe business may not be for you to do. Maybe Sally has a gift to design and make shoes. Maybe she dreams of designs wakes up and puts it on paper and then creates the shoes she dreamed about. Could it be that Sally is walking in her God given purpose?
So, you want to be operating in your purpose….. in your uniqueness even when it comes to business.
As an entrepreneur, I’ve had many ups and down, and many victories and failures.
Some of my many experiences have changed my life forever. I’ve even had to learn some painful lessons because I was too stubborn to listen or change the way I did business.
So, if I could help any aspiring or even current entrepreneur, I’d like to share with you somethings to avoid when starting and operating your business regardless of which industry you are in.
Pitfalls to avoid in your business so that your business does Flourish…
I believe it’s God’s desire that we flourish in business and not just be barely getting by…
**When I look at, or even visualize a flower or a plant that is in full bloom… be assured that the plant or flower had to go through a pruning, it had to be watered consistently… weeds had to be dug up from around it in order for it to grow properly and then flourish to its full potential.
It’s the same with our businesses- if we don’t correct some things- If we don’t realign our paths; then our business endeavors will be short lived.
1. Don’t limit your sales potential by giving your business the wrong name.
Think, Pray and Survey…before you officially name your business. When you think you have a name pinned down… survey someone you feel you can trust and that will be honest with you about the name you have chosen. Is the name memorable? Don’t just pull a name out of a hat so to speak or don’t be so quick to name your business after your daughter or great grandmother …. Unless the meaning has a significance. Those names can be cute, but can you see yourself branding that name and is it a name that can grow with your business?
What am I getting at here?
You want your business name to be one that says I sell to all cultures. You want to attract customers from all walks of life. If someone picks up your card or hears about your product and how good it is… are they going to be apprehensive about going to your site or buying from you if your name sounds like you only cater to people of your own race? Money is green and it spends…. I smile and I accept it from everybody!! Meaning…. I market to and sell to all races, creeds etc.….
So-You want a professional name, yet you have one that reflects who you are or what you believe. You have to find the right balance… which is why it’s good to survey others on your name choices. Also, once you make your name legal and begin to market your business… it maybe a hassle to change it…. So naming your business is a serious task.
2. Don’t operate Illegally.
Take the time… do the research, spend the money it takes to make your business legal with your state. You are taken more seriously when a consumer can look you up and see that you are a legal business.
You can make your business legal by setting up a Dba on Sun-biz.org, the cost is less than a cell phone bill. There is also the option to set it up as an S Corp, an LLC, or Non- profit.
An occupational license with the city or county is at a low cost as well for most businesses.
*After establishing your business, you can you can obtain a tax id (Fein) for free from the IRS. Doing this also allows you to open up a business bank account. Your business finances should be separate from your personal finances!!
3. Inconsistent branding message.
The first thing we often think of when we hear the word branding is our website, logo and business card. These are important, but branding is so much more than that. You are your brand. What do people know you for? How you carry yourself? How you conduct business and even treat others is your brand. Remember, rather you believe it or not- you are always being watched- physically or even online- people are watching you. Concentrate on building a brand of trust and respect. Be dependable. Follow through on what you promise your customers.
Our goal should be to be an expert in the field of what you are selling. The more you educate yourself on your product… then, you are more authentic and are taken seriously by consumers.
* THE WAY YOU COMMUNICATE TO YOUR CLIENTS, YOUR FOLLOW THROUGH, RESPONDING PROMPTLY TO CLIENTS ARE THINGS THAT BUILD YOUR BRAND WHETHER GOOD OR BAD… YOU WILL BUILD A REPUTATION ONE WAY OR THE OTHER….
“Your brand is a story unfolding across all customer touch points”
Jonah Sachs
4. Failure to market your businesses.
Often times… we are ambitious about starting a business. We run and make the business cards; we pay for a website and do a couple of social media post and we just expect the customers to come pouring in! We twiddle our thumbs and expect for them to call us and run us down because we made our business public. Not So!!! You have to start a business with a global mindset. After you have sold to your few friends and the family members, now what next? How are you going to get the clients?
Having a global mindset says… you find your target market and go after it! Who is your product or service for? Market to those people through social media, and when you’re out in public in the right setting. Building relationships with people and showing a genuine interest in them will produce sales.
If your product is an intellectual service… create a webinar which allows you to service clients in other states even countries online.
Don’t be an angry entrepreneur! Stop getting mad and talking trash online to your friends because they aren’t supporting your business.
Even if all of your friends and family purchased from you…. Its not going to make you wealthy. Let’s face it, they may purchase once or twice to support you, but you can’t expect for them to fund your business on a monthly basis. Think Global!
5. Don’t make money your only goal
If money is your only agenda… or only reason for starting a business… you won’t last very long. Avoid being a cut throat type of entrepreneur where you will do anything to close the sale. Or you provide just enough service to get the sale. Seek to build relationships with your clients and they will be your clients for life! Ask about their families, take a genuine interest in their business and they will feel it… Send out birthday, Christmas cards so they know you do care about them.
Pray for your clients. Pray for their finances…. When their finances are blessed… they bless you by spending more money. I have even offered prayer over the phone to a client when they were having major life problems… When you are authentic, it’s felt, seen, and remembered by those you serve.
- Undercharging.
One of the most frustrating mistakes you can make is to undercharge for your product or service.
You know you need to make money, but are afraid to charge what you desire because you are afraid, they won’t pay it. Stop assuming people don’t have the money to pay what you charge- stay out of their pockets! People pay for what they value. However, do your research- contact other companies that may sell your same product or service you offer. Take the time to view your competitor’s websites. Make sure your prices are within industry standards for what you are charging. Be confident, be firm in your pricing or you will always feel cheated; less than for accepting less.
Also, put the work in! – produce quality product or service and you will be confident about the price you are charging.
For example, if you produce a personal care product, do a cost analysis of what it will cost you per unit to make the product. This will give you your pricing structure to ensure that you make a profit from each sale.
- Avoid being a copycat – Dare to be different
If you’re selling T-shirts or even jewelry; what makes your product any different from the competition?
Why should a consumer buy from you? What sets you apart? Have you taken the time to think about how you can present your business in a different context so they can’t say they have heard your sales pitch before? This goes back to purpose. Ask your creator for your niche – what twist can you put on your business that is different from everyone else? Is there something you can offer for free or at a discount prior to offering your primary product?
- Failing to invest in yourself(business)
We have to get out of a poor money mindset- “I can’t afford a class or seminar to expand my knowledge” … “I don’t need it” … “I already know everything there is to know about my business” is the wrong mindset to have. We often size successful people up mentally thinking they can’t teach us anything or that we would be wasting our money by investing in a course to better our businesses or brand. But yet, we spend countless dollars on frivolous things that don’t bring value to our future.
Go to networking meetings, take a business etiquette class; sign up for webinars that would help you to grow in your business. I want to caution you to do your homework before investing money into someone’s course. Ask around on social media about the person that is offering the course. Be sure and check out all of their online platforms and even search for any online reviews about their business before you invest.
“The capacity to learn is a gift; the ability to learn is a skill; the willingness to learn is a choice”. Brian Herbert
- Chasing more than one vision at time
Although, there may be so many ideas in your head and you may offer 5 to 6 different services. Maybe you’re the jack of all trades and do many things well; but I encourage you to focus on one business venture at a time. Once that course is successful, then begin working on and offering your ideas or services to the world. When we chase more than one vision at a time, this can lead to divided focus.
10. Find Balance
While you are marketing, fulfilling orders and doing all it takes to run the business, I encourage you not to run yourself in the ground! If you have a family that you have to care for and especially small children, don’t forget them. Know when to take breaks for your sanity and for the sanity of your family. Be sure and take mini breaks from the hustle and grind. Remember to smile and be kind to the ones you live with, as they are usually your biggest supporters. Take some time to have dinner with your girlfriends or go on that family vacation. If building an empire makes you impossible to live with, what good does it do at the end?
“Balance is not something you find, it’s something you create” Unknown