Turning over an eight to five job to pursue entrepreneurship is perhaps one of the riskiest things to do. It requires a lot of courage, resources, and a healthy mindset in order to strive for the optimum. While an entrepreneur has the right to freedom, impact, and fulfillment, one does not simply attain success with their eyes shut. If you do not have the right strategy to start and scale your business, there is a high probability that entrepreneurship will only cost you freedom, time, and money.
Along with a poor strategic approach, most failed entrepreneurs struggle with their business due to some overlooked mistakes. Take note of these five critical mistakes that you must avoid when scaling a business.
1. Lack of market research
Markets in an industry are persistently changing whether due to technological changes or new ideas. Either way, doing your market research is highly necessary to allow your organization an understanding of how such changes could benefit from shifts in the market.
Market research is essential in identifying and solving problems. Without it, you will miss valuable opportunities. This is why successful businesses go through very cultured and lengthy market research; they try to find out everything possible about their customers and apply it to their new products and/or services.
Furthermore, it is important to not operate in a vacuum. Before taking a risk, make sure that you know who you are partnering with, their fear, desires, and how they could contribute to your solution. To do that, you need to implement sufficient market research. Just like what Elizabeth Hartke said, “Market research is one of the keys to knowing what problem you solve, and if you don’t solve a problem, you won’t be in business very long.”
Read: How to Maximize Your Time As a Small Business Owner
2. Fear of selling
Most fledgling entrepreneurs are abundant in creativity and intelligence but are afraid to sell. It is totally understandable; no one wants to come off as a roguish salesman who takes advantage of anyone with the money and pulse. But once you become an entrepreneur, you need to have a moral obligation to sell.
Improve your sales conversation by building rapport. Be likable and never be afraid to build relationships. Uncover your aspirations by making your impact clear. And be sure to help your prospects visualize a new world with your product and/or service while letting them build excitement around it.
Read: How to Create a Perfect Sales Page (+2 Great Examples)
3. Sacrificing time for money
Sometimes, the conventional formula for freedom (Time + Hardwork= Freedom) doesn’t add up at all. Most startup entrepreneurs rely on hard work and time leaving them no freedom to do things beyond their job. Elizabeth Hartke stated that you should “think about the different ways that you can use your knowledge, expertise, and passions to craft new monetizable channels into your business through passive, residual and growing income streams.”
Find multiple income streams that can help generate profit while you’re catching up on other personal matters. There are ways you can create multiple income streams, such as online courses, in-person events, group coaching, webinars, advertising, and other digital products.
4. Lack of email marketing
An email list is a list of emails that you have gathered from customers and visitors that would like to receive info, updates, and discounts from your organization. It is important to have an email list because it is one of the main ways to communicate with your customers.
Email marketing helps you get more people to subscribe to your emails. In fact, a business is 3x more likely to connect with customers with email marketing compared to social media.
If you want visitors to subscribe to your email, you can add creative tactics to your website. Such tactics include images that pop-up on your webpages, surveys, and the advantages if visitors subscribe to your email.
Read: How to Build an Email List in 2020
5. Hustling without the intention
Oftentimes, entrepreneurs tend to hustle and explore new things without actually planning for their future. They fail to connect their actions to the long-term vision they have for their lives. When pivoting business, you must be aware of how your business will affect your life.
Hustling is fine; it is in fact necessary for the success of your business. However, you have to pay attention to your business goals. Always remember that your business goals must align with your vision for your life.
Read: 6 Ways to Keep a Healthy Mindset During Uncertain Times
Source: Forbes.com