Business Ideas
Things You Should never do first when starting a New Business
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There are various things you should never put first when starting a new business. These things are the untimely killers of new business ventures, they take away from the business and never add.
Business is learned while doing business, and attending business classes may not help much, You’ll need your own experience to grow your business. You need to know your target, know your market and know how to sell to them.
What Should I Avoid when starting a New Business?
1. Renting a very BIG Shop:
A lot of people want to really start up big without checking if they can fetch that many customers or get as many products on display.
2. Purchasing Branded material:
You don’t need that branded T-Shirt, Hand Band, Biro, Customize bag, or Coffe Cup, all you need is enough money to get a better product and marketing, Advertising, and getting your products out there.
3. Hiring many employees:
Starting out may seem like you need more hands, but as things settle you would know you truly don’t need as much.
Redundant employees are killers of new or existing businesses, they drain and get you wondering what you are doing, especially employees who just want to sit there and wait for their month-end salaries.
4. Running Ads that don’t convert:
Make proper feasibility about your business, in all you run make sure to Capture leads/customers.
Leads are contacts, phone or email of prospects, people you can reach anytime you want to talk about your business.
5. Influencer Marketing:
Putting influencer marketing at the forefront will yield almost zero results- well, it depends on the type of business, especially if you sell a low ticket.
Focus on having a great product, being able to influence your product, and having it in the faces of many before you use influencer marketing.
The influencer market is basically to build trust.
6. Work Hours:
Every time matters, study your business if it requires the regular 9-5, if it doesn’t scrap and make adjustments to the best timing for better results so you can use the other excess time to be more productive at other things.
7. Bulk Products
Never buy bulk products when starting a business, what you need is small pieces or packs so you know the people’s demand first before going big.
Conclusion
There are also Physical businesses with big stalls that are making almost zero profits while some online businesses are doing huge numbers easily. But to the stereotypical people, they’ll rate those physical stall owners more.
If you put in every effort needed to grow your business and it’s still not growing, don’t hesitate to change your location or your business.
Don’t run any business you can’t manage at least 50% by yourself. Employees can stain your white when you least expect it.
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