Start-ups are coming everywhere and people want to become entrepreneurs. Many are running successfully but some start-ups have been facing problems and struggling to survive. You think that everything is going on fine and you are not in a position to find where you went wrong. However, many entrepreneurs make mistakes in these areas and they can be prevented if we follow these steps.
Location is the first thing an entrepreneur must look in to before setting up their start-up, because good location helps you in many ways. It’s not necessary to have the start-up in Silicon Valley but it has to be set up where you are surrounded with likewise people who can mentor you at black swan moments and help you when the strategies are not working well. Irrespective of business, do proper research and set up your business because it’s easy to access help from experts and employees live only in already established locations and it helps to set your business standards to set high. Choosing better location also helps to have people who are more understanding of what you are trying to meet.
We want to start our start-up with a bang, with a powerful advertisement. Don’t spend too much money at early stages. If you spend too much too soon, two things might happen. The marketing might turn into huge success but you will be in a position where you are not able meet the demands or nothing might happen. So understand where you stand and start slowly and then increase the marketing or advertising.
Using wrong channels
There are numerous channels available for marketing. Each channel reaches certain set of audience. First understand who is your audience and find out which is the best channel to reach them. Don’t be in hurry but take more time and choose right channel. If you choose a wrong channel to reach the audience, it may not give any result but you have to waste money on wrong marketing. You may have more than one target audience and they may have their own channel so find out which channel will give you the best results and avoid the other channels.
Building too many audiences at a time
As a start-up you should understand that you can’t handle all sorts of consumers. Focus on one area or one age group or one type of customers. Don’t try to focus all at once, as in practical it is not that easy to build number of products for different set of people. Make sure you know who is your target audience and focus on them. If you build too many audiences at starting will create lot of problems for your start-up.
Buying unwanted things
Everyone needs equipment to start a business, it include furniture, software and electronics. However, it is not necessary to buy all at one go but can upgrade as your business grows. You can use the capital for business, networking, and marketing and for other future investments, which will help you to grow your business.
You have no marketing strategy.
To brand your start-up you need a good marketing strategy. Use the professional in the field to design your website and company logo and other marketing materials. You know very well that, what is your product all about but you should know how to represent it to your clients or audience. Lack of knowledge in representing your idea will hurt you severely. Entering market with a proper strategy, best marketing tools will help you to create a brand.
Competitors help you to improve and also destroy your start-up. Following competitors will help you if you observe their customers and business model. Learn from their mistakes, take cues and find better way to outsmart your competitors. However, don’t ever try to replicate their strategy because nobody knows how effective it is for your business. Your competitors might have bigger budget and have more work force so you may fail in replicating strategy.
Failing to following up the results
You do lot of campaigns and marketing activities. It is important to follow up the results incurred through them. If you don’t follow-up then you won’t know what kind of result you got through a specific campaign. Tracking all the campaigns and marketing activities made offline or online will help to find the mistakes and they can be solved at later stages.