CAUTION: 5 Things to Avoid with Your Small Business
There are a million things that you should be doing to get your business up and running like a pro; get active on Twitter, have great content on your blog, connect with people in your field, network, etc. Sometimes it seems that as long as you're working hard and doing everything possible, you will gain success. However, there are things that any entrepreneur should avoid doing, things that will actually hurt your company that must be avoided at all costs. Check out some of these pitfalls below, courtesy of The Toilet Paper Entrepreneur Blog.
Share the Wealth!
Idea wealth, that is. Many entrepreneurs are too scared to talk about their new idea because they think that somebody else will steal it! In more cases than not, nobody has the time, energy, resources or PASSION to turn that idea into a reality. Got an idea? Tell people about it! You'll beshocked at some of the great feedback you get.
Thanks to: Katie Shea of FUNK-tional Footwear.
Not Having A Business Plan
I learned that having a Business Plan is like having a Road Map, when I first started my business I did not have one, and so I seemed to be going nowwhere, and then a wise person told me to do one which I did, and all of a sudden the road to success became so much clearer, and as I followed the plan more and more opportunities for my business came my way. So I say to everyone now, get a business plan, include Marketing into your plan and follow the plan.
Thanks to: Robbie Motter of Robbie Motter dba/ContactsUnlimited.
An entrepreneur's biggest mistake is accepting help from family particularly in the form of lawyer, accountant or partial partner. Entrepreneur's, you must separate yourself from the business...you are not the business! You need experts that will focus on the success of the business not worry about taking care of you. Enjoy family dinners and events without your business team in tow.
Thanks to: Vicki Donlan of VickiDonlan.
Avoiding A Closed Mindset
I'm lucky that I read Carol Dweck's book MINDSET: THE NEW PSYCHOLOGY OF SUCCESS before starting my social media marketing company. Dweck's premise is the need to have an open mindset -- be willing to fail -- in order to be able to move forward to success. Whenever something was difficult for me, I didn't give up. Instead I kept pushing through until I overcame the difficulty. Cultivating an open mindset can make a huge difference for any entrepreneur. Read this book and practice its tenets!
Thanks to: Phyllis Zimbler Miller of Miller Mosaic Power Marketing.
Making Exception To The Rules
In my biz, I am dealing with the public, clients and patients as they come through the door. Most are great and I try to treat everyone fairly and the same.
But there were times early on, that I let people talk me into doing something that I couldn't offer to everyone. Like picking up a patient. Well, that turned into picking up the patient every time, then picking up the patient and hauling client to work, and then the neighbor wants me to do the same for her...
So set boundaries.
Thanks to: Andy Mathis of Andy Mathis Art Co..
To see the full 100, check out The Biggest Business Mistakes to Avoid via The Toilet Paper Entrepreneur.
Don't Write a Business Plan
I've started and successfully harvested businesses. I've taught entrepreneurship for almost 20 years. As a part of my teaching and research I've written books and texts on how to write a business plan. I've read almost a thousand of them. Now I believe franchise companies can think differently about business plans.
Time Saving Tips for Franchise Shoppers
Time is a precious commodity these days and although buying a franchise is a time consuming process, there are ways to cut to the chase. Of course you should do your due diligence, but first make sure you’re focused on viable choices. Here are some tips to quickly identify the best franchise opportunities for you so no time is wasted.
How Much Do You Have to Spend?
Whether you’re purchasing a whopper from Burger King or joining the Burger King franchise system, the old mantra holds true: there’s no such thing as a free lunch. When you first get started running a franchise you need to pay a fee to allow you to enter into that franchise. These fees are the largest fees that you will normally pay a franchisor and typically range between $5,000 and $1,000,000 depending on the franchise. The franchisor charges this fee as a way to recoup the costs of expanding the franchise and to continue to grow. From a franchisee perspective, this is a major outlay and can take a long time to make back, but is a necessary step. Aspiring business owners must understand how much capital is available to them so they can ascertain how much they can afford. The cash you have at your disposal is known as liquidity, and there are numerous ways to increase your liquidity above the balance in your bank account. As a result, many people don’t realize how much capital they actually can use for investments, like launching a franchise branch. We’ll run through some of those methods below.