Starting your own business is an exciting journey, but without the right preparation, it can quickly become a nightmare. Whether you’re just starting out or seeking to grow your business, be aware of these haunting mistakes to keep them from coming back to bite you.
Here are five common mistakes many small business owners make, and how we can help you stay on track.
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Lacking a Clear Business Plan
Many entrepreneurs bring great ideas, but lack vision on how to make them a reality. You need a plan to set your goals, stay organized, and utilize your resources effectively.
A good business plan doesn’t have to be super lengthy or complicated, but it should outline your mission, target market, pricing strategy, and financial projections and costs. We offer free business resource tools and one-on-one coaching to help you build a plan for your business.
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Underestimating Funding Needs
There’s not a universal dollar amount that’s right for every business. And, many small business owners underestimate what’s needed to launch or grow their business, which can lead to financial stress.
Find an advisor you trust to estimate your true startup and operational costs. LiftFund offers microloans, grants, and personalized guidance. We can help you access funding and understand the full picture of your financial needs.
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Failing to Budget and Track Expenses
Running a business without proper understanding of your finances is a recipe for chaos. Without a system for tracking income and expenses, you risk overspending, missing bills, and losing profit.
Set up a reliable budgeting system to track expenses and profits to keep you organized. We offer an expense tracker and financial literacy workshops to help you build budgeting skills and develop financial habits that will pay off in the long run.
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Neglecting the Power of Marketing
You could have the best product or service in the world, but if no one knows about it, you won’t get any sales. Marketing is crucial in spreading the news of your business and attracting customers.
Create a marketing plan that fits your business and speaks to your target audience. Consider your business and market according to its needs, with some potential tactics including social media, email, flyers, and in-person events. Our free business education workshops and business guidance can connect you with tools and experts to help build your brand and reach the right customers.
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Doing It Alone
Many entrepreneurs treat their business like their baby, and that can make it hard to delegate or ask for help. But doing everything alone leads to burnout, missed opportunities, and costly errors.
Surround yourself with a strong support system. LiftFund can connect you with a community of mentors, partners, and fellow entrepreneurs. From free expert coaching to community workshops, you don’t have to figure it out alone. We’re here to help every step of the way.
Every business tackles its share of monsters, but with the right support and a solid plan, you can overcome them. We believe in empowering entrepreneurs with the funding, knowledge, and confidence they need to succeed because every small business deserves a Lift.
Ready to get started?
Explore our small business loans, one-on-one coaching, and business resources today at LiftFund.com.
