The 3 Biggest Mistakes Startup Owners Make
Lots of factors go into the success or failure of any startup, but the most important one is whether or not the company is making sales. There are lots of tactics business owners can use to improve sales–but just as many mistakes that can hurt them. This article takes a look at three huge mistakes startup owners should avoid.
Mistake 1: Not Prospecting
Prospecting for customers is vital for any business, but it’s especially important for a startup. You can make a perfect business plan centered around an amazing product, but if you don’t take the time to get it in front of interested people, it won’t sell. Don’t be afraid of turning off customers by assertively reaching out or even cold calling. At worst, they might say no; you won’t be any worse off than you were before, but you took a chance with the upside of gaining a new customer.
Mistake 2: Failure to Listen and Adapt
If you’re running a startup, it’s likely you’ve put dozens of hours–maybe even days–into your business plan. That can make it hard to deviate from what you thought was a great strategy at the outset. However, if customers aren’t responding to your product or are responding negatively, it’s important that you incorporate that feedback into adapting your business. For example, if customers aren’t even opening your e-mails or clicking around on your website, ask yourself why or hire a consultant to figure it out for you.
Mistake 3: Being Coy
Some startups get caught up in their own mystique, beginning to talk in vague catchphrases about what they do and what they sell. Don’t be coy about your product or its price. Customers may be more wary about buying from a new company than they would be about buying from an established one, so be as clear as possible about what you’re offering and how much it costs.