Basic Mistakes That A Small Business Owners Make and why do small businesses fail:
The relation between business and marketing is just like the relationship between food and our body. Marketing is the heart of any business. Every business is unique, so every business has to provide development and marketing, which fits the need of every unique business. There are several ways of marketing and developing, let us see the actual definition and concept of marketing for now.
What is marketing?
“Marketing is the set of institutions, the activity, and processes for communicating, delivering, creating, and exchanging offerings that are searched by clients, partners, customers, and society”.
There are several mistakes that a small business owner makes, let us see which those are
- Misunderstanding advertising as marketing:
Thinking advertising and spending money is the only way of marketing is the biggest mistake made by the owners of the business. They just focus on advertising which will not give them the desired result at the end of the month, and they complain about all the money they wasted on advertising. The advertisement is just one of the ways of marketing and it is not the only way of marketing.
- Not enjoying what you do:
As mentioned above there are many ways and approaches to marketing. Loving what you do is the main marketing of your business. Loving whatever you do is the best attitude since it shows your talent and brings out your imagination and tells others how dedicated you are towards your business. Your positive attitude leads to the success of your business. Your love towards business can be seen and experienced in your daily interaction with employees, clients and while making decisions about effective marketing. Love for what you do is the first rule if you want to be a good marketer of your business.
- Not having a good business plan:
A business plan is nothing but a written document explaining the sales and marketing strategy, nature of your business and financial background and including a profit and loss statement. It is like a map for business. Many businesses begin their business without paying attention to this tool and get lost in between. Every business plan explains the accurate details of the concept of business and summarizes marketing strategies, demographic, business place, profit and loss, targeted market and finances.
To make a strong business one must know the business inside and out and study and analyze the market. To be able to answer to all the categories of a business plan, you must have knowledge of your business. The pillar of your business and business plan does not exist if you do not know the concept of your service or product. When you know everything about your business in detail, you can access all the necessary information required to put your business in a plan. You must study and analyze the market and every file and information in city records, informative site on the internet and information in libraries to access all this information.
- No proper plans:
Marketing and developing the strategy of marketing is essential for every business. Marketing is the base for every business just like fertilizer to the lawn. Marketing acts as a sun to shed direction and light to your business to find leads for potential customers.
- Not studying the market for right pricing:
Every business offers services and products. Then providing and producing the services and products involves specific fees and cost. Deciding the price depending on the market is very important and it is the cause of major failure for any small business if done without knowing everything properly about the market. A business plan is a source and root to find the right price.