The 6 Biggest Business Mistakes
The stats on new businesses aren't great. Over 50% fail in the first 5 years.
And there’s a few key mistakes that can turn a great idea or a new business into a failure.
Trust me, I’ve made most of them and it cost me so much time + money (especially the trademark mistake!)
We go in depth into building a successful business in our new program
It’s an 8 week program with one hour video courses and 20 minute solo sessions each week.
These are the big mistakes we’ll help you avoid. Together.
LISTEN TO THIS WEEK’S EPISODE
You forgot about the customers
They should always be number one. Not just in customer service but in marketing and product development.
It's a lot easier to find what the customer wants and deliver it.
Don't try to push your idea on customers.
I have a hard time with this one because I want to be creative and develop certain products + services FOR ME!
I have to constantly check myself and ask who I’m really creating it for.
If you’re creating something without feedback, you’re off to a bad start!
You thought everyone was a customer
The biggest mistake that I see people make in branding is thinking that everyone is a customer.
I made this mistake too. In my skincare business, I started my thinking that every woman in the world would want my skincare. And i quickly realized that not everyone was my target customer. Aside from being practically impossible, it was logistically impossible, too. I’m a small business. I don’t have the budget to go after everyone.
It’s a lot easier and cheaper to find your niche and be the best in your industry!
When you try to please everybody, you end up pleasing nobody.
You didn't communicate a problem
Sales is about solving a problem.
If you can find out what your customers really want in your product or service, industry, or in their lives, you can help them get it.
And once you figure out that problem, you want to focus all of your marketing around helping them solve it.
Here’s a tip: their problem is not that they need what you sell (legal services, skincare, handbags). Think bigger!
You didn't have a plan
An idea without a plan is pointless.
I started my first business without a plan and found myself lost in hundreds of decisions a day.
I was never making the right ones and I couldn’t figure out why.
For me, marketing was always really hard without a business plan. Opportunities would come up and I would have no idea whether to do them or not.
I remember one time a friend convinced me to put an ad in our local newspaper. Total facepalm moment. It was a huge waste of money and I didn’t get a single lead.
I can see now when things aren’t a good fit for my business because my business plan is really clear about who my audience is and where I can find them.
You never started
We all know someone who's sitting on a million dollar idea.
Or who is stuck in the “someday”.
All you have to do is take the first step: start.
Declare your intention to start this year. And sit down with a business plan or a brainstorming session for an hour.
You’ll come out of there with such clarity.
You didn't get a trademark
Legal is another area to take seriously.
An LLC is important because it protects you personally.
Contracts are important because they protect you from customer service issues and cancellations.
Messing those things up can result in stress and lost profits, but they won’t cause your business to fail.
Skipping a trademark can make your business fail.
Trust me. I’ve been there before.
In my first six months of running a skincare company, we’d seen a big explosion of the brand. We were in the Golden Globes giftbags, Conde Nast Traveler, New York Fashion Week, and hundreds of retailers around the world. I was too busy running my business to trademark it. And then we received a cease + desist email. I had 30 days to change my entire branding: website, social media accounts, packaging, everything. I lost all my press. I had to pull back my inventory. And I had to pay for a rebrand.
It was devastating.
Luckily, we were able to pull through it. But it cost thousands of dollars and set my company back a full year!
So the first thing I did when I started my law firm: trademark it!