Are You Thinking Too Small and Dooming Your Small Business To Failure?
"One problem that many small business owners run into is simply thinking too small. I often have readers writing to me asking for helping getting their business ideas off the ground. I also often hear from folks who have run their small businesses into the ground. There are five key areas where you can think too small -- and doom your business to failure."
Are You Thinking Too Small and Dooming Your Small Business To Failure?
One of the problems that many small business owners face is simply thinking too small. Readers often write to me asking me to help bring their business ideas to life. I also often hear from people who have driven their small businesses to a dead end. There are five key areas where you can think too small - and doom your business to failure.
The niche is too small
Is your niche too small? Finding a small market for your business is the key to success, but sometimes people narrow their niche too much. While dental products for dogs can become a great niche (as almost any dog owner can confirm), you could even narrow your attention to a certain type of dog (for example, lap dogs), but choosing one particular breed would go too far.
The target market is too small
Is your target market too small? If you are looking at only one community or a small geographical region, then you may well doomed your product to failure. It's too easy to saturate a small market, and too easy because of any marketing mistakes, your campaign can end before it gets off the ground. In today's economy with the presence of global marketing, you need to think big when you plan your target market.
The budget is too small
Is your budget too small? You don't need a million-dollar advertising budget, but you should have the initial money to start your business and its marketing campaign. It is possible to build a business from scratch, but it is also much more difficult, and you may find that you are making some mistakes that will cost you much more in the future than investing a little money upfront.
The schedule is too small
Is your schedule too small? Do you have enough time to devote to your business? Creating, running, and developing a business takes time. Some people get carried away with the stages of planning and dreaming and never really start a business. Other people start before they have fully planned everything out, and quickly get bogged down in unexpected difficulties. While others do everything right when planning and launching, once the business is launched, they are overwhelmed with daily chores and never think about how to improve and develop their business.
The mind is too small
Is your mind too small? You need to open your mind's eye to constantly look for new opportunities to find new customers, new potential partners, new product ideas, and new marketing opportunities. Flexibility and adaptability are the keys to survival in today's business climate, and you always need new ideas to grow and expand your market and your business. This means that from time to time you need to raise your head from the trenches. Yes, you may have to dodge random missiles flying in your direction, but this is the only way to see how these opportunities are heading in your direction.
If you do everything possible to avoid these five not-so-small mistakes, then you will be on your way to success in a small business.