Setting up a business is no easy thing and there are many potential downfalls that await the entrepreneur. If this is your first startup, here are a few common mistakes that you should avoid at all costs.
1. Poor marketing plan – Worse still, have no marketing plan at all; your marketing is the blade of your sword and with a top-rated UAE digital marketing agency like King Kong on the case, the only way is up! Your plan should include SEO and social media and with real-time monitoring by a team of marketers, your business will get the exposure it needs to become an established part of the local community.
2. Lack of money – Don’t make the mistake of launching a business on a shoestring budget; it only takes a few unpaid invoices to put you in the red. It simply isn’t worth taking the risk, not when you can take out a business startup loan from an online lender. We recommend adding at least 25% to your estimation of startup costs, which will see you through the first few months of trading.
3. No hands-on management – A new team of employees need direction if they are to perform as you would like. People like routines but until they have them, things can get sloppy, staff training should be part of your plan. A good leader leads by example and there are tactful ways of saying things; keep it positive and employees will respond.
4. No bookkeeping – Don’t make the mistake of stuffing all receipts into a drawer and think you can do the bookkeeping later. This is a sure-fire way to be in hot water; see a bookkeeper before the launch and they can show you how to create spreadsheets. Migrate your business data to the cloud and issue your bookkeeper a username and password, then they can make daily entries.
5. Poor customer service – If your management style is not hands-on, you might not even be aware that customer service is poor. Staff training is important and try to build a customer-focused culture within the organisation, as this will pay dividends.
Success is never a given with a business startup; lots of hard work and determination is needed by the entrepreneur, which should see your business grow.
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