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Three Mistakes That Can Sink Your Small Business

03 Oct

Owning and operating a small business is a constant challenge. You’re always learning new and different ways that things can go wrong, or how incidents can be handled.  If you’re a small business owner, here are three main mistakes that you should be sure never to make to protect yourself in your journey to financial freedom.

  • Unsuitable Physical Location

Don’t make the mistake of assuming one store-front is the same as any other. When taking out a store front, there’s a lot to consider. Is your company one that appeals to the people who will be walking by? Don’t put a video arcade in the financial district. Consider who your target market is and cater to them. If you want to appeal to mothers of school aged children, look for a building in a close proximity to a school. If you’re looking for clientele that surfs, pick a location near enough to a beach. Consider accessibility as well as interest; is there ample parking? Are you easy to get to by public transit? Do you have ramps for disabled customers?

  • Expensive, Ineffective Marketing Plans

Marketing is a huge part of business ownership; you need to attract clients to your product. In order to attract clientele, you need to be aware of your target market and cater to them where they are comfortable. It’s up to you to decide whether you could benefit more from traditional advertising or social media focused advertising; perhaps a combination of the two is more suitable for your company. Whatever you decide, be sure to draft a focused and goal oriented marketing platform that makes sense to you and other employees. Celebrate your victories, and make sure to constantly re-evaluate whether your marketing tactics are seeing the returns that you desire. No marketing plan is ever complete, as they should be growing works in progress to reach your potential customers.

  • No Financial Insight

One of the biggest  causes of bankruptcy or failure to thrive as a business is poor financial insight. If you know you’re not too swift in the math department, do yourself a favour and outsource to someone who is. The money you spend in this way pales in comparison to what you stand to lose if your numbers are botched. The same can be said for neglecting important factors like business insurance. Think about what you stand to lose by operating an uninsured company, and weigh the monthly cost versus the ultimate loss due to neglect. You’ll very quickly see that the risk outweighs the benefit when it comes to cutting financial corners.

This guest post is from Allison with BusinessInsurance.org, where you can go to find more information about small business insurance to protect you financially.

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