Learning From Others: 5 Most Common Business Launch Mistakes
Being an entrepreneur is exciting, especially as you approach the official launch of your new business. You’ve survived the R&D stages, established your strategic plan, developed a supporting marketing campaign, and readied your sales department for a sudden rush of customers. There is nothing more disheartening than opening your doors only to hear the proverbial crickets.
Before you take the leap of launching your business, take a moment to learn from the mistakes of those who came before you.
Mistake #1: Maintaining a Narrow Focus
When launching your business, you have a good idea of your ideal customer, but it’s very likely that others will surprise you with their interest. Keep your focus broad, so as to never alienate a potential consumer base.
Mistake #2: Creating an Identity Crisis
It takes time to fully develop your ideas, but when resources are limited, it can be tempting to rush the process. Oftentimes, entrepreneurs try to brand themselves in a certain way, only to rebrand when the first version didn’t take off. With multiple reincarnations of your new brand, you may be leaving your potential customers confused about who you really are.
Mistake #3: Improving Yourself Into The Ground
When you launch your business, it’s good to learn from the experiences and your customers’ feedback, and evolve as necessary. However, if your company continues to change your otherwise great product, you’re chancing losing the loyal base you’re working to create. Remember, people generally don’t like change. Take care in knowing when you have something good, and be cautious of changing it up too much.
Mistake #4: Being Complacent
You believe in your product or service, and you believe all others should, too. By digging in your heels and not changing with the needs of your customers, you chance waking up in the morning to find yourself not-so-suddenly obsolete. Solicit feedback from your customers and stay up-to-date on industry trends. After all, innovation is the key to survival.
Mistake #5: Giving Up
It takes time to get your business off the ground, but in today’s world, we often expect to see immediate results. Prepare for the long haul when you open your business. Ensure you have the resources to endure the long establishing period before your sales support your operations.
As a Certified Business Coach, I work alongside my clients to develop a strategic plan that will help them with a successful business launch and continued growth. Want more business tips? Check out my blog.
About the Author
Following three decades of experience growing businesses and leading sales teams, Matt Job brings his established expertise to his certified business coaching practice. Supported by his proven track record, Matt thrives on offering results-driven Business Coaching, Organizational Training, and Team Development programs for organizations of all sizes.
By defining goals and developing strategies that are consistent with an organization’s values, Matt motivates clients to achieve real, measurable results. From one-on-one business coaching to large-scale corporate trainings, Matt is ready to tailor a program specifically for your business’s unique needs.