Small business startup mistakes to avoid

If you are starting up a new business, you are most likely worried about making mistakes. Unfortunately, there are a lot of pitfalls and mistakes that can be made when you are trying to get a business up and going. However, the good news is that if you are starting a business, you can learn from others mistakes. Here are small business startup mistakes to avoid-

- Not planning enough-Because of the undeniable fact that planning can simply beboring, and you may be excited to get to the nuts and bolts of running your own small business, you may be tempted to skip the planning the phase. Do not give in to this temptation. Keep in mind that the foundation of your small business will in large part be determined by how well you plan, at this stage of business development. Business experts advise that you must incorporate writing a business plan along with a financial and marketing plan, before you move onto the next steps of business development.
- Not setting goals-Goal setting will allow you to develop a plan that will guide you to success. If you fail to set goals, you will be like a travel without a map. You may still be traveling; however, your destination will be in questions. You should also keep in mind that not only is it important to set goals; you should also write them down. Studies have shown that people, who write down their goals, are far more likely to achieve them, then those who do not.
- Not setting the right value for your products or services-Many small business owners because of lack of confidence, experience and even knowledge will not price their product or services correctly. Most often small business owners tend to undervalue their products or services. This quickly becomes a problem, because the perceived value of your product or service, will be determined to less then it really is. If you undervalue your products or services, you may have a difficult road ahead of you as you try to recover and find the best price entry, for what your small business offers.
- Not using new technology-Many time's small business owners avoid using new technology out of fear that they cannot afford it or simply won't know how to use it. Today's technology can help a small business owner find the competitive edge that they need to grow and develop their business. Keep in mind that there are a variety of ways to afford the technology you need, along with lots of technical support to help you learn how to use it.
- Not marketing-Far too often, small business owners make the mistake of thinking that they cannot afford to market. It is important to keep in mind that without marketing, it is unlikely that your customers will know what you can offer them and most importantly where to find you. You should never assume that your target market will simply come to you, or that you don't have any competition. Failing to marketing will ultimately cause your business to fail. Small business owners should also keep in mind that there are many low cost and even free ways to market, that can effectively get their marketing message, to their target market.
- Not knowing who their customer is-Small business owners need to realize that they cannot be everything to everyone. You must be able to determine who your target market is and how you can reach them. You cannot simply assume that everyone will want or even need your product or service. Finding out who will be most likely to buy your product or service, is crucial to the long term survival of your small business.