Fundamental mistakes when setting up you business

A lot of the business owners I’m having conversations with made fundamental mistakes when setting up their businesses. (Who didn’t? I definitely did!)  

When you’re busy building your business it can be easy to slip into making little errors, not because you’re cutting corners but most often because you don’t know what you don’t know!  But, these errors build up over time and are most often the reason why you hit a wall and just can’t seem to move forward. 

Here are some of the common errors that lead to stalling or hitting major walls in your growth. 

• Not identifying your niche: In a world where there's so much noise and there's so much competition, having a niche will help you stand out to your ideal target market. Most business owners resist niching as it feels counterintuitive to limit your market appeal, but niching helps you focus your sales and marketing activity and gets you on the map quicker. 
• Not having a good pricing strategy: Mostly undercharging and over-delivering. I see it time and time again. Business owners generally don’t know the worth of their own services.  Learning to price authentically is key.   

• Targeting the wrong client: Most business owners head to what they feel is safe, maybe existing networks or networking.  If you find yourself constantly getting push back, it’s possible you’re not targeting the client that truly values what you offer.   
• Not consistently balancing sales and delivery: This is a tricky loop to get stuck in. Many business owners get so caught up in their delivery that they drop the sales, and then when the delivery dries up they have to sell like crazy to get the delivery they need. You need a consistent balance of sales and delivery to make sure that you are never stuck for sales.  
• Not hiring soon enough: It took me 5 years longer than it should have done to hire.  Growing a successful business is about knowing when to change gear.  Hire too soon and you run out of cash, hire too late and you run out of time, or worse, burn out.   
• Not focusing on the right things: When running a business, it can be so easy to get distracted as you’re being pulled in a hundred and one different directions. Make sure that you take the time to review your activity, what is and what isn’t working, and plan around that. This will help you build the business that you want.  

It’s important that you get these things right to make sure that your business can grow effectively.  

If you want to learn how to avoid making these mistakes or correct them if it's too late, join my free workshop here.