The Biggest Mistakes Made by Small Business Owners

Your small business is your passion, years of hard work and dreaming up ideas. Now that it’s open, you want to not only keep it running, but boost sales, your customer base and maybe even expand. Most people start looking to start a new business aren’t really looking to start a business, however. They want to bring a passion to life. But this is mistake number one if you’re wanting to be a successful small business owner.

By not viewing your passion as a successful small business venture you can quickly turn disastrous. Small business owners end up feeling overwhelmed and like they are constantly having to work, which can lead to burnout and overall dissatisfaction with something that was your passion to begin with. To help you stay away from this and possibly being one of the 50% of small businesses that close within the first five years, let’s take a look at some major mistakes that other small business owners have made in the past.

Discounting Insurance

Many small businesses start out with limited financial resources, so looking for ways to cut costs isn’t a crime. But when it comes to prioritizing what you need to spend on, cutting out the right small business insurance coverage shouldn’t be on the list.

Having small business insurance, which can be tailored to any industry you work out of, can protect you in the long run by providing the right financial safeguard in the event of a claim. And if a claim is made, even a seemingly small one, it can end up costing you major dollars; maybe even enough to shut things down for good. Not investing in small business insurance from the start is a risk that shouldn’t be taken.

Not Using Social Media to Your Advantage

Social media is still mainly used for people who want to pass the time and see what their friends and families are up to. But over the past decade successful small businesses have used the many different platforms, including Facebook, Twitter, Instagram, and Snapchat, to gain followers, grow awareness, bring in more money and even hire new employees.

Social media can be used to consistently boost sales over time for small businesses. Social media accounts are a critical part of your sales funnel. As the number of social media users continues to grow and social sales tools evolve, social networks will become more important for e-commerce and business searching. Not investing in creating accounts and bringing someone on, or learning how to navigate them yourself, will only keep you lagging behind.

Doing Everything Yourself

Small business owners are usually overwhelmed with everything that needs to be done to keep the lights on. They’re usually leading the sales, overseeing shipments, or the most in the store or office more prominently than others. But it pays to find the appropriate people and services that can provide you with the support you need.

While successful small business owners feel like they can do it all, it helps to delegate and seek help when and where it’s needed. From virtual bookkeeping to hiring extra sales help or contracting content creators, there’s always a way to take the load off to focus on goals and maximizing success.

Neglecting Continuing Education

Today’s business world is characterized by rapid change. So much changes within a matter of moments, so keeping a finger on the innovations in your business and the strategies around it is crucial for long-term success. But most small business owners don’t feel they have the time or resources to invest in developing themselves more.

Don’t be satisfied with what you already know. While this has helped to get your doors open, keeping them open depends on education and changing with the updates that definitely will come. From taking weekend courses to online seminars to browsing all the tabs in the “Help” section of your software, keeping the mind fresh in your line of work will help.

 

About Walker & Associates

If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.