Top 7 Mistakes Entrepreneurs Make When Starting Their Company

1. Going it alone. It's difficult to build a scalable business if you're the only person involved. If you want to give yourself a major advantage, partner with a proven business concept that has already worked out the bugs and has a product that’s always in demand and has systems and procedures.

2. Asking too many people for advice. It's always good to get input from experts, especially experienced entrepreneurs who've built and sold successful companies in your industry. But getting too many people's opinions that don’t have experience and only give you their opinion kills more dreams than helps.

3. Playing business and spending too much time on product development and not enough time on what important…SALES. While it's hard to build a great company without a great product, most new entrepreneurs spend too much time playing business instead of getting up every morning and going out and getting results. Without sales nothing happens.

4. Targeting the wrong clients is the 2nd biggest reason business owners go out of business. (1st is no sales) They think that everyone is a possible client when in fact there are good clients and bad clients. A good client is someone who sees’ the value in what you do and will happily pay your asking price. A bad client is just the opposite. They don’t see the value and end up negotiating the price down to a point that you’re not making money. Right Brain Thinking has the systems and procedures to completely alleviate this major problem.

5. Advertising to the wrong customers. Spending big on advertising that is NOT targeted to your ideal clients is a total waste of money because it will not help you build a business. Today more than ever you must target your client and advertise where they hang out. Let’s say you sell high priced kitchen appliances that the affluent homeowners would buy. Does it make sense to advertise in a newspaper that reaches 200,000 readers at a cost of $10,000 for a small ad that is squeezed in with used car dealers etc. or advertise in a high quality magazine that reaches the 10,000 affluent buyers with a full page 4 color ad for the same price? The targeted ad will give you a much higher ROI in the long run.

6. Not having a business plan. While not every company needs a formal business plan, a start-up does need a plan of attack with checks and balances to make sure you’re on the right course and the correct actions are being taken. This means having a crystal clear vision of what your business will look like in the future.

7. Over-thinking your business plan. While most entrepreneurs engage in seat-of-the-pants decision-making and fail to do their homework, want to be entrepreneurs are so afraid of pulling the trigger until they're 100% certain that their plan will succeed...it never happens. This is why you partner with a proven business model. Although nothing in this world is guaranteed, following a proven business model is by far the best way to go.

As the trusted authority in the industry, we’ll help you become success without all the drama! Call us today at 254-297-8611