Everyone who embarks on an entrepreneurial journey believes that she is going to be successful. The problem is that most people jump head first into a new world of business that they haven’t taken the time to research. Many entrepreneurs are great creatives who have an amazing talent, skill, or product. And while they can successfully produce a product or provide a service for money, they struggle with effectively running the business side of things.
People engage in a variety of things in hopes of building their brands and getting their businesses off the ground. You should know that even though there are many ways to do it right, there are also ways to do it very wrong. If you want to be among the entrepreneurs who get it right, you should keep reading.
Below are some common mistakes that entrepreneurs make when building their brands. Be sure to read each one carefully and to steer clear of engaging in any of them.
Most Common Mistakes Made In Brand Building
The most common mistakes people make in brand building is employing the following habits.
1. Not Having A Plan
3. Listening to Friends And Family
4. Taking Advice from People With No Relevant Experience
5. Operating from An All You Gotta Do Is Mentality
Keep reading, for a closer look into the most common mistakes made by entrepreneurs when building a brand.
Not Having A Plan
You’re good at what you do, but that doesn’t mean you should just jump right in and go to work. There are some things you should do before opening for business. Having a solid plan of action could save you a world of stress later on in the operating process.
If you don’t have a marketing plan, you are stabbing in the dark hoping to catch something. But if you purchase/rent space, hire employees, etc. you need to have an idea of what will happen before it actually does. There should be a plan for your finances, your home office or brick and mortar location, products, inventory, services, pricing, and so much more. You should never go into business without a plan.
Do you remember the saying “failing to plan is planning to fail”? It may have become cliche, but maybe it’s because a ridiculous number of people have needed to hear that piece of advice over the years. Do yourself a favor and start with a plan of action.
It’s understandable that you may want to spend the least amount of money as possible, when you’re just starting out. The majority of entrepreneurs tend to operate on the frugal side, at the beginning of building a business. A small percentage of people take the time to conduct market research, save money, and begin their business ahead of the game. This group of people are usually the ones who succeed in beating out their competition. The reason is because they don’t cut corners. You can be successful in building your brand using frugal habits, but success is not guaranteed when you skip the step of laying a solid foundation. You should be careful, pay close attention to what needs to be done for your efforts to be successful. Feel free to get creative in how you accomplish these things, but never cut corners thinking you’re taking the easy way out. It could have negative effects on your business in the long run.
Listening to Friends And Family
Your people mean well, but let’s face it, most of your friends and family members don’t actually give great advice on the majority of things, let alone your business. There are millions of entrepreneurs around the world, and few are successful. Unless your circle contains a successful entrepreneur, you shouldn’t listen to your friends and family when it comes to business advice. They can support you in their own ways. Love them for doing so, but get your business advice from the experts. This point is closely related to the next mistake most people make in brand building.
Taking advice from People with No Relevant Experience
To some, avoiding this mistake is common sense, but to others, advice can come from anywhere as long as it sounds good. This great piece of advice is printed in the pages of The Richest Man In Babylon. It explains that it is nonsensical for a person to trust the advice of someone who has no expertise in your area of interest. Why would you listen to a person tell you how to make a million dollars if she has never made a million dollars? The idea sounds ridiculous, but that is essentially what you’re doing whenever you accept business advice from someone who isn’t qualified to offer it.
Operating From An All You Gotta Do Is Mentality
Whenever your marketing plan starts with All I gotta do is… you and your brand are in major trouble. This philosophy leads to cutting corners and it sets you up for failure. Starting a new venture can be very exciting, and you may want to hurry up and get to the more “fun” parts. The truth is that time will come, but don’t skimp on your foundational projects rushing to get there.
All I gotta do is comes from a place of laziness or arrogance. Either you believe that starting and growing a business is as simple as pie, or you only care about making money and not about making a connection with your customers. Either way, operating in this space is not a good way to build a long-lasting business. Take the road where you are
If you want to build a reputable brand, you should avoid making the mistakes mentioned above. Take the road where you are dedicated to doing whatever it takes to build something sustainable. Slow, steady, and intentional wins the race in this instance. Following this guide will help you to be successful in your business endeavor. Good luck.