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marketing-road-successTHMB.jpeg Want to start small business? Avoid these mistakes

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FIHL | 04 Sep, 2012
For many people, starting small business of their own is like a dream come true. But there are many entrepreneurs who see their dreams fall apart due to adequate knowledge as how to run a business successfully. There are some common pitfalls that if small and medium enterprise (SME) business owners are aware of, can increase their chances of survival.

Here are some common mistakes that the owner of a SME business must avoid at any cost:

Inadequate Market Research

For any budding entrepreneur it is important to do carefully and thorough market research. This will help them to find whether there is adequate demand in the market for starting new business in any SME segment. Also you get to know about the expectation of your targeted customers and business pattern of your immediate competitors. Undertaking market research may appear time consuming but the effort will pay off.

Ignoring Paper Work

For any small business to be successful, it is must for the entrepreneur to keep proper record of how his or her business is doing. Paperwork is too easy to ignore but can never be put off for too long. It is important to keep record of sales, purchases and other expenditure to have knowledge about whether your business has turned out to be profitable or not.

Insufficient Finance

When starting new business, an entrepreneur generally have an idea about how much finance will be required. But after initial set-up, you also need to have sufficient capital to fund day-to-day requirements. In business nothing is certain as you never know when you might need to meet some immediate expenses. If you wish to survive make sure you set aside enough cash to meet all your needs for the first few months.

Ineffective Marketing Plan

Remember you need to tell your target audience about your business venture as until and unless you do so they will not be aware of your business. Here marketing plays a very important role in the success of any business. So, it is must for you to follow a strong marketing plan.

Ignorance towards Changes in the Market

As a SME business owner it is very important for you to adapt with the changing trends of the market. Always keep your eyes and ears open to what your competitors are doing and what your customers want. Don't keep your business lack behind the competition.

Forgetting the Customers

It is your customers that decide the fate of your business. In fact the real boss in any business is not the owner but the customers. Never do anything to annoy your customers and in fact you should make any business plan focusing on the needs and requirements of your targeted customers.  

Underestimating the importance of sales

For small-business owners starting out, most of the attention should go to sales and revenues. If the sales grow in the right direction, expenses will take care of themselves. And no matter how small, every company needs dedicated sales persons to make sure business is constantly rolling in the door. So sell your product or service with full confidence.

Avoid these common mistakes when starting small business of your own to enjoy good profit on your investment. (Source: Articlesbase)

* Author - Fanchise India (FIHL)
* FIHL is your best source for information about new franchises and small business ideas in the market. Here you can get all the tips of starting new business in different segments and anything required for a good entrepreneur business opportunity.
* The views expressed by the author in this article are his/ her own and do not necessarily reflect the views of SME Times
 
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How the run business smoothly
Pravin.j. Meht(sun-deep) | Thu Sep 13 18:29:02 2012
Do best in best way to run business smoothly fist think and do as u wish and do always new not hesitated for what who says about u always be a student for new thing think positive .


TRUE...BUT WHEN U WILL BE SUCCEED
GHANSHYAM | Tue Sep 11 13:13:49 2012
RIGHT INFORMATION, BUT AFTER TO REACH AT DOOR OF SUCCEED, AT INITIAL STAGE ITS JUST LIKE INFORMATION AND ONLY PATH OF STARTING BUSINESS NOT MORE THAN THAT


INFORMATIVE
Karan | Tue Sep 11 03:02:27 2012
The article is very much helpful for a new enterprenuer & expecting more such informations.


open the helpline
ravindra vaidya | Thu Sep 6 17:40:38 2012
from the new one, we want the help desk for well guide in right way for new comers.........


very supporting Article
Magesh kumar | Thu Sep 6 13:15:47 2012
your statement is giving more ideas and confident


More guidelines for starting business
Kennedy Sequeira | Thu Sep 6 08:35:44 2012
Gone through the write-up. Quite interesting. But I think a few encouraging points also should have been covered viz : should have given some guidance as to the the various financial institutions/Organization who can support upcoming entrepreneurs. Some sort of encouragement.


Simple but deep
N Prasad | Thu Sep 6 01:59:10 2012
Very simple but deep. Well written

  Re: Simple but deep
RAJEN K BALDEV | Fri Sep 14 11:29:50 2012
Simple but deep


Your article: 'Want to start small business? Avoid these mistakes'
Mohanchand Kanneganti | Wed Sep 5 05:26:37 2012
The points are very factual and need to keep in mind like Gayatri mantra. Please convey my compliments to the author.


SME Help
Shrikant S. Kamble. (shri1952@yahoo.co.in) | Wed Sep 5 03:54:55 2012
Sir Initially I tried business on agarbatti and dhoop stick but it was not working due to already present entrepreneurs. It was under Shri Enterprise. Now I have switched over to publication industry as I was in teaching line for 35 years and also written various books on electronics. So I have started my publication as Gayathri Publisher Bangalor. Written 2 Books First book was sold good quantity Now I published 2nd Book I am looking for market all over India and abroad please guide me to do so. I am also interested in dhoop Industry. please reply


ssi units
S K PARASHAR | Tue Sep 4 15:01:00 2012
Sir this is only joke not in practical


 
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