Business Mistakes: You Want a Successful Business – So Don’t Do This!

All entrepreneurs have to learn from their own mistakes as they build their business, but wouldn’t it be great to have some one tell you what the common mistakes are and how to avoid them? Well here are the common business mistakes – don’t do them!

1. Believing that you will start earning straight away. All businesses take time to establish themselves – even internet based ones. People need to know where you are, what you sell and most importantly, that they can trust your company to deliver what it promises. Expect to spend at least 6 months working away at your business before you break even – sometimes longer.

2. Believing that you can set up a business and it continually earns for you. Even a very profitable business needs continual management to ensure that your profit does not erode. Your products and marketing need to continually change to meet the changing circumstances in the real world.

3. Believing that you can earn whilst you are aware from the office. Even if you fully automate your business and hire really good staff, there is always an element of “while the cat is away”. That is why there are so many “absent owner” sales.

4. Being a single product company. As good as your product may be, markets and tastes will change and so must you. If your product is very good – other companies will quickly take action to seize your market share by bringing in similar products at cheaper prices.

5. Not offering upgrades and enhancements. It is far easier and cheaper to sell to existing customers. You do this by offering upgrades and enhancements to their existing products. You should have a group of products at several increasing price points.

6. Relaxing after your first success. Businesses need continual effort, management and improvements. Although a product launch is hard work, you should start on your next product shortly afterwards. This will give you sustainable success and several income streams.

7. Believing that a business can be established with little capital. Marketing, infrastructure purchases, stock, advertising and staff all cost money and must be purchased in order to make a profit. Cash flow kills more business than anything else.

8. Believing that you know all you have to. Your competitors may have been in the business longer than you have, your customers may be very knowledgeable. Meeting customer needs is a constantly changing landscape and you need to keep up to date on the latest trends and technology. You need to be able to project yourself as an expert in the field you work in. If you do not have this knowledge then learn it or buy it in!

9. Not investing in your staff. Your staff are the public face of your business. They should be well trained, knowledgeable and well dressed as well as fully motivated to sell on your behalf.

Learn these lessons well, avoid the mistakes at all costs you should save valuable time and resources by doing things right the first time. Good luck.

How to Start an MLM Business – The Top 3 MLM Business Mistakes

If you’re looking to start an MLM business there are certain mistakes you’ll want to avoid making. These are mistakes that newbie’s and veterans alike make. They can often hinder your success with your MLM business. Knowing these mistakes can make all the difference in helping your business get in profit as soon as possible.

Start An MLM Business Mistake #1

Not finding an mlm business that has a good comp plan. This is text book. Who wants to be bothered with having to balance the legs and all that nonsense? Give me a simple comp plan so I can blow it out. Most newbie’s just want to get started and make good money. But once they see that the comp plan is ridiculous they get discouraged. Check to see if your company does charge backs. Check and see how soon you can get the big checks. This is important. This leads into the next mistake.

Start An MLM Business Mistake #2

They start out with low ticket item products instead of top tier opportunities. If you’re looking to earn serious money in a hurry, it’s very hard to do so selling a $12 product or service. This also discourages a lot of network marketers. I suggest you look for top tier opportunities where you can make big bucks in a short period of time. How? Easy. You aren’t selling those low ticket item products and instead you’re getting bigger checks sooner.

If you want to earn 10 grand per month reverse engineer from that $10,000 and see how much it would take you to get there. With a $12 product that would take the efforts of you and your downline moving something like 830 products. Ouch. But if we’re talking a product that goes for $500 it doesn’t require a whole lot more of an effort if done right. And the rewards are out of all conceivable proportion.

Start An MLM Business Mistake #3

This is a big no-no. So many people make the mistake of following their company directives and recruiting their family and friends. They think this is the best way to do it. Well I feel this is false thinking.

I have personally lost friends over this. After trying to recruit one of my buddies into two of my opportunities he stopped taking my calls. He started acting cold towards me. And he told my friends that I’m trying to use him. Well that’s what I get for trying to mix business with friendship. Some people don’t take it the way us entrepreneurs think.

We think we’re sharing and helping. But to someone who is content with a 9-5 our thinking just doesn’t make sense. Besides, my friend wasn’t even a targeted prospect. He had no interest in my products.

The better way to do it is let people find you through your marketing materials that speak directly to them. Now instead of chasing and losing friends, you’ll have someone who is interested in your business and targeted. It’s much easier to add people into your business this way.

Top 3 Business Mistakes Personal Trainers Make and How to Avoid Them

I’ve been a personal trainer for over seventeen years and I’ve made my fair share of business mistakes. I’ve seen other trainers make the same mistakes. Most of us get into the fitness industry because we have a passion for helping people. Unfortunately, we don’t typically enter the field with much if any business experience and are prone to making some very fundamental mistakes. Here are the top three mistakes that rank the highest amongst trainers and how to avoid them.

1. No business plan.
While it’s easy to set-up shop and just start taking clients this is a big mistake. With no plan how do you know what direction your business should take? What happens when business slows down, how have you planned for that? In order to run a profitable, long-term business you must create a plan. It’s not enough to just think about what you need to do, you have to write it down. To start to create your plan take a large sheet of paper and create a vision for your business three years down the road. Have you opened a studio? How much are you making? Do you have other trainers working for you? Think about the future you want to create for your business as your first step towards creating your plan.

2. Lack of sales training. I’m not a salesperson, I’m a trainer? If that’s what you think then you have just tripped into mistake number two. Unless you plan on training clients for free, you need to be comfortable selling your services. What was the last book you read on the subject of sales? What was the last workshop you attended? Therein lies the problem. If you want your personal training business to thrive you must become a student of sales and learn how to connect with your customer. There are tons of great resources available on the subject of sales. My favorite is written by Jeffery Gitomer called, “The Little Red Book of Selling”.

3. Working in your business instead of on it. By now most of us have probably heard this expression but have you taken action to change how much time you spend training versus working on building your business? It’s easy to fall into the trap of working ten hours days seven days a week and still feel like you aren’t accomplishing anything. The problem is you probably haven’t set-up your schedule to allow time for training, running your business, personal and social time. Pull out your schedule right now and block off times for training, admin work, marketing, family time and your own personal time. Then stick to it.

Clients hire personal trainers to help them stick to a program, improve their overall health and because we have the expertise to help them. If you are struggling to grow your business and need some help consider hiring a business coach. A business coach can help you set-up your business and keep you on track with your goals and objectives. Don’t make the same mistakes other trainers make. Start by avoiding these top three.

How to Avoid Making Small Business Mistakes

A business mistake, whether large or small, can potentially cost a small business owner time, money and aggravation. Before you make mistakes that outweigh your successes, take note of five common business mistakes and how to avoid them.

Mistake #1: Spending too much money on overhead. A suite of offices may sound appealing to you, but if you conduct your business primarily by phone and e-mail, why waste money on rent? Instead – at least for your first year in business – run your business from home. You could use the money you save on rent, on office equipment or other supplies.

Mistake #2: Failing to research demand for your product or service. You may have an innovative product or service, yet if no one needs it you’re wasting your time and money. Conduct informal online surveys and get the opinions of friends and business professionals whose opinion you trust, to find out how interested they are in your product. The time you spend researching your idea will save you time in the long run.

Mistake #3: Ignoring the competition. Don’t obsess over what your competition is doing, yet don’t discount new services or products they have to offer or even a new website they’ve created. Although imitation is the sincerest form of flattery, resist the urge to copy your competition. Find your niche and develop a market around it. Eventually your competition will start taking a closer look at you.

Mistake #4: Not networking. When you go out on your own, e-mail and call everyone you know including clients, business associates, friends and anyone else who can help your business grow. Also, increase your involvement in various trade associations.

Mistake #5: Not writing a business plan or goals. Think about the old saying, “If you don’t know where you’re going, how will you know when you get there.” Have a clear vision of your business, especially how you’re going to be profitable and find new clients, and you’ll be able to measure your success.