JMF Top Ten: Mistakes Startups Make
“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” Eleanor Roosevelt
Our team works off of two core beliefs when helping our startup Ecommerce clients: to believe in our ability to produce results for our clients with our various marketing services, and to educate our clients on what needs to be accomplished in order to achieve the results they desire. We’ve come to see that these are two key components to success. And although marketing is (of course) very important to a small business trying to grow, so is their own belief in success. But how exactly do most startups, well, start up? We wish we could easily and precisely tell you how to do so; unfortunately, we can’t. We have, however, combined a list of the top ten mistakes startups make, in no particular order. So try to avoid the following problems:
1. Going it alone
Make sure there’s enough margin in your pricing to enable you to bring in other people. Sometimes it might not seem beneficial, but hiring others does help.
2. Searching for funding instead of searching for clients
As always, the bottom line is, well, the bottom line. So, before you spend tons of money on marketing and promotional budgets, research how your product performs by establishing a client base. This will also help potential “funders” see value in your product, which will make them more likely to support your Ecommerce endeavor.
3. Spending too much time on product development, not enough on sales
Perfecting your product is always encouraged, but never forget to keep one eye on sales at all times. Remember, selling is what will keep you afloat in the Ecommerce market.
4. Targeting too small a market
Pick a bigger market that allows your company/product the opportunity to grow. Small markets may blow up in the future, but if they don’t then you could have potentially risked everything. Play it smart.
5. Entering a market with no distribution plan
Make a list of potential credit card processors, fulfillment service warehouses and Ecommerce shopping carts and research which are the best match for your industry, products or services.
6. Not letting your idea evolve
Changing something doesn’t make you a failure, so don’t mix the two up. Sometimes it may be a matter of seizing a market opportunity that had not before been apparent.
7. Not listening to strong criticism
The ability to take strong criticism is a strong value to have in all facets of life, especially in a business setting. This could save you from making a decision based on the tunnel-vision of your product.
8. Assuming that everyone will just “get it”
Be sensitive to the kinds of responses you get when you pitch your ideas to others. It’s sometimes easy to get carried away with your own idea.
9. Bad location
They say real estate is all about “location, location, location.” Well, now we’re here to tell you that we think business is too. Some places just fair better with certain industries than others, for whatever reason. So just make sure your location, be it street, city or even your .com, is prime before you decide to open doors.
10. Hiring bad programmers
An Ecommerce site could sink or swim depending on programmers. The problem is a businessman/woman might not know the difference between good or bad programmers. So the best advice is to just be careful and get a reference if possible.
To make your new Ecommerce startup website easy to find online, expand your reach exponentially and build your brand recognition, contact us today at 844.523.1957 or visit jmfieldmarketing.com.