Are You a New Business Owner?

Did you start a new business in the last few years? Here is a harsh truth. 

• About 2/3rds of all new businesses survive two years
• 1/2 survive five years
• 1/3 will make it 10 years 

The longer a company has been in business, the more likely it is to stay in business—those first few years are the hardest. According to the Commerce Institute, during the first quarter of 2022, there were 1.45 million new business applications in the US.

I recently read an article first published back in 2011. It lays out the ten biggest mistakes small business owners make. 

Except for accelerating the calendar (#10) so you can have your overnight success faster, the MWF team has the resources to help you with nearly every point on this list. And no, we’re not guilty of trying to do it all (#1) because MWF is a big team whose members have different talents to enhance and augment your own.

10. Trying to get rich quick – overnight success takes about 15 years

I love this! Success is like an iceberg—people only see the tiny bit above the water line and not all the hard work under the surface.

9. Assuming no competition – even breakthroughs have competitors 

It’s not always a choice between you and someone else. Sometimes, the option may be that the consumer does nothing.

8. Being a weak leader – this doesn’t mean being authoritarian

A good leader sets a course, communicates it well, and inspires others to come on the journey. A strategic plan with action items and content calendars helps you stay on course.

7. All business all the time – work/life balance

A balance between your business and personal life will improve both. We help our clients have some fun along the way and celebrate the victories small and large. Plus, we get some sweet tickets!

6. Unrealistic goals – are your goals S.M.A.R.T.?

Specific, measurable, achievable, relevant, and time-bound. We’ll give you some tough love and help you set smart goals and review and revise them as the need arises.

5. No rally point – what do you believe in?

Clarity of purpose beyond just making money sets the stage for attracting like-minded people. Authenticity is the strongest sales aphrodisiac. 

4. Cutting prices – a recipe for short-term gain and long-term loss

Consumers will pay for value and convenience. Show them why your service is worth the money and they will happily join your tribe. 

3. No clear marketing strategy – stop chasing shiny objects

This is where branding sets you up for success and apart from your competitors. Sending mixed messages leads to unclear expectations. Consistency is one of the three keys to branding. The other two are strategy-based messaging and dominant frequency.

2. Not being honest – own your mistakes

Everyone makes mistakes, but if you ignore them or fail to take the blame, customers will call you out and blow your credibility out of the water. Be brave—be the first one to break the news.

1. Trying to do it all – control freaks need not apply

Most people have a couple of natural talents. Savvy entrepreneurs exploit their strengths and hire their weaknesses. If you can’t relinquish some tasks to those around you, you will burn out hot and fast.

Do you see yourself in any of these situations? If so, perhaps you’re like to talk with someone to bounce your ideas. Contact Mid-West Family Madison and talk with one of our team members. You can also start here with our detailed breakdown of the five basics to consider when building a marketing plan.