No one starts a business with the mindset of failure, however if care is not taken, a business’ failure starts at the beginning, this is usually because of the many pitfalls that are taken care of at the inception. As a startup, here are four critical pitfalls to avoid:
- Not Having a Business Plan: A business plan is a document describing the business, its operations, financial projections and a host of other important details.
A business plan is highly important for every business which is why it is one of the core services we offer at Espact. You should contact us today.
A business plan when done well, gives you a direction and charts a path for your business.
- Not monitoring progress: Ignoring the many progress made by your business as a startup is a critical pitfall to avoid. At every point, your progress should be monitored and also measured.
- Setting the wrong price: For every business, having the right price is very important. Having a price ridiculously higher than or much lower than the market price is not advisable.
Before starting out, a market analysis should be carried out to determine the best price products and service will be offered at. The wrong pricing can also cause low patronage/sales at the end of the day resulting in zero or low cash inflow.
- Not investing in marketing: How often do you market your products? What channel do you use in doing this? Neglecting the marketing of your product or service is one sure way to fail in business. Marketing helps you to sell and also inform prospective buyers of the availability of a product.
Invest in the right marketing channels to sell your products. Again, you can talk to us at Espact and trust us to develop the right contents with which you can sell your products with.
If you are just starting out, congratulations as you take this advice and avoid these mistakes. However, if you have started out before now, you can still retrace your footsteps, and save you from many headaches.
You can contact us for:
- Digital Skill Training
- Business Plan Development
- Media Planning and Buying
- Content Development
- Digital Marketing
- Marketing and Brand Visibility
- Digital Transformation
Hurry now and reach out to us via:
Visit or website on www.espact.com or Whatsapp/call +2348081553042