The United States of America was built by, and still thrives off of, all the hard work that small business owners do. All over the country, determined folks with innovative ideas are taking the scary economic plunge to realize their dream and run their own business. And it can’t be overstated how difficult of a task that is, and how brave those folks are to attempt it. But even the best ideas and the smartest minds are still susceptible to making some mistakes, especially when it comes to the risky business venture that running your own small business inherently is.
Online Capital is dedicated to providing the service and capital your established small business needs to succeed. We want to give you the platform you need to launch off and achieve that “next-level” growth. So here are a few common mistakes that all small business owners make, so you know what to avoid as you grow your own business. And so you can see how Online Capital might be able to help you.
Mistake #1 – No Cohesive Plan
Probably one of the most common mistakes, failing to have a cohesive plan before you start or after you’re established is a one-way ticket to your small business failing. Having a plan gives you the present you and future you some peace of mind in how your business will operate and react to achievements and setbacks. Any business worth investing in or having success getting loans approved will have a cohesive plan that can show both lenders and investors how their money will be used.
Mistake #2 – Skipping Marketing and Research
While your family and friends might think your small business is a good idea, this modern age has shown that using market data and research is the only way to truly determine your business’s worth, market, and strategy. Conduct or outsource market research to understand more about your target audience and their wants and needs, so you can tailor your business strategy and operations to fill those needs, and therefore have more success.
Mistake #3 – Not Hiring Soon Enough
For any newer small business still finding their feet, bringing on employees that you need to pay sounds like a difficult investment choice to make, especially when you aren’t working with much capital to begin with. But if you don’t delegate small tasks to employees and wait until the need is too great, you might have to hire the first interviewee whether or not they are qualified. This hurts your business’s growth and takes you away from the big-picture-thinking you will need to have as a small business owner.
Mistake #4 – Not Utilizing Social Media
Along with data-driven market research, this modern business age has also produced a reliance on social media advertising. No matter how much you want to resist it, you will need a social media presence online if you want your business to succeed. Whether that is simply a website optimized and maintained by a web-hosting company, or a full schedule of YouTube videos and Facebook posts lined up, the more content you can provide to potential customers online, the more potential customers you will have.
Mistake #5 – Being Afraid of Financing
A loan is an important business decision because a successful business requires capital to operate and succeed, but a loan you can’t pay back can kill your business and your personal financial standing as well. A small business loan isn’t the go-to answer every time, but waiting too long for your business to provide its own self-sustaining capital can really hurt your growth. Create a sound financial forecast for your business and its cash flow, and not only will you have a better grip on how a loan might propel you to that “next level”, but you also drastically increase your chances of getting approved for said loan.
Mistake #6 – Not Investing in Your Business
Most of these common mistakes have one thing in common: being too afraid to put more money in to get more money out. Understandably so, because you have probably already put everything you have into this business, but as the saying goes, “To make an omelet, you have to crack a few eggs”. To make your small business grow, you have to be willing to invest your money in key areas and strengthen the right facets, and eventually, you will get your omelet.
Small Business Loans with Online Capital
Running a small business is simply a very hard endeavor. Even if you never make any of these mistakes and run your business perfectly, there is still a chance it could struggle. But you knew the risk when you started the business and you had the courage to take that challenge head-on, so you shouldn’t look back now. Online Capital is a proud provider of capital and loans to established small businesses all over the nation. Contact us today and see how we can help your business grow.