Many famous entrepreneurs claim that making mistakes has been key to their success. In reality, success will only come if you’re actually aware of your mistakes and manage to learn from them. We asked small businesses in the UK about their biggest mistakes in 2015. Here are some of the most common fails, and how we can avoid them in 2016.
Neglecting marketing and advertising
Many entrepreneurs replied that their biggest mistake in 2015 was that they didn’t spend enough money or time on marketing and advertising. Regardless of whether it’s promoting your Facebook posts, buying an ad in the local newspaper or handing out flyers at trade shows – marketing is important for any business, no matter how big or small it may be.
And remember that marketing doesn’t have to be expensive. There are so many smart ways to promote a business nowadays – with little or no cost at all. Luckily, we’ve gathered our best (and cheapest) marketing tips here for you.
Not planning ahead enough
Planning is essential. You should always think a step ahead. Every business should have an annual plan: where do you want your business to be in 12 months? Benchmark with earlier years and be realistic. There are plenty of useful apps to help you plan ahead – check out our favourites here.
Spending, rather than putting money aside
We know it’s tempting to invest in that new spa jacuzzi or a new stock of exclusive French skin products, but many business owners would benefit from taking a more long-term perspective. Maybe there’s an expected slow period coming up, or time to pay taxes soon? Look ahead and plan. And remember to always have a buffer.
Didn’t manage to find the right location
This is a truly a make it or break it decision. And it’s scary. But if 2016 is the year where you need to find the perfect spot for your first – or tenth – salon, remember to consult more than just your gut feeling. Demographic research, neighbourhood assessment and landlords are all different aspects to consider before making your decision. This blog post will give you some first pointers.
Had difficulties in hiring and keeping employees motivated
Recruiting new people to your own business is not an easy task. Especially when it’s your first time hiring, and you want to find that perfect person who will be as dedicated to your company as yourself. It’s all about motivation. And there are plenty of other ways than paying huge salaries to motivate your employees. Find our best tips here!