Sadly, a large percentage of small businesses fail every year. When you look at the reasons behind this, many things come into play. Lots of different mistakes are made, but there always seems to be one key thing that has the biggest impact. For me, it’s easily the biggest mistake small business owners make in the modern age.
What is this mistake? Rushing your startup.
Rushing things in the startup process is a very bad thing to do, for loads of reasons. When you rush things, you tend to miss out on small details that have a huge impact on your business. To help explain things, here are some key parts of running a business that lots of owners rush, and what happens when they do.
Rushed Business Idea
Straight away, it’s clear that many small business owners rush through the idea behind their company. Something may sound like a good idea initially, but further research and testing may prove otherwise. But, when you rush your idea, you ignore all this added research and testing. Therefore, you start a business based on an idea that’s not been properly tested or researched, so you can easily fall into trouble right away. Why rush such an important thing? It’s simple; business owners want to start making money instantly before other companies get in ahead of them and create competition. In reality, it’s much better to take your time!
Your logo is the face of your company.
Rushed Logo Design
A lot of small businesses owners don’t see to understand how important a good logo is to their company. It acts as the face of their brand and forms the backbone of all their marketing material. However, some owners take the easy way out and just find a cheap and boring logo online that they can use. It may save money, and it may save time, but the impact a weak logo has on your business is potentially catastrophic. There’s no real excuse for it either, there are tools like WithOomph’s logo design generator that help business owners create professional logos. If you rush your logo design and end up with something that’s rubbish, then no one will identify with your brand, and it will be very hard to form a connection with consumers. As a result, you’ll struggle to draw customers to your business.
Rushing your idea and logo design is bad enough, but rushing the actual service/product you produce is terrible. Again, this happens to a lot of small business owners because they’re so eager to get their product/service on the market. It’s particularly common in businesses where products are created and sold. The manufacturing process is rushed to try and save time/money, and the result is something that doesn’t live up to the standards consumers expect. Same goes for services; you rush a service to get it done quickly so you can take on more work. At the end of the day, you just end up providing a bad customer experience and losing a lot of business.
So, the single biggest mistake small business owners make is that they rush too many things. Consequently, if you want to avoid slip-ups, make sure you take your time when starting a business – particularly with regards to these three things.