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Posted on October 02, 2021  Less than a 35 seconds read

Small business failures result from thinking too small

Overview

Most small business owners run into the problem of thinking too small. People write to me all the time asking for help getting their business ideas off the ground. Many entrepreneurs ask for assistance with starting their business. There are five key areas where you can think too small and doom your business to failure.

Niche Too Small

Is your niche too small? It's crucial to target a small niche with your business, but sometimes small niches are narrowed too much. For example , there may be a niche for dog dental products (as most dog owners will attest) and you could focus on a certain type of dog (such as lap dogs) but going for a specific breed would be too specific.

Target Market Too Small

Is your target market too small? Identifying only a single community or geographical region may spell doom for your product. Small markets are far too easy to saturate, and marketing mistakes are far too likely to end your campaign before it gets off the ground. When planning your target market in today's economy, you need to think big, with the availability of global marketing.

Budget Too Small

Is your budget too small? The first step in getting your business and marketing campaign off the ground does not require a million-dollar marketing budget. It is possible for businesses to be built from nothing, but it is also a lot more difficult, and you may end up making mistakes along the way that cost you more in the long run.

Schedule Too Small

Is your schedule too small? Do you have enough time to devote to your business? Starting, running, and growing a business takes time. People often get lost in the planning and dreaming stages and never actually start their business. Some people begin without having completed all of their planning, and quickly encounter unexpected problems. In the meantime, others plan and start their business properly, but once it runs, they become overwhelmed and don't think about ways to improve and grow it.

Mind Too Small

Is your mind too small? You need to open up your mind's eye to continually seek new opportunities to find new customers, to find new potential partners, to find new ideas for products, and to find new opportunities for marketing. A successful business is always looking for and pursuing new ideas to grow and expand its market as well as its business. In today's challenging environment, flexibility and adaptability are essential. This means raising your head up out of the trenches once in a while. Yes, you might need to dodge the occasional missile lobbed your way, but this is the only way to see those opportunities heading your way.

By avoiding these five not-so-small mistakes, you will be on the road to successful small business.

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