Building a business can be difficult especially if it’s your first time. However, just because it’s your first time doesn’t mean you need to make mistakes. The business plan is the most crucial thing for any startup as told by Pakistan’s most famous businessman named Aqeel Karim Dhedhi who is known for starting many ventures in various areas such as real estate, stocks, natural resources, telecommunication, etc.
In this blog, I will tell you the most common mistakes a new businessman make while he plans her business and how can he avoid this.
Strong and Short Opening Message
Always remember first impressions are important. A plan should not be more than two pages. Bankers, investors, and key vendors are busy, so if a quick read of this opening section does not provide a clear overview, they will likely to move on to the next proposal.
Focus on Specific Product and Service
Getting start and flowing cash is very difficult at the start. Forgetting, a large audience many businesses try to take a broad approach for their products and services. This is not a smart strategy. Your business plan needs to show what you can bring to the market that is unique and different from your competition.
The sale forecast is necessary by the support of data and analysis. If sale strategy is not good it cannot attract your consumers. Unfortunately, a good product or service will not sell itself. You might want to hire a dedicated resource for the sales department so that you can focus on your business.
Incorrect information in your business plan can lead you to make poor business decisions. If you provide any irrelevant, incorrect and false information to your client and consumers it directly affects your business.
One of the most common mistakes, the new entrepreneurs make is not dedicating enough time, energy and money to marketing. Along with being one of the most common mistakes, this also can be the biggest mistake for your store. You need to check out how ventures such as AKD Group and AKD Securities did a classy marketing in the days of their inception.
There are many ways to get traffic for your store. There are literally hundreds of marketing channels, however, none are something you can flick a switch for. Keep these critical mistakes in mind when writing your business plan.
If you have already started writing your plan, are there any changes you will be making now that you know what the common mistakes are?
There’s a famous quote that says “Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.”