What mistakes do novice businesspeople often make?
Starting a business for the first time feels like riding a motorbike for the first time. Very enthusiastic, but very easy to fall into t... See more
What mistakes do novice businesspeople often make?
Starting a business for the first time feels like riding a motorbike for the first time. Very enthusiastic, but very easy to fall into trivial matters.
I don't want to scare you. But in fact, 9 out of 10 start-up businesses close in the first year not because the idea is bad. But because it was sucked into a mistake that could have been avoided.
So that you don't become part of that statistic, here are the 7 mistakes that novice businesspeople most often make. Check which ones you have done.
1. Get greedy for big capital at the start
Just starting out, immediately rent a shophouse, stock a dozen items, buy sophisticated machines. Even though no one has bought it yet.
Large capital at the start will make you less agile. Once the market is not suitable, money is already stuck in goods. Beginner businesspeople who last actually start small. Sell using the PO system, dropship, or service first. Market validation first, then scale up.
2. Not calculating COGS correctly
"Sell 50 thousand, capital 30 thousand, profit 20 thousand dong." Eits, it's not that easy.
Packing costs, road costs, internet quota, advertising, marketplace fees, that's all COGS. Many people are surprised that they are selling tired but their wallets are thin. Because I didn't count in detail. Record all expenses, no matter how small. Just determine a healthy selling price.
3. The product is for everyone
"My target market is male and female aged 17-50 years." Yes, that's everyone.
If you shoot everyone, in the end you won't hit anyone. The marketing message is bland. It's better to be specific. "Coffee for IT kids who often stay up late" is more popular than "Coffee is good for everyone".
4. Don't have a place to gather potential buyers
Sales only post once and then disappear. There is no WA group, no email, no followers to look after.
Even though the cost of getting a new buyer is 5x more expensive than selling to an old buyer. From now on, every time someone asks or buys, invite them to enter your "pool". Can be a WA group, Telegram channel, or at least follow IG.
You will continue to flush this pond using content. Education, stories, promos. So that when you launch a new product, there will already be people waiting.
5. Embarrassed about promotion and content
"Afraid of being called a sellout." "Afraid of what my friends will say."
Bro, if you don't shout about your business, who wants to know? No one will buy a product they have never seen.
Content is the lifeblood of online business now. Just tell me about your process. From failure, learning, until there was the first order. People like to buy from stories, not from brochures.
So, so that the content isn't just boring, you might as well use a platform that gives you money from views. Like on Zoyalink, you post business stories, tips or product reviews. The first view immediately becomes income. So while branding the business, the account also gets fat. Check how on Zoyalink.
6. Do everything yourself until you burn out
Become an admin, be a courier, be a CS, be a photographer, be an accountant. It's all you.
In the beginning, you have to be frugal. But if it's been 3 months and turnover has closed, start delegating. Recruit freelancers to design or reply to chat. Your time is more valuable for thinking about strategy, not just wrapping packages.
7. It's easy to give up when it's quiet
The first month sold 100 pcs, the second month only 10 pcs. Immediately panic, immediately change business.
Business has a graph of ups and downs. There is a busy season, there is a low season. The one who wins is the one who doesn't run away when it's quiet. But evaluate. Why is it quiet? Ads dead? Boring content? New competitors?
Correct them one by one, don't immediately swerve.
So basically...
Mistakes for novice businesspeople are normal. Which is not normal if it is repeated over and over again.
Start small, calculate details, shoot specific targets, build a pool of audience, be diligent in telling stories, don't work alone, and be strong when it's quiet.
Do that, you are already one step ahead of 90% of other novice business people.
Of the 7 points above, which one most relates to you now?
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What mistakes do novice businesspeople often make?
Starting a business for the first time feels like riding a motorbike for the first time. Very enthusiastic, but very easy to fall into t... See more
Starting a business for the first time feels like riding a motorbike for the first time. Very enthusiastic, but very easy to fall into t... See more
