by Scott Holloway

Created on: February 20, 2007   Last Updated: April 27, 2007

The most common mistake made by small business owners is the lack of research prior to starting a business. Instead of finding a niche and performing a few things very well, it is common to jump in and try to do everything at once. This can often result in poor performance which can eventually low customer satisfaction.

Start by doing some market research to determine how to best apply your resources. See where there is the greatest need for a product or service. It is a good idea to pick the brains of people have been in the business previously. You may get some benefit from stories of success and failure. Have a clear marketing strategy to get up and running as soon as possible. Put forth a consistent effort making changes when necessary if something isn't working for you. Don't let your ego control you. Learn from your mistakes and move forward.

Network to gain greater exposure in your area of business. This will put you in touch with other business owners and may even result in future customers. Service groups, social clubs, and Chamber of Commerce organizations are some examples.

Hire good people to work with you. The time and money you invest in training and retaining people should not be wasted. Whether you hire people yourself or use agencies to do so, make sure the screeing process is a thorough one. Once you have found good people, treat them well. Praise for a job well done goes a long way toward employee satisfaction and loyalty.

Make sure you are doing something you enjoy. This will have a large impact on the image you convey to others and you eventual success.

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