Blog » What Are The Biggest Business Mistakes Made By Small Business Owners?

What Are The Biggest Business Mistakes Made By Small Business Owners?

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Trying To Get Rich Quick

There will always be stories in the news about those who started a business just last week and are now multimillionaires. But for every one of these stories, there are hundreds of thousands and maybe even millions, or business owners who haven’t found the success they initially wanted for decades. The point is, although it’s certainly possible, it’s doubtful you’ll be an overnight success when you run a business. It will take a lot of time, patience, hard work, and possibly a fair amount of financial investment to get ahead.  

By the time you do reach a point that you would call success, it will be worth every minute of effort put into the business, but if you’re starting the business expecting to make a lot of money right away, you’ll probably be disappointed, and you might give up before you have a chance to grow. 


Cutting Prices 

When you know you need to make more sales because times are tough, the first thing that will come to most business owners’ minds is cutting costs. By cutting costs, surely you can entice new customers to buy from you, and the lower profits can be made up for through quantity.  

This is now how it tends to work. When you cut your prices, the customer may feel that you are offering lower quality goods than a more expensive business. Or, if they do buy from you, when times are better, it’s going to be hard to put your prices back up again. If you think your prices are fair already, cutting them isn’t going to help you. Alternative ideas to gain more customers in tough times include offering added value or running a competition with a worthwhile prize like something from the WatchBox Grand Seiko collection


Assuming You Have No Competition 

Even if you feel – or know – you are the only person selling your particular product or service, even if you’re sure that your business is unique, that doesn’t mean you have no competition. You might not have someone selling the same items as you, but there will be people selling similar products or products that are different but give the same result.  

And even if you genuinely can’t find anyone who is even the slightest bit similar to you to begin with, the mistake would then be to stop looking for your competitors. Over time, especially if you are successful, newcomers will arrive, and at this point, if you’re not watching out for them, you might find they start to overtake you.  

Every business has competition, and not knowing about it or ignoring it just means you’ll fall behind. If you’re aware of who or what your competition is, you can keep ahead of them and ensure you are still number one. 

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