It never fails to win our admiration to see someone fire up and successfully run a Mt Pleasant, SC small business. It always wins our admiration because success in business is a creative endeavor – there are no rules to success that small business entrepreneurs can just follow. Success might be about hard work, but hard work alone does not succeed; it might be about thinking out of the box; but that alone does not pull it off. Think of the way any garage band that’s hit it big all of a sudden, handles its success. Typically, the members still run the whole show on gut instinct, not hiring a lawyer to put down terms and agreements on paper. But when the money finally starts rolling in, everyone is suddenly tearing at each other and threatening to quit the band if their demands are not met. Not thinking far enough is one of the biggest mistakes small business entrepreneurs in the Charleston and Mt Pleasant areas make on their way to success. Let us take a look at some of the more serious mistakes that can trip any budding businessman up.
At the top of the list of mistakes that small business owners make is one that the garage band mentioned earlier could learn from too – they all place product development about practical issues such as making a sale. Any musician has the experience of dealing with a perfectionist in the band. It drains time and resources, and in the end, the product is certainly not better off for it. Tinkering and tweaking can often lose a budding businessman a great deal in sales just as well. These can be out of town sales, or even fairly local sales to Isle of Palms, Summerville, Goose Creek, or what have you. In the end, a competing business with better sales focus an inferior product will often get ahead. Lots of small business entrepreneurs with great products can often fall by the wayside because they don’t pay enough attention to the product in question.
Of course, if you can, you should deal with both sides of the business coin – you could hire someone to deal with the problems of building a customer base even while you tweak obsessively with the product. Lots of startups have a problem with bringing someone new in; they are too wary of the prospect of sharing control with a new and unknown quantity even if the candidate is a grad of the Citadel or College of Charleston. But there’s only so far that you can get going solo. Another mistake small business entrepreneurs make starting out is, they take the admonition to target a niche market, too seriously. While the advice you hear tossed around that targeting a niche can get you a degree of success quickly makes a lot of sense, you do want to not target too small a niche. Towards that end, you’ll need to make sure you don’t make the mistake lots of entrepreneurs make – not taking an established distribution partner.
Getting a product out into the market can be next to impossible if you do your own distribution. Every product field – food, clothing, toys – has its own specialized network of resellers, brokers and agents to get your product on every shelf. If you would ever notice how startup entrepreneurs in services like Mount Pleasant, SC flower delivery, catering or North Charleston fitness do, you’ll see that they really struggle. The reason for this is, these are businesses where there is no distribution network. Before you even put down a dollar for your business, make sure that you have a great list of referrals to help get your business on its feet.