Mistakes that businesses may and our first one is going to be not writing a business plan.
I want to talk about this a little writing a business plan is a guide, a guidebook, when you are stressed.
when you are going on the wrong path in your business, you will always go back to your business plan.
Important things which you write in your business plan that will help you in the future with your business.
So don't make the mistake of not writing a business plan, it could be a very small sentence, a piece of basic information.
when you want investors, or banks to like for you to take a loan, they will want to see your business plan.
That's why you should write a business plan. And sometimes as business owners and managers.
Sometimes we just were too lazy to write it or like we do not see the importance of writing a business plan.
when you do not want investors or banks to invest. Or sometimes you just don't but don't make the mistakes.
Future self will be thanking you a lot. Our second one is going to be not focusing on your cash flow and your profits.
I have made this mistake, a lot of times in my business, I only focus on the products in the marketing.
which the financial situation I will not care as much as the other things. So focus on where your clap, and cash come in.
Profits every six months, even a year, which I like to do in my business every month I check in on.
How much I spent how much I got in how much money I received and the profit of all of those in a month.
The third one is spreading yourself. So thin with products when you have your products and you just spread yourself way too thin.
Which you forget your purpose in the business, the purpose of your business, I can actually say this by my own actions,
I have so many products, if you go to my shop sub shop, you can see I have so many products.
which some of them, I forgot they exist. So the most like just pick like top five or top like top seven.
I will say this because when your customers are well when your customers have so many options.
when they come into your business, they will just pick nothing I can talk about myself when.
I go to the market and I see a lot of things. I'm like so anxious, that I do not pick anything.
I will leave without anything. So make your selection pretty small.
The fourth one here is not investing in organic marketing. So these days as businesses get tougher in the market.
We go to ADS, we go to paid marketing, and sometimes we forget that there's a method that is very organic.
I will not say it is easy but in the middle of hard and easy. When people see you as not paid ads.
They will say Oh this was made for me this content, or this product is for me about when you actually target them.
They're most likely to say yeah, why would I buy this if I am not looking for it and other types of excuses.
Many ways which they will not be most likely buy going back to marketing.
The core of marketing is just people why is Archey watching your business.
If I'm seeing anything wrong here, please correct me. But marketing is people and looks to your business.
I hope I said that right. So marketing, looking at your business, having people on your business, that's marketing.
So when you pay money for it, I'm not saying there's a problem with it. But if you do it too much,
it can have to harm your business. So invest more in original and organic marketing.
the fifth one, hopefully, is the last one, it is knowing, not knowing your target audience.
I put this sentence on my sheet. Not knowing your target audience.
What I mean by that is, you know, you're like, you have a basic understanding of your target audience.
Let's take an example of this YouTube channel, this podcast.
My audience is entrepreneurs, beginning entrepreneurs, and beginning business owners.
Who people I'm targeting, I know them by I am there, and I have learned from people which target me as a beginner small business owner.
I'm targeting those people. So I know that they are starting their business last this, that's the easy thing about this YouTube.
They're one to learn about, the target audience if they're in the affiliate marketing space, and what tools to research.
if they are in the dropshipping space, what kind of platform should be in.
what I'm charging to my podcast audience. So that's what I know.
If you really don't know more details about your audience, it wouldn't help.
So make your audience list pretty Pacific.
So don't spit yourself way too thin, or don't put yourself in a box. That's number five.
That's what I'm going to be saying about mistakes as I saw these mistakes in my business.
I repeat it so many times, like a lot of times, so don't make those mistakes.
If you're starting a business and if you did make mistakes.
Help other entrepreneurs by not making the same mistake which one they are starting.
This is episode 17 of learn with me. I will see you next Friday.