Common Mistakes Start- Up Businesses Make

If you are an entrepreneur, it’s guaranteed that there are a million things running through your head while starting up your business. Most of your time is spent planning, networking and spending money. The last things you want to waste are your time and money. For this reason, be sure to avoid getting into situations and making decisions that can cost you either of those two precious commodities. There are three mistakes that are commonly made when launching a business. Learn about them here to help educate yourself, so that they don’t become mistakes of your own.

Mistake #1:
The Necessary Expense is Often Not Spent.
For many, this is a hard check to write because there is hardly an immediate and visible return; however, in time, this may be your most important investment. Vital items such as website, business cards, and a custom logo design are without a doubt three of the very first projects that need to be completed before the doors to your business can be opened. While it is natural that many entrepreneurs want to instantly jump on creating revenue for themselves, it is important to assess the market place first. With technology rapidly advancing, simply having a website is not enough anymore. Congratulations, you are now one pumpkin in the entire patch! This is where you need to make sure you are chosen over the rest of your competitors.  Optimizing your website can be done in a number of ways: key-word richness, updating meta-data, and using back-links are a few of the common strategies that businesses use for successful results. For clarification of any of these terms, you can contact a helpful representative at:  webmaster@methodologymarketing.com.
 

Mistake #2:
Not Doing Your Research Homework
When introducing a new product in a market that is already saturated with its type, is a forecast for disaster. Sometimes it can be hard to swallow our pride when we think we have something really innovative, but if it means saving your pockets from huge holes, it should become an easier notion to accept. The other extreme to avoid is presenting a product or service to a market for which the product is too far ahead. Imagine trying to introduce the internet to our grandparents when they were our age… a lot of them are still having a hard time conceptualizing its magnitude. Premature introduction of a product to a market that is not ready for it can almost guarantee a catastrophe. If you believe that knowledge is power, then why deprive yourself and your business of unlimited strength? Educate yourself and your company about resources that can be invaluable, such as existing businesses and suppliers in the industry, your chamber of commerce, trade associations, and potential customers.

Mistake #3
Forgetting to Plan, Prepare and Plot.
One of the most rewarding feelings you can give yourself is that of pride. The day will come when it is all ready and the revenue is filling your pockets; the challenge is getting to that day with as little complications and tribulations as possible. There are numerous resources that exist to help you through the brainstorming and building steps. At Methodology Marketing, our experienced and creative staff delivers award winning advertising and marketing plans. For even more helpful information, please contact the webmaster@methodologymarketing.com.  

How to Market Your Business for Funding

First you need a plan…

Obtaining funding for a business or idea can be difficult at best. There have been many great ideas lost down the drain because of the simple lack of money! It’s amazing how many mediocre ideas do make it and how many good ideas do not. Here are a few tips for how to market your business idea, widget, plan or whatever you decide to call it, from a marketing and sales perspective.

Your plan needs to be bullet proof. Go to a local funding event and do some research online. Try to put together a comprehensive list of every reason why your idea DOES NOT work and then figure out the best ways to overcome those hurdles.

Shop the idea around to angels first – that means friends, family and friends of family. This is called the angel funding round.

Second, make sure you stick to the budget as closely as possible. Project out for three months at a time to help you foresee any upcoming issues which may affect your bottom line.

Keep redeveloping the plan as the business begins to mature. There are two good reasons to do this. It will help you stay focused on the plan so you don’t get lost in the details and it will help keep the plan fresh should you need additional funding.

Make the business plan as sexy and slick as possible. This might sound shallow but believe me, when it comes to getting funding, anything goes and the slick plans get looked at first. It is a popularity contest at best.

You need a perfect look and feel. Don’t go light on the logo or marketing collateral because you believe your idea has enough merit to carry its own weight. Investors don’t see that. They want cool, smart, good looking materials so they can brag about their investments. The logo is just as important as the name. The brochure and website are going to be what they judge you by when you are not in the room.

Show them you know how to market and sell the product. Assuming you are ready to go to market, put together a killer sales and marketing plan that shows timelines, metrics and most importantly, ROI (Return on Investment). This is as important as the entire plan itself. If you even THINK you might not know how to write the best marketing plan ever, don’t hesitate. Hire an advertising or marketing agency. It is the best investment you can make, if I do say so myself.

760 Media Quoted in San Diego Business Journal

In response to shifting budgets and rising performance pressure, advertising professionals are devoting more of their resources to digital media, particularly online. The name of the game is still reaching the masses, but doing so by way of a robust electronic database is rapidly becoming the equivalent of owning a hotel on Boardwalk… Read More