you have a great product and a huge target market

 

Another common mistake is to hire too many people in the initial phase of a business. When starting out, running a company with freelancers, sub-contractors, and magazinehouse.us part-timers is better than having full-time staff. Once your company has developed a sustainable stream of income, you can slowly cut-down your outsourced network and replace it with in-house employees. 

5. Defensive marketing 

So, you have a great product and a huge target market. But still, you don’t make any sales. Most new businesses are afraid to expose them in the beginning. The initial phase magazinepot.com is also the survival phase fort a business. In this period, you should focus on strategic marketing efforts and getting your brand and product in front of as many people as possible. 

Hire expert marketers or outsource your marketing efforts. Work towards developing an effective marketing plan and allocate a reasonable amount of budget for it. From the very beginning of your marketing efforts, keep an eye on the ROI to see what’s working for you and what isn’t. And don’t stick to passive marketing. Become direct and aggressive: send cold emails, do cold calling, run paid malibutimes.net ads, and more. 

6. Not developing a solid company culture

13% of startups fail due to disharmony among teams and investors. The employees, teams, managers, and investors will not be on the same page if the owner fails to build and maintain a solid company culture. Due to a lack of expertise and experience to hire the right people, they end up taking up people that don’t fit the company’s work environment. It badly affects the productivity of both the employee as well as the overall organization. 

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