Do you want to sell your small business? Or you are already in the process of selling your small business? If any of the criteria above best describes you, then read on as I share with you seven common mistakes you must avoid when selling a small business.
Selling a small business is a process every entrepreneur wants to experience but unfortunately, only few will build a business that will worth selling. There are several reasons why you would want to consider selling your small business either now or in the future but I won’t go into the details here. I have already written an in-depth article highlighting why entrepreneurs sell their small businesses.
Although the business often involves numbers, stock, inventory and things like that, in the end and almost inevitable, a business dealing with people and relationships. Understand that success in business is dominated by the relationship. Know that in business, you need to create a positive experience with every person you meet, to capture basic information about them, and then, with their permission to continue the communication.
Once you have a plan you can execute it by starting with creating your designs, creating a marketing plan and executing it. You will also need to build a blog/website so if you don’t know how to do this yourself then you will need to find a web designer to do it for you.
Your Business plan must include a way to be remarkable. Every Business profile has the ability to do this. Don’t be lazy or make excuses- put work and plenty of forethought into this. After all, practically anyone can open a business or offer a service but you must go one step further. You need to go the extra mile and put in the extra effort. Don’t put in 100 percent effort but 200 percent. Find your niche and then take the initiative to be you but a you that is different from everyone else. You can sell the same products as 50 other businesses but you will have the hook that draws customers in.
They also did not partner with a right team to build their business. A team is crucial for success in home business, because you can get more things done within shorter period of time. If you lack a team, or a team which doesn’t provide support for you, you will be doing business all by yourself, and get burn out easily.
Attend seminars. Even if you haven’t started a business yet attending a business seminar can be a very useful way to spend your time and money. Seminars can range from free to tens of thousands of dollars. Start with a free to a few hundred dollars. Don’t let the price fool you. I’ve attending some seminars that were less than $100 and gotten great value.
Where is your focus right now? If your business model is such that you must get the next client or patient urgently to keep your business afloat then you have an issue. The sooner you can shift your focus to developing and implementing the next new marketing system that can be automated you will start to see an acceleration in the growth of your business.