Business mistakes

The biggest mistakes new business owners (and franchise owners) make

June 18, 2018 7:30 am Published by

Every mistake is an opportunity to learn something new. However, when you are running a small business or new franchise business, every mistake is a potential risk which could be damaging your business. We evaluate some of the most common and biggest mistakes so you can avoid them.

  1. Not understanding your customer

Rule 1 of any business plan is understanding who your customer is. Avoiding this valuable piece of information will mean you will be trying to sell your products/services to the wrong audience and therefore fail miserably! At Home Care Preferred, we’ve spent years perfecting our niche audience and locating our customers. As a franchise business owner, you will receive this geographical insight, for your chosen location. We also provide new franchise owners with the tools they need to promote their new business in the most cost-effective ways to their target audience.

  1. No Plan

While your plan may change several times along the way, you should still keep the overall focus and goals. At Home Care Preferred we start off with the business plan, objectives, budget and the process. Our franchise advisors are there every step of the way to provide knowledge and guidance to franchise business owners so that they stay focused even through the challenging times.

  1. Forgetting The Implementation Phase

Whilst it is important to plan, you must also plan the execution and implementation phase of your business. As business owners and entrepreneurs, it’s easy to get involved in planning, researching, and budgeting that you might forget to put it all into action.

  1. Hiring The Wrong Staff

If anything will help you fail fast, it’s the wrong staff members. Hire too fast and you could overspend the budget. Hire too slow and you might be taking on too many tasks, leaving you with little time to focus on the overall goals of the business. Hire the wrong staff members and it could bring the business crashing down! At Home Care Preferred, we support our franchise business owners with recruitment. We help them to source and train the right staff members so that they become an asset to their business.

  1. Stopping To Learn And Listen

In order to continually grow your new business or franchise business, you need to constantly keep learning and listening to feedback from the community, your customers, and your team. Stop (or ignore) all of this and you will not be able to improve much further. At Home Care Preferred, we provide frequent reviews of your franchise business, benchmarking and constant evaluation to ensure you’re always on the right track. We help all our franchise business owners to make relevant adjustments and improvements whenever necessary to keep on growing.

Are you considering a franchise business opportunity? Speak to our advisors to find out more, send us your queries here, or find more information.

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This post was written by Home Care Preferred