Look out for these Red Flags when running a business with Daniel Priestley

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Entrepreneurship is exciting, there are so many ways to build a business that allow you to be successful. However, there are also a few mistakes and pitfalls I see business owners make that prevent them from achieving their goals.

These are the 5 common Red Flags I see when speaking to entrepreneurs.

1. Thinking Geographically

Don't Limit Yourself Geographically: In today's digital age, limiting your business to a local area is like staying in a small pond when you could explore the ocean. Take a craft beer brewery in Manchester as an example. If it only focuses on local sales but decides to sell online, it could reach customers nationwide or even worldwide, boosting sales and brand recognition. The takeaway is to look beyond physical limits and consider online growth opportunities.

2. Too much focus on "Supply"

Balance Your Focus on Product and Market Demand: Focusing too much on your product or service without considering what your customers actually want is risky. For instance, a UK tech startup might develop a cool app but if it doesn't meet users' needs, it won't be used much. It's crucial to research what the market wants and use strategies like marketing campaigns, collecting customer feedback, and being active on social media to ensure your product meets market demands.

3. Thinking your business brand is more important than your personal brand

Build Your Personal Brand: Your personal brand is powerful for business success. A London interior designer with a unique style and strong social media presence can attract clients worldwide, not just locally. Use platforms like LinkedIn and Instagram to share your work, insights, and testimonials, which can help grow your business and establish you as a leader in your field.

4. Not using putting your free employees to work

Use Free Tech Tools: Not using free digital marketing tools is a missed opportunity. For example, a small bookshop in Edinburgh can use Facebook and Twitter to share book reviews, interviews, and events, reaching more people than just local customers. Tools like Google Analytics and SEO strategies can also increase your online visibility, attracting more website or social media visitors. All businesses can start to harness the power of AI simply by using ChatGPT as part of their daily workflow.

5. Breaking up with your customers

Think Long-term with Customers: Only offering short-term interactions with customers can limit their lifetime value to your business. A fitness trainer providing only single sessions might find it hard to keep clients. By offering subscription models, online classes, or a fitness app, you can keep clients engaged over time. This not only ensures a steady income but also builds a loyal community around your brand.

Keeping these points in mind as you start and grow your business will help you avoid common mistakes and set the foundation for lasting success.