The #1 Mistake Made When Starting a Business

international marketing strategy

The #1 Mistake Made When Starting a Business

There are so many people today who are living the American dream, starting their own business and working for themselves to provide for their family. There is nothing quite like being a business owner and all of the gratification that comes with it. However, there are so many businesses today that do not make it or that fail to live up to their potential.

There are a number of reasons as to why this can happen and as to why some of the hardest working, best-intentioned individuals can struggle to make it as small business owners. However, the number one mistake that business owners, in all different industries, tend to make is this: they fail to make a marketing budget.

It is such a little thing, but it is a detail that often goes overlooked when businesses are just getting started. Perhaps some business owners don’t think it is important. Others may not think they need a budget with their marketing plan, just that they need to pay for ads here and there, some may think they need to wait to dedicate money to their marketing until their business is profitable. These are all dangerous mistakes to make.

To help you see first-hand just how important a marketing budget is, we’ve highlighted a few key reasons as to why creating a marketing budget can make such a difference in your company and your success moving forward.

  • It forces you to be more strategic with your marketing. This is similar to making a budget with anything else. When you have set numbers in front of you, you are going to be more careful about where you spend your money, and will likely make more informed decisions.
  • It will make you dedicate enough money to marketing. It can be easy to get caught up in the day-to-day of running your business and to accidentally overlook your marketing efforts. If you have a budget, you are going to be more likely to stick to that budget and actually dedicate time and money to marketing.
  • It can give you a better view of how your sales are doing. We all know that sales are important when it comes to running any business. Marketing is directly correlated to sales and this correlation will help you get a better view on your sales figures and why they may or may not be performing the way you want them to.
  • It helps you get more organized. Let’s be honest, running a business is complicated and can be challenging, messy, and hectic at times. Having a budget keeps you organized and on-track—something every business owner can appreciate.

If you have questions about how you can take your company’s marketing efforts to the next level and find the success you have always wanted to have, contact the experts at Life In Motion today. We have seen first-hand the difference having a marketing budget can make on businesses of all types and can help you get set up with a marketing plan that will really work for your company and your budget. All you need to do is to contact us today to get started.