Starting your own business can be one of the most satisfying (and often rewarding) experiences you will have in your professional career. If you want to see your small business succeed, however, there are no shortage of trials and tribulations that you will have to conquer. In order to make it through triumphantly, here are the five biggest small business pitfalls that you will want to avoid:
1) Trying too Hard to Compete With Large Companies
At first, charging less for your goods or services may seem like a great way to steal a few customers away from larger, more-established companies. However, small businesses that adopt this strategy will quickly discover that competing too hard on the pricing scale with the likes of corporate giants such as Wal-Mart is simply not a profitable approach. These massive companies are able to charge rock-bottom prices because of the deeply discounted rates they receive from buying bulk and because of the strong relationships and exclusive contracts they have with their suppliers. Starting out, these are advantages that you are not going to have, meaning that trying to charge the same or less as the companies that do is a quick way to end up in the red. Rather than competing by cutting prices, charge a fair, profitable price and pride yourself on higher quality and a warm, personable approach. Many customers will have no problem paying a little extra for these last two advantages.
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