One problem many entrepreneurs and small business owners run into is that they are simply thinking too small. I often have readers writing to me asking for help getting their business ideas off the ground. I also often hear from folks who have run their small businesses into the ground.
You may have heard of the expression "Shoot for the moon...even if you miss it you'll land among the stars." Plan big and even if you only get halfway there, you're still further than if you planned small.
Here are five key areas where it's possible to think too small - and doom your business to failure.
1. Too Small of a Niche
Is your niche too small? Finding a popular market for your business to target is critical to your success, but sometimes people narrow down their niche too much.
For example, while doggy dental products could be a wonderful niche (as almost any dog owner can attest) you could narrow your focus down to a certain type of dog (such as German Shepherds). But going for one specific breed might be taking it too far, as it would reduce the pool of available buyers by 90% or more (my best estimate on dog breed ownership percentages :).
2. Too Small of a Target Market
Is your target market too small? If you are looking only at one community or small geographic region then you may well doom your product or service to failure.
It is far too easy to saturate a small market and for any marketing mistakes to end your campaign before it gets off the ground. In today's economy, with the availability of global marketing you need to think bigger when you are planning your target market.
Even if dominating your local market is your initial goal, make sure that you're ultimately heading for something greater or you might become a big fish in an inadequately small pond.
3. Too Small of a Budget
Is your budget too small? You don't need a million dollar advertising budget, but you should have some seed money to get your business and its marketing campaign off the ground.
It is possible to build a business from nothing but it is also a lot more difficult and you might find yourself making some mistakes that cost you a lot more down the road than putting a little money up front.
In fact, when planning a project or borrowing money, come up with a figure of how much you'll need and then double it! No one wants to come back to the well later when they run out.
4. Too Small of a Schedule
Is your schedule too small? Do you have enough time to devote to your business? Starting, running, and growing a business takes time. Some people get swept up in the planning and dreaming stages and never really start their business. Other people start before they have completely planned everything out and quickly get mired down by unexpected difficulties.
Some others do everything right in the planning and startup but once the business is running they get overwhelmed by day-to-day business and never think about ways to improve and grow their business.
Schedule some time right now to work on growing your business - launching whatever the next project is that will increase your profits and/or the value of your company.
5. Too Small of a Mindset
Is your mindset too small? You need to open up your mind's eye to see new possibilities, and continually seek new opportunities to find new customers, new potential partners, new ideas for products/services, and new marketing opportunities.
Flexibility and adaptability are key to survival in today's rapidly-changing business climate and you always need to have new ideas cooking to grow and expand your market and your business.
This means raising your head up and out of the trenches once in a while. Yes, you might need to dodge the occasional missile lobbed your way but this is the only way to see those opportunities.
If you do your best to avoid these 5 ways of thinking small, you'll have removed the single largest obstacle to growing your business...yourself.